Know The 5 P’s Which Creates Value For Your Clients In Events

Let me ask you a question, how would you like to get treated? I know the first word that pops into your mind is SPECIAL. That’s what everyone wants, then why your clients shouldn’t be treated the same way. Every client is unique, and you should always create a great value and experience for them.

The reason any
corporate company or wedding client hires an event management company is for
those different kind of experience as an event agency we can create.

When you create
value for your clients, the resources and capabilities of your business are
stretched to the maximum which can never contract, they are always remembered,
and the qualities of the product you provide are non-comparable because they
create sustainable standards in the market.

A customer-value creation framework that identifies five main types of value that can be set up by organizations:

Product Value: The characteristics, features, and benefits of the product make it desirable for the consumer to buy.

As quoted by Steve Job “You got to start with customer experience and work back toward the technology – not the other way around.” So, consider the client’s experience before even start creating your product/services

Perceptible Value: The creation of importance to purchase the product.

It means a slight change in one of your product’s features that drastically impact your customer. If you use Pareto’s Principle, 20% of your product’s features solve 80% of your customer’s problems. So, think of that 20% or a slight improvement that can make your customer buy from you again and again because you would be selling their problems solution.

Perceived Value: A product gets accepted due to a psychological attachment.

If you would have seen the advertisement of Paper Boat (it’s a brand of flavored juices in India), they always try to connect to the past and would seek to bring a connectivity between childhood memories and flavors which are always cherished. After watching this advertisement, even I was so mesmerized, the next day I went out and bought one of the flavors. Check if your product/service has similar kind of perceived value.

Price Value: The cost that’s attached to the product or service.

There could be
two types of pricing:

a.     Profit–Making Pricing: It is an approach which uses the total cost of the product or service and adding some extra cost to the product where the company makes profit.

b.     Customer–Value Pricing: This pricing is set from the client’s acceptance view, so the product gets acknowledged by the consumer, and the company would always try to match the standards of the buyer.

Praise value: The product is liked so much by the consumer that he/she comes back again to purchase or recommend the product to their friends, family, colleagues and other people. This value is a measuring factor for every company.

Any sector or industry can use this framework and it would be very
effective for corporate event management companies.

 

 

 

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