Finding The Value in Marketing & Beyond
When we think about finding the value of something, it isn’t unusual for your brain to revisit GCSE Maths lessons. Finding the value of x is probably a memory most of us would like to forget. But, what about finding the value in a project? And why is this important? Agile methods ask us to choose the order in which we do things based on value, sooner if they are of high value, and later if their value is lower. Finding the value is a way of reframing prioritisation.
Take, for example, your work email.
What value do you place on responding to and dealing with requests? In theory, emails and requests should be dealt with in date order, but, whether conscious or subconscious, we always place a value on what should be dealt with first. It may be one of your projects that is likely to be impacted or a more senior colleague we feel we should respond to first, but we all have our own placement on value. Much like values that you were brought up with that define how you behave and what you believe in on a day-to-day basis.
Why is finding the value important?
Sometimes we refer to things as adding business value or being good for the customer, which helps us to reframe how we think about things, in terms of whether they are ‘good for the business’ or ‘good for the customer.’
Defining the value of your project at the outset means you are able to start tailoring deliverables and phases to ensure they are providing the maximum benefit to align with your company’s values, and always giving the project context. Companies often fail to reach their potential when their value lies in doing ‘good for the business’ and not for the customer.
The Search for Value
What do we mean by value? Value is, simply, ‘what you want.’ In software development, value is generally achieved by delivering features. Features that add value to the business and ultimately the customer. Features that you want. The delivery of these features should be viewed as stand alone projects, projects that you can define the value of and set the path for their success. Often in business, value is solely placed on monetary return, but what if value was found in other places? We might be choosing a strategic direction for our product.
We decide that we need information about what users would prefer, so we create a prototype and show it to potential users. Our value is the information. We might also decide to start personalising our customers journey, focussing on data being collated correctly in a CRM so that we understand the value of bespoke communication to our customer. In this case, the value is the data.
Once company’s start to understand there is an intrinsic link between ‘finding the value’ away from immediate monetary return, projects become about delivering ‘good’ for the benefit of the business and their customers.
How can I find value in your Customer Journey?
Most companies will be able to produce their two, five or ten year strategy to map out their strategic goals and will ultimately allow them to grow. What most companies do not do, is map a customer strategy and, even less consider how their customer strategy can integrate into their business strategy.
Let’s define what we mean by a customer strategy. A customer strategy should exist as a data driven approach to maximise the financial value of customers, combining an understanding of customer needs, behaviours and motivations with the ability to engage specific customers in the optimal way.
If you are able to map your business strategy to meet your customer strategy, finding the value for your projects should be easy. Emphasis for a customer strategy should always be placed on what your business can find out to improve their experience.
We can help you find the value in your customer journey and marketing plans
Context Marketing Consultancy is a product and service based consultancy, we can help you understand who your customers are, what they want and what their motivations are. With this understanding, we can identify the values that are important to you. Call or email us today to get in touch about how we can help you.