Think about being forced to decide between a "Gold" and a "Banana." A monkey would select the banana, but you would presumably select "Gold." Yet if you were famished, you may also pick the banana. A monkey and a person who is famished have the trait of placing more value in a banana than in gold. Just because everyone concurs that gold is precious does it have value. No matter how bright it is, it wouldn't be utilized as a monetary reserve if no one thought it was valuable.

Nevertheless, this idea is misunderstood by many brand creators. They believe that having features or being bright and attractive adds worth. Yet, this is untrue. When features and needs are met, value is produced. For instance, the iPhone's early models had less features than Android phones but were sold for substantially more money. This wasn't because of its characteristics, but rather because it met the wants of the clients.

Similar to how DeBeers transformed diamonds from simple shining stones to symbols of "Eternal Love" in the 1950s and "Independent Woman" with the "right-hand ring" in the 1990s. Hence, rather than only emphasizing their characteristics, brands should concentrate on adding value.

Source: Behance & Pinterest

Practices

Adding value to your business means figuring out what your target market needs and meeting those needs in a way that makes your business stand out from the competition. Here are some steps you need to take:

  • Do market research to learn about your target market's wants, needs, and problems. This will help you figure out where you can add value.
  • Develop a unique value proposition: Based on your market research, make a unique value proposition that sets your business apart from competitors. This should be a clear statement of the unique benefit you offer your customers.
  • Focus on how customers feel: Make sure your customers have a great experience that matches your unique value proposition. This can include things like personalized service, ease of use, and convenient delivery.
  • Listen to what your customers say and always make your products or services better. This can be done by adding new features, making it easier to buy, or giving better customer service.
  • Build relationships: Get to know your customers well and build strong relationships with them to keep them coming back and create long-term value. This can be done with personalized messages, loyalty programs, and other rewards.

Examples

By doing these things, you can add value to your business, which will help you get and keep customers and set you apart from other businesses.

  • Chipotle adds value by putting an emphasis on high-quality, fresh ingredients and by making quick, custom meals for customers. They also put a lot of thought into how their ingredients are grown and where they come from, which is important to many customers.
  • American Express gives its customers value by offering rewards programs that encourage spending, such as cash-back and point-based rewards for travel and other purchases. They also put customer service first and give cardholders perks like access to airport lounges and special events. This gives their customers a sense of being special and gives them more value.
  • Everlane, the way they make their products and set their prices is based on openness and sustainability. They give a lot of information about the factories where their products are made, like photos and profiles of the people who work there. Also, they have a pricing model called "radical transparency," which breaks down the cost of each product into its parts, such as materials, labor, and shipping, so customers can see exactly what they are paying for. Everlane helps customers who are interested in ethical and eco-friendly fashion by putting transparency and sustainability first.

For something to be valuable, both the provider and the customer must be in sync. Make your brand a good example of adding value by making sure that your brand and your customers are aligned in this way.

Source: Brands Vietnam