Few years ago, I needed to enroll my child in a primary school and was checking some schools. I got to one particular school, after talking with their representative and she showed me around the school, everything seemed fine. I decided to enroll my child in the school.
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What are your products and services actually worth to customers? Not many organizations are able to answer this question, but it’s very important.
In fact, right now, with so many things changing in the way we live, the ability to understand the value of our product or service from the customer’s perspective has never been more important. And that’s where the value equation helps.
Value means the benefit the customer gets from our product or service compared to its cost to them. Put differently, it means benefit to cost ratio. (more…)