{"id":12019,"date":"2014-03-31T14:00:00","date_gmt":"2014-03-31T18:00:00","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=6010"},"modified":"2020-03-30T19:07:48","modified_gmt":"2020-03-30T23:07:48","slug":"value-capture","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/value-capture","title":{"rendered":"Delight your customers (and keep them)"},"content":{"rendered":"

My last company<\/a>, author Tim Ferriss, and countless others tell us to capture the most value from each customer.<\/p>\n

And let\u2019s be real: value = dollars.<\/p>\n

Perhaps I\u2019m a communist (false<\/a>) but I never thought it made sense to extract maximum cash from every client.\u00a0For a while this feeling didn\u2019t sit right (I\u2019m a capitalist<\/a>), but I recently figured it out. I think.<\/p>\n

When consumers buy a product, one of two sentiments follows: \u201cbuyer\u2019s remorse\u201d or \u201ccustomer satisfaction.\u201d<\/p>\n

One time I bought 5lbs of Muscle Milk for $45 and smiled all the way home. I wasn\u2019t just satisfied; I was\u00a0delighted<\/em>. So thrilled that I\u2019m also sharing\u00a0where I got it<\/a>\u00a0and\u00a0how great it tasted<\/a>.\u00a0Then last week I spent $10 at a nationally recognized taco spot and am too embarrassed to talk about it.<\/p>\n

Let\u2019s look under the hood.<\/p>\n

The first vendor (Vitamin Shoppe) captured only a fraction of the value I received from the sale, while the second (unnamed) vendor captured all [or more] of it.<\/p>\n

Economics tells us the second vendor is better because they maximized profitability. The elasticity corollary is 1.0 and my supply\/demand line graph has been intersected.<\/p>\n

Problem is, I\u2019ll never buy from them again. Which makes me think\u2026<\/p>\n

The only customer worth having is a repeating one<\/strong>.<\/p>\n

One point for Vendor #1.<\/p>\n

Now a step further.<\/p>\n

What can be done about the value capture (money) that Vitamin Shoppe left \u201con the table?\u201d I admitted to enjoying the $45 price point\u2026 couldn\u2019t they have charged me $60?\u00a0Absolutely.<\/p>\n

But then you wouldn\u2019t hear about it. The transaction would be characterized by full value capture, and that\u2019s not worth talking about. Which makes me think\u2026<\/p>\n

Customer delight = the \u0394 (difference) between what I pay for something, and what I\u2019m willing to pay.<\/strong><\/p>\n

The $15 I \u201csaved\u201d on protein powder \u2013 the $15 Vitamin Shoppe did not capture from my AmEx card \u2013 is now being captured indirectly by my relentless promotion on this blog post.<\/p>\n

And that\u2019s worth something. Which makes me think\u2026<\/p>\n

The potential of word of mouth = the realization of customer delight.\u00a0<\/strong><\/p>\n

So make your customers happy.<\/p>\n

Let them think they got a \u201cgreat deal.\u201d They\u2019ll tell friends about you. They\u2019ll pass off your restaurant as a \u201chole-in-the-wall BBQ spot with great prices that nobody knows about.\u201d<\/p>\n

And then everybody will know about you. And you will have more customers. And those customers will be repeating ones. And they will love you.<\/p>\n

That\u2019s worth a heck of a lot more than $15. Don\u2019t ya think?<\/p>\n","protected":false},"excerpt":{"rendered":"

My last company, author Tim Ferriss, and countless others tell us to capture the most value from each customer. And let\u2019s be real: value = dollars. Perhaps I\u2019m a communist (false) but I never thought it made sense to extract maximum cash from every client.\u00a0For a while this feeling didn\u2019t sit right (I\u2019m a capitalist), […]<\/p>\n","protected":false},"author":1000,"featured_media":34448,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-12019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nDelight your customers (and keep them)<\/title>\n<meta name=\"description\" content=\"My last company, author Tim Ferriss, and countless others tell us to capture the most value from each cus\u2026\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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