If you really want to succeed in the business world, you need to offer your customers value for money. Now, this is not just a matter of offering low prices. Value (from the point of view of the customer) is not about low prices. If a customer buys a product for a very low price and the product is unable to do what it is meant to do, the purpose is defeated. In this case, the customer has not received value for money. The customer may even prefer to pay a slightly higher price to get value.
From the perspective of the customer, good value for money is the conclusion that the goods or services received have been worth the money paid for them. To make things clearer, the customer needs to enjoy quality, durability, skills and competitive price for goods and services. If most of these criteria are met, the customer will be happy. You need to understand all these things so that you and the customer will be on the same page.
As a business owner, you cannot afford to get on the wrong side of your customer. Customers are touchy people. Some of them are very difficult to handle but most of them are just normal people looking for a good deal. Now, this is where your people skills come into the picture.
One sure sign that your customer may not have received value for money is a disappearing act. If your customer feels you have ripped him off, he will just disappear. You have to be alert to the danger because he will surely tell other people about the perceived wrong you have done him. Your best bet is to find a way to reach this disgruntled customer. Talk to him, find out where you went wrong and try to make amends.
Going forward, you will need to discuss the customers’ needs and expectations with them. Find out exactly what the customer needs and try to provide this as much as possible. In case the customer wants a product or service which may not fit in with what he has in mind, point this out politely and offer a better alternative. Give your customers THE ESSENCE OF VALUE (customer’s perspective) – best value for their money and they will always patronize you.