Increase Returns By Building A Business Model Based On Value

What makes customers choose a product or service provider over another? Customers typically compare their options to find the best value, but this concept goes beyond the mere price of a product or service. Customers are developing a more complex approach to assessing value. For 70 percent of them, a great service is a form of value since they would spend more for this positive experience. Also, for 73 percent of millennials, sustainability is valuable since they would spend more for a sustainable product.

Delivering Value Through Your Products

You need to identify all the ways in which your products deliver value. Shape your message to draw attention to value and look for areas that could be improved to deliver more value.

Shoppers will look at product quality to assess its value. Durable and reliable products appeal to shoppers. More consumers are adopting a budget mindset, and they will spend more if a product lasts longer.

Convenience is another important factor. Your product should be convenient to use, and the process of researching and purchasing the item should also be convenient.

Shape your marketing campaigns around the value that the function of the product brings. Your content can inform shoppers about the value of the product by explaining how the product saves time or how it simplifies a task.

What A Valuable Service Looks Like

For 62 percent of companies, customer experience is seen as a differentiation. Consumers’ behaviors confirm this trend because 86 percent will pay more for a great experience.

Invest in a consistent multi-channel experience that delivers the right interaction at the right time. The quality of each interaction matters and can be assessed in terms of how well it meets the customer’s needs and expectations.

Customers will also weigh the cost of the service offered and look for evidence that you are putting efforts into offering the best service possible. They will also consider the reward of the service offered, which you can demonstrate by offering tools customers can use to track their progress while using your services or products.

Building Trust

Trust is a crucial element of the relationship between consumers and brands. You can establish trust by repeatedly meeting and ideally exceeding a customer’s expectations.

Here is what you should focus on to build trust:

  • The values of your organization should appeal to consumers so they can form an emotional attachment.
  • There is a concrete dimension to building trust. You need to consistently deliver quality products that function as advertised.
  • The social impact of your brand matters. Did you know that 53 percent of consumers believe that brands can do more than governments to address social problems? You can deliver value and build trust by connecting with your community.

Further Considerations On Value

A customer won’t be able to assess the real value of a product or service until they make a purchase. Until then, the value is projected or perceived. Your marketing efforts help shape the perceived value of what you offer, but you need to make sure there that are no discrepancies between the perceived value and real value.

Value can be broken down into four elements:

  • The social impact of your business.
  • The life-changing qualities of your products or services.
  • The emotional connection with your audience.
  • The functional aspect of what you offer.

You need a strategy that addresses these four elements. Calculating the ROI of your efforts to increase value can be difficult because sales numbers alone won’t be very indicative. Instead, focus on performance indicators such as your customer satisfaction index and how many shoppers make repeat purchases. Track customer advocacy for your brand on social media.

Investing in value will result in satisfied customers, more sales, and more returns for your business. However, your approach should be tailored to your audience and how they define value. If you are interested in potential strategies to consider, we think exploring AI and chatbots is a great place to start since they can help you offer a better experience and form stronger connections with your audience.

 

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Got Capital Signs a Multi Million Senior Credit Facility With Shawbrook Bank

A leading FinTech-driven financing company for small and mid-sized businesses (SMEs), Got Capital, has announced the closing of a senior credit facility to increase its funding capabilities.

Got Capital logo

​​Got Capital is pleased to announce the closing of a senior credit facility from Shawbrook, which increases Got Capital’s funding capabilities and enhances our ability to take advantage of significant market opportunities.

“The new facility, from a leading institutional financing partner, is a validation of the strength of our team, our track record of success and the robust platform that Got Capital has built” stated Got Capital’s CEO, Alex Afek.

Since inception, Got Capital has provided thousands of SMEs with over £100 million in working capital solutions. Proceeds from the transaction will be used by the Company to execute its strategic growth plan and accelerate their ability to provide more small businesses with access to attractive non-bank flexible financing.

Small Businesses in UK

Mr. Afek continued, “Small businesses are thriving; representing 99 percent of all UK businesses, accounts for 60 percent of employment and 52 percent of turnover in the UK. Yet, high-street bank credit to this important sector of the economy has contracted sharply. It is estimated that the amount of small business loan origination plummeted by more than half during the financial crisis and has seen only a very limited recovery post-crisis, leaving small business loan originations down 40%. The small business funding space has drastically changed in the past two years. We see more and more sophisticated players in the space, and to me, it’s a sign that the industry is on the right track to be the major funding source of businesses in the U.K. Being able to close this credit facility is strong evidence that Got Capital has a lot to offer. As pioneers in this space, I think it’s important we stay ahead of the curve, specifically in terms of analysis of our customer’s needs and our internal decision-making process. In that sense, Shawbrook Bank and Got Capital share the same vision.”

When small businesses find it hard to overcome finance issues from traditional sources of capital, Got Capital remains committed to helping them accomplish their goals. Got Capital offers small business owners in a variety of industries across the U.K. the option to fund their businesses for any purpose with up to £250,000. The Company’s technology-enabled platform allows for a streamlined process, with most qualified businesses funded within 24 hours.

Mr. Afek concluded; “The closing of this transaction demonstrates that institutional investors have confidence in our business model and expect to see continued, rapid growth.”

Karan Burman, Structured Finance Director at Shawbrook Bank says: “Specialist funders are playing an increasingly important role in plugging the funding gap within the SME market, delivering the dedicated products and support that a business owner or management team requires. Dealing with complexity to deliver the right SME finance solution is what we do at Shawbrook and it’s clear to us that the Got Capital team understand the dynamics of SME finance and the complexity of the market, which is how they’ve already successfully supported thousands of small business customers.”

About Got Capital Ltd:

Founded in 2014 and headquartered in the City of London, Got Capital Ltd is a technology-enabled specialty lender, leveraging proprietary origination, disciplined underwriting and performance analytics to improve the speed, cost and choice of capital available to small and mid-sized businesses throughout the UK.

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