Value delivery is exactly as it sounds; the delivery of value to the customer. This can include order processing, inventory management, fulfilment, and customer support. Without value delivery, you can’t be a successful business. Read on to find out everything you need to know about value delivery and your business.
If you are successfully delivering value to your customers, you will have happy customers, which create more business, improve your reputation, and hopefully your customer base! So how do you know whether you are delivering value? The first thing you need to do is map out your value stream. This is a process of all the steps your product or service goes through from production to delivery to the customer. By doing this you will see every stage your product or service goes through, and easily see every area in which it has the potential to go wrong. This enables you to monitor the process and fix potential problems before they occur.
Another way to ensure you deliver value to your customers is to exceed their expectations. When people’s expectations are met, they are indifferent. They paid for a product or service and got that product or service exactly as they expected. However, if you exceed their expectations, your customer is more likely to have stronger emotions and be much happier with you as a company or brand. When these favourable emotions are associated with your business, you are more likely to encourage repeat purchase and positive word of mouth. You could exceed expectations by offering something but not advertising it. For example if you offer free express shipping on all orders, don’t advertise it, and then your customers will be surprised when their order gets to them in a day or two. You could also include vouchers for your business in your orders as a surprise gift to your customers.
One other thing to consider is systemisation. This is where a series of steps are put in place, and is recorded either in a diagram or in writing (set of steps). This benefits your business because everyone, no matter which job they are doing or at which point of the value stream they are a part of, they have a process to follow to ensure they are working to your set standard. This also lets the employees know what is expected of them, and helps to eliminate mistakes made along the way.
By striving to deliver value to your customers all the time, you are putting your customers first, and increasing the likeliness of customer retention and repeat purchase, as well as helping your reputation through positive word of mouth.
If you need help with your business strategy or accounting, the lawyers and accountants here at The Quinn Group can answer all of your questions. Give us a call on 1300 784 667 or submit an online enquiry.