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Customer Value Creation / Latest News / Uncategorised

Customer Value? Who decides?

customer value

Customer Value

Hello. I recently received a letter informing me that UK vehicle registration number P117 DER is for sale, and that this can be arranged to spell out my surname. You can see the idea from the photo. The letter says:

“For the above number we are currently looking for offers in the region of £5750 ono (around $8,600); a price that we believe represents excellent value for money when you consider that this is THE perfect plate for your surname.”

The letter illustrates two important points:

One: Value – like beauty – is in the eye and mind of the beholder. The idea of owning a personalized number plate doesn’t hold the slightest appeal for me. I couldn’t even be bothered to gamble on the investment element. I don’t write this in any pejorative sense: for other members of the Pinder tribe, ownership of this registration might be something to fight over … but for me, no, not interested. It is, therefore, a perfect demonstration of the fact that value is relative. A seller cannot ultimately decide what is or isn’t value. That is the sole prerogative of the buyer. So, to work from a Customer Value perspective, you really, really must get to know and understand your intended customers.

Two: The salutation is laughable. Offering a personalized vehicle registration number is, by definition, a 100% targeted activity. The only people interested in having this name plate are those who happen to be named Pinder. So what salutation do these bright people use for the letter? “Dear Sir/Madam”! You really couldn’t make it up.

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If you share the dream that business should be Customer Value-led join the It’s All About Customer Value debate at http://www.valuegenie.com/category/community/ and follow us at valuegenie: It’s All About Customer Value http://linkd.in/141qGTH

Valuegenie is the answer to the perennial challenge for businesses – how to attract and retain customers?

Contact david.pinder@valuegenie.com or david.rattray@valuegenie.com  to find out more.

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I'm a Value Proposition and value creation expert, co-author of "Creating & Delivering Your Value Proposition", Associate Editor at Journal of Creating Value, and member of the Board of Directors at Customer Value Creation International.

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