The Value Reset. 5 Questions to rethink your value.
As we keep an optimistic eye on the horizon, we keep hearing that "life will never be the same after this?" What does that mean for you and me and our day-to-day? What does that mean for our trusted customers? Just as we've been inwardly reflecting and changing plans for our lives, so too are our customers for their businesses.
Experts say it takes 30 days to form or change a habit; well it been over 12 months of changing ways of working and new practices have been born to become our new and improved ways of working. Yes, we've possibly been on more video meeting calls than we ever thought possible, we've had to monitor our screen time usage and moods that follow (its not just the kids, we're instilling our screen "time-out"). Yes, for some, we've had to balance more people at home at the same time; how to navigate home-schooling and getting a day's work in without meltdowns all-round. We've adapted (it took time), we've pushed through the adversity, and generally, most have found their groove with confidence and an optimistic perspective once again.
In the work that we do at The Customer Agency, we help clients engage better with their customers to build stronger, longer-lasting, and mutually high-value relationships with them. As we know, it takes time, focus, and empathy to build a trusted, honest, and genuine connection with someone. When we surveyed clients this past week on whether their relationships had changed with their clients in the past few months, we had an overwhelming agreement that they had all built stronger, deeper relationships.
So why is that? What has changed? Once past the crisis management phase, our customers spent some time inwardly reflecting on their purpose, their value, and how they can create an impact in the shorter term. It's this "pivot" that we hear about, and when you don't have an end date, we pull back our thinking to what's in front of us. Our bigger vision strategies and plans are not redundant, but many have had to jump into survival mode pretty quickly. This gets us extremely focused on why we are in business to start with. The biggest viability validation question stops and starts with value.
1. Do you know what value you are delivering to your Customers? Clue: Ask what are the top 3 reasons your customers work with you over your competitors?
2. What evidence do we have that this value exists? Clue: Have you asked a diverse subsection of your customers about your value?
3. How to quantify and measure value? Clue: Think about how can you make this measure more tangible.
4. What’s our purpose? Clue: workshop why did we start this business/project/initiative to start with.
5. How are we impacting your Customer's world for the better? Clue: this starts with thinking about the problems you are solving for your customers!
While these may be big open questions to ask, you have the opportunity to get to a deeper level with your customers about how they are tackling the above value questions with their customers? What are they changing in their businesses to pivot and provide focused and aligned value to improve their customer's lives? I'm sure many have appreciated this opportunity to breathe again, to slow down and reflect on their purpose and value and why they are doing what they are doing, both personally and professionally. It's the value reset we never saw coming but in many ways are grateful to have had.