The Currency of Value: Beyond Features and Benefits

Have you ever wondered why customers don’t line up to buy your latest and greatest product. Product Marketing has even written a list of new shiny features and benefits and sent sales a battle card and animated PPT.

The answer lies in understanding and delivering true value. Let's dive into a world where value is the real currency.

What is Value?

Before we delve deeper, it's crucial to define what "value" means in this context. Value isn't just about the tangible or intangible benefits of a product or service. It's the perceived worth in the eyes of the customer, often transcending the physical attributes of the offering.

Creating Value through New Offerings

How do we build value for our companies and for ourselves? New differentiated products with improved features and benefits are a start. Identifying met and unmet needs is another step in the right direction. But to truly drive a step change in profitability, our new offerings need to create incremental value for our clients.

Great marketers don’t stop at product features or benefits. They understand all the traditional marketing tactics - Product, Positioning, Price, etc. But they are relentless in the pursuit to understand Value.

Value is always measured in hard currency and it's seen through the eyes of the customer.

Sometimes, it's challenging to move beyond performance improvements, like a 5% increase in yield or a 10% lower MTBF. One of my marketing mentors, Rhonda Germany Ballintyn , once told me, "You can’t take percentages to the bank”. Nor can you deposit features, benefits, PowerPoints, demos, or a laundry list of qualitative attributes. Only dollars (or Yuan or Yen, etc.).

Steps to Creating and Delivering Value:

• Walk in the Customer's Shoes: Understand their unique needs (consider the needs of their segment - delve into segmentation).The Power of Market Segmentation in Industrial Sales to Process Industries

• Design with the Customer in Mind: Tailor your offering to meet or exceed those needs, not just the features or functions you possess.

• Do the 'Marketing Math': Quantify the value you're offering, highlighting how it surpasses your client’s Next Best Alternative.

• Create a Value PropositionDoes every customer derive the same value from your product or offering?What about each segment of customers?The Power of Market Segmentation in Industrial Sales to Process IndustriesMore on Value Props in the next Post.

• Share the value you create with your client. Why would you share your product’s value with your client?

• Monetize the Value: Don't just create value; ensure you can take this value to the bank.

Understanding and delivering value is the cornerstone of successful marketing. As you evaluate your offerings, ask yourself: "Am I truly delivering value, or am I just ticking off features and benefits?"

Engage with Us!

How do you measure value in your organization? We'd love to hear your insights. Share your thoughts on our linked in page!

Andrew.Hird@RokuPartners.com or DM me in Linkedin

#RokuPartners #StrategicMarketing #MarketSegmentation #businessConsulting #B2BSales