Customer Perceived Value (CPV)

Deanna Hinde

Keen to hear if anyone is looking into measuring success using CPV rather than NPS and other customer pulse checks?

And if you are looking at CPV, how are you doing this?

NaomiAiken

Customer perceived value (CPV) is a key factor in determining whether or not customers will renew. Here are some ideas of what you can do to solidify value and guarantee renewal:

• Document goals -- You won't be able to help a customer achieve their goals if you don't know what they are. Ask, ask often, and ask the right people (decision makers).
• Quantify the benefits -- Don't just talk about your product's benefits in general terms. Quantify them whenever possible. For example, instead of saying "Our product will save you time," say "Our product saves users an average of 10 hours per week."
• Understand your customer's full investment -- What are the costs that customers incur to acquire your product? These costs can be both monetary and non-monetary. For example, the monetary costs might include the annual subscription price. The non-monetary costs might include the time it takes to learn how to configure and use the product, or the effort it takes to get their users to adopt.
• Minimize the costs -- This seems obvious but still worth saying. Those non-monetary costs mentioned above? They matter, a lot, to your customers. Make onboarding, user training, and adoption as easy as possible, and as easy to measure as possible, and you are on the right track.