My friend Trevor Lui (@LuiSays) said it best...time is money. But you are not likely to part with either without knowing the value, or the promise of value, that you will receive in return. When was the last time you really gave some thought to defining value?
Value is a finicky friend to time and money; value is as much about perception as it is a measurable commodity. The same value means different things to different people, cultures and time zones. So how can you deliver value when it's a moving target?
If we presume that you would trade time or money for a product, then value could be defined as the service you provide. It goes without saying that your products must be on par with or have benefits that comparable products in your category have. And I think it's fair to say we've all been promised "the best service" to death by every organization from fast food to politics. So is value a myth? Is value an empty promise?
The answer is everything is a commodity and loyalty is a myth. In our A.D.D. society of smart phones and tablets, we don't need to be loyal to any product or brand as we can jump from value promise to value promise with the tap of a finger.
To compete on value you must evolve from providing great service to being more fascinating than your competitors. A new product has an inherent fascination factor but it is the organizations themselves that are inherently fascinating that we strive to emulate. Take Apple for example, they will release a new iPad3 this year; the product will have a fascinating elements, but they will sell tens of millions because Apple continuously evolves itself to be more fascinating than its products.
Until next time,
Stevethestevereport@gmail.com
PS: Not sure how to become or stay fascinating? Then pick up or download Sally Hogshead's book Fascinate; it provides a framework to get you there.
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