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What Do Customers Value Most?

Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Determining the wants of customers is crucial to the success of any business. In this lesson, we'll examine several key elements that customers value most when making a purchase.

Low Prices

Customers want to be able to buy items or services at low prices. One way a company could do this is to have a sale where items are discounted, such as a holiday sale where all holiday items in the store are marked down. Items that may not be selling well should also be at a lower price to attract customers. Such techniques could help bring more business to a store.

Here's an example of the importance of price. Suppose you like a specific sweatshirt. You can buy it from the original retailer at $60, but you've found a discount store that sells the same exact sweatshirt for $20. Chances are you're going to buy the sweatshirt from the discount store because it is at a lower price. Everyone appreciates getting a deal on a product they want.

High-Quality Products

When a company creates a product, its focus should be on having high-quality products. A high-quality product is something that will not break easily and which is created to fulfill customers' wants. For more expensive products, it is business practice to have a warranty on the product because it shows the customer that the company is willing to replace the product if a malfunction occurs. As a customer you want the best possible product with the best quality.

Quick Service and Good After-Sales Service

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To maintain loyal customers, quick service and good after-sales service is important. How would you feel if you were at a register to check out groceries and the cashier was ignoring you because he or she was on the phone texting? You would leave unsatisfied because you want to be able to get what you want in a timely manner. The company could also be affected because you could decide to walk out and shop somewhere that will give you better customer service.

Keep in mind, the communication between the customer and company should not end when a sale is complete. A good way for a company to continue the 'conversation' with customers would be by using a survey. A survey helps the company gain information from customers by asking specific questions. It is possible some customers may not feel comfortable giving feedback directly to an employee. Providing either a handwritten or an online survey could be an effective tool for a company to learn more about what its customers value most. Customers will have the opportunity to voice their opinion without the business knowing where the opinion is coming from, and they can have input on products and services.

Products with Useful and Valuable Features

It is essential for a company to create products with useful and valuable features. When a company creates a product, it should determine how that product can help customers and what features can make it unique. The most important thing is to determine what type of product the company wants to sell that will be useful to customers.

Valuable features helps set a company's product apart from its competitors' products. When there are many competitors involved, the company should create features that make the product more effective and different from competitors' products. Customers want to purchase something new with features that are more helpful than what they currently have. A good example of a valuable feature is a customer choosing a car with Bluetooth. Bluetooth is a valuable feature because it allows the customer to use their cellphone hands free and drive at the same time.

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