Your value proposition is changing even if you aren’t.
As customers interact with brands outside your category or industry they become accustomed to new levels of service or technology. These experiences become reference points as they return to interact with your brand.
This is the law of reference in the process of value creation.
Let’s look at an example. People today are scheduling dinner reservations online at restaurants and receiving text messages when their table is ready allowing them to show up at the right time. They can also do the same when making service appointments for their vehicles.
When they need to schedule a healthcare visit, they call a receptionist who checks a calendar, then arrive at a waiting room only to find the team is running 30 mins behind. References to better scheduling and arrival coordination are now included in their perception of value for this particular health care provider.
The shipping speed of product for Amazon Prime users undoubtedly sets a reference point for other brands selling goods online.
Payment speeds of PayPal, ApplePay or Zelle are likely setting references that influences value perception for small banks or credit unions.
Digital transformations or smaller digital evolutions are necessary to stay relevant in today’s fast-paced market.
What customer references are influencing your value proposition?