How Can a Business Become the Best Value for Customers

Businesses are a part of society, and they grow together. The more developed a society is, the more mature the businesses. This implies that over time, society’s preferences and expectations from the service providers and other types of companies also change. The question of how a business can provide the best value for customers varies across different periods. Yesterday there could be an answer that doesn’t make sense today. But what about today?

Currently, societies are so much more progressive in terms of technological development, educational level, and globalized ideas. The Internet and accessibility to the enormous amount of information made people aware of many things, hence today businesses probably serve the pickiest customers ever. This is neither good nor bad, but simply the reality that presents its challenges. Every company needs to be prepared to ensure added value to its daily operations, gain loyal customers, and overcome any competition.

Digital Transformation

In a world where every detail goes towards digitalization, where entrepreneurs talk about electronic tattoos, and virtual reality becomes pretty much real, customers demand digital transformation. When in the mid-1900s credit cards were invented, it was clear that the face of payments was going to change, and here we are now when most countries are cashless. This example even got old-fashioned amid the popularity of digital currencies.

Bitcoin and other cryptocurrencies face a high demand among people, especially ones having online activities. What is the number one store for a digitized internet user? Probably the one accepting cryptocurrencies. A quick Google search will demonstrate that gamers, for instance, are more inclined to seek the best online casino with Bitcoin rather than traditional physical casinos. And this is so predictable both for the customers and businesses.

As the Metaverse is on its way to the new reality, many business tycoons already spent millions of dollars to buy digital lands and to wait for their first avatar clients. This is risky, of course, but the risk is part of the plan if you want to become the best among your competitors. So, rule number one is digital transformation, which includes integrating new social media platforms, using modern + (such as collaboration with influencers), transactions with cryptocurrencies, etc.

Social Responsibility

Many are aware of environmental issues, the damages productions cause to the Earth, etc. Millions of people die from air pollution, which accounts for over 10% of deaths globally. Misuse of electricity, water, and other resources harms the environment where you and your customers live, and they do care whether you act responsibly or not.

Social responsibility is now crucial for businesses for many reasons, and one of them, let’s be honest, is creating a good reputation. If a business is socially responsible, it must care about not only what and how they produce, but also what will happen to a particular item after people stop using it. Take the example of Apple. Their stores accept old iPhones as compensation for some amount of money for the new phone that customers want to buy. So, the company “takes back” its old production to recycle it and reuse it for new items.

Philanthropy is a type of social responsibility, but sometimes businessmen just care about giving away some funds, making a good story on that, and never thinking of CO2 emissions, pollution, global warming, etc. Helping the communities is nice, but helping the Earth has become critical.

Personal Touch

Personalization is a key feature in our digitized life. We know that allowing location tracking by Google and other web and mobile applications makes us vulnerable and good material for advertisers, but many people willingly allow data collection, location tracking, etc. The reason is simple, they want to get a personalized experience, no matter what’s at stake.

For businesses, ensuring a personalized experience means not waiting for the clients but catching them at the right moment, in other words, micro-moments. A company can provide value to customers by knowing when and what to offer. The majority of almost 3 billion Facebook users know the price of using a free social media platform, which is their data. And still, they love how Facebook suggests the best job offers while someone unemployed is surfing on the platform.

Personalization gives the impression of knowing every single customer of yours, and that is appreciated.

Flexibility

Life is full of surprises. You may operate the beloved bakery in the town, and when one morning you face an interruption of the supply of electricity, the customers will still come after their favorite croissants or cupcakes. Do you have a plan B?

Of course, this was a small example. During financial crises, wars, and pandemics businesses may struggle to survive unless their business plan is flexible or operations are versatile. Entrepreneurs know very well that people appreciate those businesses that can support them in difficult times.

Keep tracking the changes in the society you provide services to. Their priorities can change every day, and so should yours. Voila, back to the idea of flexibility.