Customer perceived value is an oft-used term in marketing that looks at how consumers view services and judge their value. Additionally, customer-perceived value looks at the ability of a business or sales team to adequately meet customer needs and/or expectations.
To truly understand and maximize customer-perceived value, businesses must accumulate insights from all customer conversations and convert them into a reference knowledge base. Through conversational artificial intelligence (AI), businesses not only can enhance their customer interactions, like within sales or customer care, but also help businesses gain a competitive advantage, improving their reputation and market share. In its simplest form, customer-perceived value is calculated by subtracting the total customer cost from the total customer value. However, understanding how to extract value and incorporate data insights allows businesses to properly analyze customer-perceived value, improving customer satisfaction and increasing profitability.
Focusing on Personalization and the Processing of Information
To maximize customer-perceived value, businesses must understand the meaning of a value proposition, comparing the benefits and best attributes of services with the price that businesses ask their customers/clients to pay. With conversational intelligence and the AI tools used to show it, businesses can better identify and indicate where the true value is within customer interactions, making sales conversations more straightforward.
Extracting conversational takeaways can be done consistently using conversational AI, allowing for the access and processing of data for different businesses and their customers. With intent analysis, recommendations, action items, and other AI components, conversational AI integrates various systems that garner the most important information from sales meetings and then processes that information at a fast speed. Automated note-taking and conversational takeaways allow businesses to analyze what customers most value about service while helping them re-evaluate how they provide their services and play up the best elements of those services.
Additionally, by using automation, businesses can personalize their offerings based on the insights they accumulate over time, understanding the pain points consumers have and extracting the important aspects of conversations to address those pain points. Conversational insights make sales professionals better prepared to head into their meetings, acquiring engagement signals and identifying takeaways so that they can directly address the biggest customer needs and showcase the true value of their services.
With conversational AI, businesses can offer scalability in ways that humans cannot, remembering every important detail from conversations, knowing a customer’s preferences, purchasing tendencies, and their knowledge of the business in question. Conversational intelligence heightens the finer points of conversations and ensures that every customer’s biggest concerns are being consistently addressed during customer care interactions, focusing more time on establishing a solution rather than the problem itself.
Improving Your Business Reputation
Using conversational insights shows your business prioritizes its reputation because it's directly identifying problem areas that negatively impact customer-perceived value.
Using data-driven strategies, businesses enhance their customer interactions by addressing the functional and emotional needs of customers. Several statistics show that when businesses make the satisfying of functional and emotional needs a more important aspect of their customer interactions, they’re more likely to make a meaningful connection with their customer base.
By attaining conversational insights and converting them into a reference knowledge base, businesses can customize their sales strategies to present themselves and their services in the best possible light to improve their close rates. Additionally, by gaining conversational insights, you personify your brand and can interact with customers in the channels they feel most comfortable, handling requests at higher rates than humans.
Stressing the need for improved conversational value shows a more dedicated focus to dealing with how your customer perceives your business. Conversational value protrudes sales value, showing that a product or service has benefits and provides an impact that outweighs the financial aspects. Businesses gradually take the risk out of purchasing by playing up the best benefits, showing how those benefits meet the needs of their customers, and offering the sorts of returns that are mutually beneficial to salespeople and customers.
As a result of improving how sales interactions proceed with conversational insights, businesses can lower customer acquisition costs and boost their close rates by more than 10 percent, improving the efficiency, productivity and skills of their sales teams.
Providing More Satisfaction and Revenue Growth
One thing businesses must keep in mind is that revenue growth is facilitated by two important factors: traffic and conversion rates. If you’re struggling to convert prospective customers into actual customers, then using conversational insights allows you to provide a fairer value exchange, making prospects more likely to purchase services and recommend your business to others. As a result, you improve your conversion rate and create more profit-making opportunities.
Customer-perceived value only increases when you can prove the real value of your service, showing how much your offer or service helps the customer and guarantees satisfaction. By showing the real value, you reduce the perceived risk involved if a customer makes a purchase, thus improving the customer-perceived value.
Customer-perceived value is a vital aspect of sales and customer interactions that businesses should take seriously. An improved emphasis on conversational value and creating a knowledge base that makes you more prepared for future interactions will help your business provide the right value exchanges that gets you closing more deals and making more money.
Geoffrey Baker is the co-founder and CEO of Versational, an AI-based conversational assistant solution for remote meetings, sales, and customer success.