Create Products & Services That Deliver Massive Customer Value


Success in your business depends on your ability to deliver value at a profit. And primary to that equation is delivery of VALUE, not the pursuit of profit. 

But don’t misunderstand me: your endgame is definitely profit. It’s just that the path to earning the most profit always follows the path of deliver the most VALUE. 

  • Here’s why: when you win value delivery race, you go from just another competitor to a dominating force in business.
  • Because value delivery magnifies everything and expands your business’s capacity to attract, keep, and multiply customers.
  • And nothing comes close to value delivery for generating profit: not marketing, not operational efficiency, or adding a ton of features and functions.
  • Value delivery has a host of cascading effects: more value delivery = better products = happier clients = more referrals = better brand = better and lower cost marketing = higher sales conversion =  improved operational efficiency (more on this in this week’s X-Factor Live Training).

Case in point, for a business partner, we did a thirty-minute brain-storming exercise to increase value delivery.

Results

  • 137% higher sales conversion
  • 67% higher customer retention
  • 8X revenue

Let’s break down how you can do the same with a 30 minute team brainstorming session I call the MVPI.

Max Value Profit Ideas (MVPI)

Step 1: Brainstorming Product & Service Ideas

Start by pulling your entire team together and brainstorm about 3 questions.

  1. Value List: where, how, and when do we deliver value to customers? (think of the major value proposition and all the many customer touchpoints where you might deliver value) 
  2. Maxing Value: now ask yourself, how could we charge 10X of our current price – what would we need to deliver to customers? (Start with your value list and think max value delivery with the absolute best products and eXperience possible)
  3. Maxing Profit: how could we charge ⅒ our current prices while improving our product/service? (think processes, systems, and efficiencies that deliver value at lower costs)

Pro Tip: don’t filter ideas. The goal is to list as many as you can. I suggest using a big whiteboard or a bunch of sticky notes. Make three columns, one for each question, and list as many ideas as you can. 

Step 2: Rank High Value & Low Cost Ideas

Your goal during Step 2 is to find high-value ideas that are low cost to implement.

  1. Start by assigning a score of 1-10 to each idea. One for low-value ideas. Ten for high-value ideas.
  2. Next, assign a cost estimate score to each idea. One being high cost to deliver. Ten for very low cost to deliver.

Step 3: Select The Best MVPI

Before you pick the highest scored MVPI, stop to see if you can create a Customer Value Hypothesis.

The Customer Value Hypothesis seeks to find high-level patterns from Step 1 and Step 2. These patterns, once uncovered, will be helpful in executing value delivery. They also help you and your team to remain LOYAL to value delivery and not what you think delivers value (see case study example below).

After you create a Customer Value Hypothesis, select ONE MVPI to execute. Only one for now. You can execute the other ideas once you’ve successfully implemented the first.

Customer Value Delivery Case Study Example

Here’s the case study I shared above for a weight loss and wellness company we partnered with. 

After brainstorming and coming up with our Customer Value Hypothesis, we realized we could significantly increase value delivery by helping prospects and customers to believe three things:

  1. The importance of losing weight
  2. The efficacy of the weight loss program
  3. The high level of success achieved through the weight loss program

After evaluating our ideas, we settled on one very simple but powerful value delivery campaign. We called it the 30LB Challenge. Here’s how it worked:

  • During presentations, we’d have prospects wear a 30lb backpack full of sand to simulate what losing 30lbs would FEEL like.
  • For clients in the program, we had them put on the same backpacks during office visits to help them stay committed.
  • And for program graduates, we put on the same backpack to help them see just how much success they’ve had.

Resulting in Massive Value Delivery & Profits

  • 137% improvement in sales conversion because prospects got to FEEL what it’s like to walk around with an extra 30lbs (this helped prospects instantly believe in the value of losing 30lbs)
  • 67% more clients finished the program because clients got to FEEL week to week what it was like to walk around with an extra 30lbs 
  • 8X revenue growth, more powerful testimonials, tons of referrals because successful clients got to FEEL how much success they had in the program. This prompted customers to refer and sign up for the upsell program.
  • Total Cost = $390 [thirty backpacks, garbage bags, and sand]

Now it’s your turn: get your team together and make a BIG list of Value Delivery, Maxing Value and Maxing Profit ideas.

Remember, don’t filter and judge ideas, just list as many of them as you can. Once done brainstorming, organize ideas by value delivered and cost. Choose one MVPI implement and keep the rest on deck for future integration.

P.S. don’t underestimate how much emotion and eXperience plays into customer VALUE delivery.

Want more details on how to launch your next MVPI? Then join us for our next X-Factor Live Training, where I breakdown the MVPI process and answer questions about maxing value and profit.


How To Create Products & Services That Deliver Massive Value

When you deliver more value to customers at a profit, you’ll crush the competition and win more business than you can handle.

During X-Factor Live, we’ll share our 3-step MVPI to help you create and reimagine products and services that deliver massive value at a low cost. See you inside the training.

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