There are eight different kinds of value which get mixed together in the mind of your customer when they think about the value of the product or service you offer them:
1. Economic value – the actual return-on-investment or the payback your customer will receive by using what you sell.
2. Time value – whether they will be able to get more done by purchasing your offering.
3. Quality value – whether they will be able to utilize your product to improve the quality of the work they do.
4. Guidance value – whether you're able to guide them through the minefield of different choices to find what's best for their specific needs and requirements.
5. Image value – whether using your product will make them look good in the eyes of others.
6. Relationship value – whether they know, like, and trust you or have built a relationship with you over time.
7. Simplicity value – whether by using your product or service, their life will become simpler or problems will be eliminated.
8. Emotional value – whether they value your goodwill for whatever reason and want to be admired.
You deliver these eight kinds of value to customers by three main means or vehicles:
• the solution you offer
• the company value proposition you articulate
• the way you (and your team) personally interact with the customer
Extracted/adapted from the book Think Like Your Customer by Bill Stinnett
