How to Use Value to Make Your Small Business Stand Out

When small businesses feel the impact of a down economy, the first question is, "How can I get more business?" As I've discussed before, sometimes getting more business isn't the answer -- it's keeping the business you have and reactivating the business you've lost.

Whether you're interested in getting new clients, keeping the ones you have, or reactivating past customers, one thing that can make your small business stand heads and shoulders above the crowd is value. In this article, I'll show you what value is, how to provide it to your clients and customers and how to use it to beat the competition.

What is value?

Value, when it comes to your customers and clients, is a subjective concept. Of course, there are objective measures and calculations that one can use to determine the "value" of a thing, but in this case, we're talking about small business and customer relationships and how your clients perceive the value of what they get when doing business with you, and it's that perception that makes value a subjective concept.

Value is the mental formula that your clients calculate based on what they get from you relative to what they pay you, combined with how important they sense that they are to you. This mental calculation may be affected by the value your clients receive from your competition.

In order for your clients and customers to feel that they receive a great deal of value from you, you must provide them with products and services that, in the client's mind, exceed what they pay you for those products and services, and your clients must perceive that they are very valuable to you.

How do you provide value to your clients and customers?

To provide value to your clients and customers, you must provide them with two things:

1) Exceptional products and services.

2) Incredible service that makes the client feel valuable to you.

First, you must provide exceptional products and services, specifically products and services that meet the highest quality standards and exceed the cost to the consumer. Jay Conrad Levinson, author of the famed Guerrilla Marketing series, says that before you embark upon any marketing campaign, you must provide quality products and services, otherwise you'll make little to no progress. There's not much point in driving customers to buy your products and services if you're going to end up giving a bunch of refunds or having no repeat business. In fact, repeat customers and referrals can make or break your business. So make sure that your products and services are impeccable.

Second, you must provide incredible customer service -- service that makes your clients feel so valuable to you that they can't imagine going anywhere else. This kind of customer service is simple to perform; it's the follow-through that can be the challenge. Start with listening, as I discussed last week. Expand your customer service to include regular follow-ups, to make sure your clients and customers are satisfied with their experience. If you're in the service industry, handwritten thank you notes are a wonderful touch- in today's digital world, we grossly underestimate the value of a nice handwritten, personal letter.

How does value help you beat the competition?

So many small businesses aren't using value in today's fast-paced world that simply employing the simple ideas I've outlined in this article will set your business apart from the rest. If you want to stand head and shoulders above your competition, define yourself on value and you'll not only be leaps and bounds ahead, but your clients and customers will become loyal for life.

Value is something we give a lot of lip service to. Start putting the concepts into action, walk the talk, and watch your business flourish.