Defining Worth-It Benefits
In consumer markets, where there is generally one buyer (or family) per purchase, a buyer’s biggest worth-it benefits are relatively easy to identify.
(McDonald’s knows that fast friendly efficient service is a biggie on their customers’ worth-it scorecard.)
Business markets are typically more complex to define because purchases are often driven by committee, with each member having a distinctly different benefit interest. For example, the plant manager wants to know about factory installation, the maintenance supervisor is concerned about the vendor’s service contract and the purchasing manager is fixed on price.
Lessons
- To win in a Digital World, you must identify how each stakeholder defines “worth-it” benefits.
- When identifying these benefits alway be wary of research bias. For example, customers may tell you they love the latest games on their cell phones, yet they never use it and, even worse, get frustrated because it complicates their use of more basic features.
- To help eliminate such problems and get purer customer insights, some brands are looking to cognitive psychologists for help.
This is a post as part of my blog series about Earning Customer Loyalty in a Digital World. Along with sharing what I know, I’ll be reaching out to experts for their tips on making the most of digital platforms. Whether you are a solo contributor, small to medium-size business owner or play a role on a Corporate Team (or some combination), I’ll be writing with you in mind. LinkedIn, Instagram, Facebook, Facebook Marketplace, Twitter, etc.—there’s lots to learn!
And, readers, please let me hear from you — Many of you are thought leaders and experts in your own field. Please share your knowledge and call me out when I have something wrong. That way, we can be on this learning journey together!