Identifying Customer Value in Sales and Recorded Calls Should Be Your Top Priority in 2022
Measuring business success and tying it to the value you’re delivering to a customer contributes to a winning business strategy. Customer value metrics are good indicators of business growth and are just as vital as profitability in various respects.
As a marketer or business leader organizing your return to growth strategies, you know you have several metrics to analyze regularly including short-term key performance indicators (KPIs) to measure progress and long-term ROI measures tracking revenue impact. Customer value allows you to better quantify the impact of your sales and maximize your conversational value during recorded sales calls, aligning your insights and results with business objectives. Here is why customer value metrics should be your priority this year.
Why Should Customer Value Matter to You?
Customer value pertains to a customer’s perception of the worth of your product/service. The worth either refers to the benefits that your product/service provides to your targeted customers, or the value for money that it offers. Customer value provides a clear insight into buyer’s remorse, showing that a customer doubts that their investment in the product or service they purchased will give them the sort of returns they were expecting.
It’s vital to understand customer value metrics because customer value is a key aspect of establishing a competitive advantage against similar businesses offering matching services or products. By identifying customer value, you better understand how you can attach value to your offerings and create a more comfortable customer experience (CX).
Before calculating customer value, you should understand that customers contribute more to your business than money. Time and energy costs must also be factored into your calculations, as well as the emotions invested when purchasing a product/service.
Calculating Customer Value Includes Weighing Costs Against Benefits
To measure customer perceived value, sales teams should understand two key elements that are used during the calculation process, the costs and benefits involved.
Various types of benefits influence customer decision-making, ranging from tangible to image-related benefits. The tangible benefits focus on how much your offering will help customers achieve their goals while contributing to their physical or emotional well-being. The image benefits focus on how much an offering will change a customer’s social status, for better or worse, in the eyes of their loved ones, peers, and colleagues.
Costs, meanwhile, range from tangible to intangible costs. Tangible costs include the price of the service you’re providing, onboarding costs, the costs of accessing your service, and any renewal costs. The intangible costs involve the time invested in purchasing your services, the customer experience, the time taken to understand how your service works, and your business reputation. After accumulating and assessing these costs and subtracting the total cost from your total benefits to determine the true value of your offering.
Identifying Customer Value Accelerates Growth
The truth is that your business is best served by growing the value you deliver to your customers faster than any value you get from your customers.
During sales and recorded calls for sales meetings, you need to have in mind multiple approaches to present value to your customers and ensure your value proposition outweighs the value you expect to receive from your customers. Delivering value quickly, consistently, and clearly accelerates growth because you’re establishing the foundation that maximizes both elements of customer value, the benefits, and costs.
Considering that the pandemic has significantly altered the buying journey for many customers across various industries, a more nuanced approach to identifying customer value in sales is necessary. Much of the journey involves remote-based communication, with one survey indicating that up to 30% of buyers wanted to have face-to-face meetings with sales teams, even when the pandemic is over. This shows that the buying journey has become digital, with sales engagements happening when buyers recognize they’re getting clear value from the conversation. Thanks to conversational intelligence tools and automation, making conversational value obvious to customers during recorded calls has never been easier. These tools can be integrated into your workflow as well.
Buyer preferences and using new media marketing strategies help sales teams to assess the true benefits and costs attributed to services delivered before extending offers to their consumer bases.
Sales retention also should be a prime focus for businesses as the relationships fostered between customers and the businesses they interact with impact value. If your sales team constantly changes, it can compromise how you deliver value as well as your conversational value as team dynamics change. Customers show more brand loyalty when they have established relationships with them and their staff, so an increased focus on retention boosts growth potential and keeps customers coming back.
Identifying and calculating customer value to determine business success is now easier thanks to the increased adoption of conversational AI.