I have written a few blogs from David Meerman Scott’s books and blogs because they relate so much to the social media world we are in today. Scott’s work is all about creating a worldwide rave around what you offer, by putting valuable content out on the web that will build credibility and create value for others. He also discusses using current events to leverage more interest and exposure around what you offer the world.
As business owners, customers, and people, when we buy something, we like to think we are getting the same amount of value for the money we are spending. This is true if we spend $50, $500, or $5,000. We don’t care as much about the dollar amount as we care about the value. If we were only concerned about the price, we would all stay at $59 per night hotels, and obviously that doesn’t always happen. In fact, we will spend $100, $150, or $250 for a hotel to have a high-quality experience. After all, we don’t just want to sleep anywhere, right?
The same can be said for just about everything we buy. As a business, we must provide value relative to the cost of our product or service. This value is what would incentivize people to purchase from our business rather than another.
In last week’s blog I discussed what it means to create value, and mentioned that simply asking your customers what they want is a viable way to determine value opportunities. When your customers don’t know what they want, an alternative is to use the Blue Ocean Strategy (BOS).
I have recently been contemplating how different peoples’ models are of how the world works. I hear how some feel that capitalism neither works nor benefits the world, and I hear how others worry about technology taking away jobs. Lately I keep hearing stories about how “business is bad” and people doing business are just out to get you. Is that really the case?
In a recent blog I talked about value creation, and explained that in order for people to give you money, you must offer them something of value that makes them want to pull out the green.