No concept is more central to business success than value creation. But what exactly is value?

Put simply, it’s a perception of worth, with perception being the key word.

Value isn't real. It’s a belief in someone’s mind. Artworks become priceless or worthless depending on their provenance. Stocks go up and down. A real Rolex is worth more than a fake, even if we can’t tell the difference. In all situations, belief determines worth.

Value then, isn't built into a product or interaction. It’s built in a buyer’s mind. How do we do this? Every way we can.

We try to form or change beliefs through awareness, communication, brand building and first hand experiences. We position our offerings as superior alternatives to something that's already valued by making it cheaper or better, for example.

But more than anything, we must start by understanding what beliefs our customer already has. What they believe about us, about themselves and about the world around them. What they want to believe about those things. What they might refuse to believe, even if it's true.

And to do that you need to spend time with them. Observing, asking questions, and listening. Because otherwise, whose beliefs will we design for? Our own, and who knows if others will share them...

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