TES 019 - Creating Value So People Buy Your Stuff - a podcast by Mel Abraham

In this episode, #1 Bestselling Author, Mel Abraham digs a little deeper into the ideation stage of the think up phase of business life. We dig into the concept of value creation. The only way to sell and generate revenue from anything that is commercially viable is to create value in someone else's life. Only then will they be willing to pay for it and you will receive value in return.

Let us drill down into the concept of Value Creation Piece. After generating an idea, evaluating and selecting it, we create value. We can create value in these different levels:

1.     Utility Based Value: It can be anything that performs a function to serve a need or purpose. The need might or might not be of high value. This includes all the commodity based products and services.

2.     Service Based Value: When we give something more than a product or commodity, there are services, connections and relationships attached to it. This is value creation at a different level because we have attached a product with some level of service.

3.     Experience Based Value:  When we create experience for our customers, team and for ourselves in the process of delivering a product or service. We should strive in every circumstance to create an environment that is memorable. It should create a connection which is experiential in perspective.

4.     Value Based Creation: This is a higher level where businesses really thrive, expand and grow. It is all about how you take your product or service to not only create experience but also to speak the value of your customers and team. It requires the highest level of dedication.

Satisfaction Line

People buy with their emotions and justify with logic. But we should consider something called the satisfaction line. On one side of this line, you are enhancing value and on the other, you are eroding it.

Value Enhancing vs. Value Eroding

·       Enhance Value: Deal at the unexpected needs level to bring trust and loyalty.

·       Eroded Value: Understand and deal with unhappy customers. Move them across the satisfaction line.

So, think about where you create value and in the next episode, we will get into the two frameworks: Value Sectoring Framework and Value Focus Framework.

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ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

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THE ENTREPRENEUR'S SOLUTION

The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.

Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast

The Entrepreneur's Solution Blog on Tumblr: http://melabraham.com/blog

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