Expanding Client Value: Critical Insights from Our Recent Workshop

Last week, I had the privilege of delivering one of my workshops to a team of sales leaders at a leading global financial services firm.

The company - headquartered in the U.S. - is a titan in the insurance and financial services industry, manages an impressive portfolio, and operates in over 40 countries.

While the company consistently stands as one of the largest insurance providers in the U.S., they wanted to explore strategies they could use to expand the value they deliver to their clients.

They also wanted to explore what they could do as leaders to improve their connection with clients and reinforce their position as trailblazers in the financial sector.

In this newsletter, I want to share a few of the key points from the workshop in hopes that they can help you expand the value you create in your organization.

Point #1:  People don’t just buy products or services from your company.  They buy an experience that they have with you!

When clients choose to work with your company, they're not just buying a product or a service; they're investing in an experience. This experience encompasses every interaction they have with your brand, from the initial contact to the post-sale support.

In any highly competitive industry, products can often seem similar across the board, so the experience becomes the distinguishing factor that can set your company apart.

Creating a memorable client experience means focusing on every touchpoint and understanding that value comes in many shapes and sizes.

Make each interaction count by providing personalized services, responsive support, and unexpected extras that delight your clients.

The buyer’s journey isn’t only transactional, it is emotional.

Point #2:  Pay close attention to your customers’ value aspirations and a little less to your value propositions.

If you are responsible for sales, it is easy to get caught up in your value proposition.

We are told we must clearly articulate the value that our products and services provide, and we spend countless hours honing our communications around our proposition.

But our value propositions pale in comparison to our client’s value aspirations.  Each and every one of our customers wants something and our job is to figure out what that is and deliver it to them.

The challenge is that value aspiration isn’t always clear, and this lack of clarity is why Point # 3 is so important.

Point #3: We need to expand the way we think about value.

Often, when we think about the value we provide, we limit ourselves to the most obvious features and benefits. We consider price, quality, and utility, but we miss out on the broader, multifaceted nature of what value really means to our clients.

It’s easy to fall into the trap of thinking too small about value, focusing only on what’s easily quantifiable and overlooking the richer, more complex layers that truly influence consumer choices and satisfaction.

In 2016, Eric Almquist, John Senior, and Nicolas Bloch from Bain & Company introduced a compelling framework in their Harvard Business Review article, “The Elements of Value: Measuring—and Delivering—What Consumers Really Want.”

They identified 30 elements of value that drive consumer behavior, offering a more nuanced view of what value can mean in a business context.

By considering these diverse elements of value, business leaders can develop a more holistic approach to delivering value and expand the way we think about the value we provide.

This approach not only differentiates us from competitors but also builds deeper, more enduring relationships with our clients, encouraging loyalty and advocacy that go beyond the transactional.

Conclusion

The path to providing unparalleled value in the business world extends beyond mere products or services.

It's about crafting unique experiences, aligning closely with our customers' deepest aspirations, and expanding our understanding of value to encompass a broader spectrum of elements.

By implementing these strategies, we not only distinguish ourselves in a competitive market but also forge stronger, more meaningful connections with our clients.

As leaders in our respective fields, let us continue to innovate, inspire, and influence by expanding the value we deliver to our customers. Remember, the most successful businesses are those that consistently anticipate and adapt to the evolving needs of their customers and create lasting value that is both perceived and real.