This post will describe ways that marketers can add value to their products by listening to their customers online.
Furthermore, whenever the national conversation might trigger anxiety in their customers’ minds Marketers can take steps to help reduce their customers’ anxiety at the time of purchase. You can do this when you add value to your product. Because it reduces the risk in the buyers’ minds. because they will receive more for less in the value/price equation.
The price/value equation:
It has been described by Prof. Paul Fifield as:
Value = Benefit – Effort – Risk – Price. (source Paul Fifield, Marketing Strategy available at:
This equation captures the need for you to recognise that your customers will think about more than the price.
You can take a deep dive into that equation here (https://thecustomerblog.co.uk/tag/paul-fifield/)
I chose the picture of a bulldog with a gold necklace to illustrate this topic. An English pedigree bulldog puppy is one of the most expensive breeds in the UK, costing about £4,000(2022) on average. This dog is very valuable from birth. Nevertheless, its value can be increased thanks to the care it is given (and the accessories it wears).
You can add value to your product, if you listen to your customers closely. This week, I have noticed that my customers have found some new uses for my social listening service and will illustrate how these points can help you.
3 ways to add value to your product by listening
1. Highlight the value of a by-product of your production process:
This week one customer asked me to use my listening skills to produce a review of the news in the sector and add my comments. Mentions of my client’s products in the news crop up while I monitor their customers’ comments. A digital news review is a valuable by-product of social listening. You can review your production process to identify whether you create anything extra which might give added value to your product.
2. Express benefits in terms that your customers use:
It is important to listen to the terms that your customers use so that they can recognise the value of your offer. This week, I noticed that some of my clients like me to describe customer feedback as user experience. So from now on I will include user-experience quotations in feedback reports whenever I spot any. My advice on how to check that your marketing message is right is available in my Resources Centre. You can remind yourself of those tips here https://lisabeaumontmarketing.co.uk/how-to-check-that-your-marketing-message-is-right/.
3. Find out new ways that customers are using your product:
Customers may be doing some things with your product that you weren’t expecting. Social listening can pick up on these innovative uses so that you can promote them more widely to the rest of your customer base, thereby adding value to existing customers and keeping them updated with the latest trends. Consequently, you will increase the chances that they will buy more from you. For example, Marmite has taken steps to promote its benefits as an ingredient in vegan recipes. The brand has tried to take steps to offset its price rise by tapping into its relevance for the current trend towards veganism.
When you use social listening to stay close to your customers you can nurture your product so that your customers receive added value from you over time. Like an English bulldog puppy, your service can become more highly valued if you give it some attention.
** Lisa Beaumont Thrifty Marketing Tip of the Week:
Avoid getting into competition on price by continuously giving added value to your customers.