Does Your Product Meet All Your Clients Needs?
How do you know your product meets all your clients needs? Do you have a clear understanding of that needs? Do you have a clear understanding of what your product gives the clients both physically and psychologically? If you answered no to any of these questions please read on ……
Before you start really thinking about your products and the needs of your clients its important to understand why people buy products (or services) in the first place. Now there are many theories on this but I would like to talk about a favorite of mine that I came across several years ago and that is the Customer Value Hierarchy Theory.
This theory talks about a product not just in a physical sense but also in a psychological sense meaning that your product not only needs to fulfill a physical need or benefit to the customer it also must meet the emotional needs and wants of the customer. This theory breaks the process down to three levels of need and if all these levels then the reasoning for the customer to buy the product will be easily justified.
Core Benefit Level
This is the first level, customers will purchase your product because of the functional benefit your product has to offer e.g. if you sell cell phones they will buy your cell phone so they can talk / text to others. This satisfies their basic needs of communication when on the move. Most products (including a cell phone) will do much more than allowing the user to talk or text, when a customer is considering more than just talking or texting they then look at the product from the Expected Product Level.
Expected Product Level
At this level other features and associated benefits of a product get taken into consideration, can the cell phone take pictures and to what quality, can I browse the internet, can I check emails or can I play music or videos; the list goes on. If your product addresses the needs of the core benefit and can also address the needs of the expected product level then you are well on your way to achieving the sale but there is one more level that can have a deciding factor on whether they buy the product from you and that is fulfilling the Augmented Product Level.
Augmented Product Level
This level time and time again is often the deciding factor for any potential customer when they are looking at purchasing your product why? The customer considers the value they receive from your sales team and after sales support, any warranties, free deliveries, maybe free installation, any service that can enhance the product or make their life that bit easier.
By looking at each of your products / services using this particular model it will give you a far better understanding as to whether or not your product meets the physical needs of the customer and by understanding the value to the customer at the Augmented Product Level you will be in a far better position to a) understand the true value of your product / service to the client and b) use that information in the sales process to resonate better with your future client. Ensuring all your products and services meet your clients needs in all three areas will ensure a happy client thus a loyal client.
