In this episode Hal discusses the 4 types of value when it comes to business.

 

When your employees or yourself are rude and disrespectful or have a non-caring attitude about the job they are doing it impacts your business by severely hurting the value customers have placed on your services. It wont matter how great the other parts of your business are if the first employee they see or come in contact with does not give their best to serve the customers. This is the value that we will be talking about today.

 

 Promised, Perceived, Received, Reflected. What do they mean and how do you navigate them.

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Promised = What you offer and tell your clients they can expect. Your responsibility is to give a good product and give examples of what you have done and this is what they can expect as a service or product. The promised value and the perceived product happen prior to delivery of the item or service.

 

Perceived = What they think you can/will deliver. This is the second most important value. The reason is what gets clients to contact you. It's what they perceive you can do for them prior to receiving your services or product. This can be affected outside of your reflected value. This can be affected sometimes by things other than reviews. Your value can be perceived not only by your services or products but also how you present yourself. If you come to a formal event in a beat up car of if your restaurant is dirty or even appears dirty, then your product may be perceived as a poor or inferior product and people will not want to try your product or service. People start to get their perception of what they are going to get based on what they see. This value should take high priority. Does my business to look presentable? Do I look professional? Does my staff look presentable? Do they look professional if need be? Do they look neat and well kept? If you are going for professional look and business then those things around you should reflect that. If you are going for a more laid back or casual appearance then thats what should be reflected in your business. Is my image the image I want my customers to see when they look at my services or business? Does the decor and space my business is in reflect what my value is? Look from the stand point of the clients and customers.  

 

Received = What you delivered to your client. You should give a product or service that meets or goes above what you have promised. It should always be great or amazing quality never sub par or below standard. That is not what your clients or customers are wanting. People will nit pick and complain and leave bad reviews if your product or service in not received the way that they were promised. The received value should meet or surpass the promised value and it should most definitely pass the preceived value. The perceived value is going to be lower than what you can deliver only because people will nit pick. The received value and the reflected value may not always be the same. The received value are like facts. The reflected value is opinion. Facts don't change, received value you know what you have put into it. You know the quality of your work. you know it meets the standard of what you have done.  

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Reflected = What you client feels they received. This is the most important value. Most of your word of mouth and reviews will happen in this value stage. The reflected value is like the perceived value but not he post side. This is when the client reflects on what they have gotten. When they are looking over what you have done the client could be saying, "Wow, this is amazing!" or it could be,"Wow! This is really bad. Why wasn't so and so doing this or that? Those are things that should be done."

Reflected value gets posted on social media, Facebook, Yelp, Twitter ect.. You have to make sure your reflected value you customers or clients felt that they got at the end of the day is amazing. If people have felt that they did not get what they feel is their value, they will be critical and they will post it everywhere. These values may all be different without regard to actual results. This is the value that affects word of mouth, reviews and whether or not your customers return.

Another way people view your businesses value is by the way you present yourself and your business reflects how people will perceive your business or service. If you have employees, partners, or staff that have horrible customer service then your business will be reflected as horrible and people will not be willing to try it at all. Everyone involved in your business or service can reflect a good product or service. It can also reflect a bad or poor business or service. Your team and staff should definitely do all they can to uphold what your standards are and do what they can to help reflect what your business is about. What will your customers say at the end of the day when they put pen to paper and write a review. 

Your clients and customers are looking for 3 things:

1. Consistent product

2. Great service

3. and a reflected value that meets the received value that meets the perceived value that meets the promised value.   

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Listen to this episode by clicking the link here

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