If your clients can get better value elsewhere, they will. Even a satisfied customer is always looking for a better experience.
Running a Customer Value Assessment (CVA) can help you identify clients’ wants, needs and expectations, and help persuade them to focus on the total value, rather than just the dollar cost, of your solutions.
A CVA can also give insight into how your customers see your business, which helps you improve your culture and your brand. In short, a CVA lets you:
- define your customer types
- work out what they need
- assess whether you give them what they want
- identify any gaps
- determine what’s needed to close the gaps.
How to develop your CVA
1. The open-ended survey – short and sweet.
- Ask brief ‘Yes/No’ questions first.
- Then ask open-ended questions around how your products and services fill clients’ core needs. Make these questions optional, so people don’t feel pressured.
- Look for recurring themes and values within the answers that will form the basis of questions for your second survey.
2. The matrix survey – ask clients to rate how they agree with each statement related to your project.
- Make sure respondents get random statements to avoid order bias.
- Avoid leading questions.
- Make the rating scales consistent.
3. Measure value
- This third survey lists the value statements from the second survey next to a matrix question that asks customers to consider the price and value of your products and services.
- This lets you learn what your customers think so you can consider where you can make improvements.
- Be specific and avoid assumptions.
The criteria below can help you tailor the questions for your CVA surveys:
- Do you offer products/services that customers prefer?
- What function do your products/services fulfill for the client?
- How are these presented and/or provided to the client?
- Do your clients get what they want, when they want it?
- What’s the delivery timeframe for your solutions?
- How long does it take to respond to customers?
- How long does it take to respond to changes that your customers and the market require?
- Do your customers get value for money?
- What is the total cost to the customer around your solutions?
- Is there additional value to your solutions that doesn’t cost your customer extra money?
- Are there risk, profit or other considerations for the customer when buying your solutions?
- Are you important to your customer?
- Do you actively help your customers meet their needs?
- Do your customers trust you?
- How often does the customer need engagement with you?
Consider how often you’ll run a CVA. The timing depends on your business model, but it’s better to run them more frequently than not so you can find – and support – unsatisfied customers before it’s too late.
Wanting more information on conducting a value assessment? Check out our webinar:
Delivering the right services to the right clients – Conducting a value assessment
Join our panel as they discuss the importance of working with the right clients, how to assess their overall value to your business and how to spot those clients who might not be worth your time.
- Rob Pillans – Founder & Principle Consultant, Planet Consulting
- Amanda Gascoigne – Coach, Mentor, Author
- Nick Latham – Head of Success, Services and Support, MYOB