You Must Add Value

Author: Notre Dame ESTEEM

Add Value, Notre Dame ESTEEM 1 Year Masters Program

Value is hard to define. In an earlier post we discussed the differences between creation and iteration and saw that both added something to the market - creation brought a whole new product to market and iteration brought new ideas to those products. It's something that each company can bring to the market in their own way and many have different views of value even within the same industry. One cell phone maker might be so focused on call quality and thinks that if the phone doesn't have the highest call quality it doesn't matter how good it looks. Another cell phone maker might be interested solely in having the latest new technology or the highest level of design. Values are different but each are bringing something to the market that adds value to their customer, and each customer buys the product they think adds the most value to them. 

However, in many industries, we often see companies and entire industries churning their legs and staying content with their product. They stop innovating, and they stop adding value. Companies too often simply go through the motions day to day without thinking about moving forward content on simply staying satisfactory. These companies may only add value in that they supply for a given demand - however they are no longer innovating. 
Of course there are times in a job where you must go through motions, answer emails, adjust logistics, ensure quality, etc. but be sure there is time set aside for adding value. If you don't have time, it might make sense to add a new employee to handle day to day while you focus on the value. This employee begins adding value to you. 
A good question to ask each day around lunch time is, "have I added value for my customer today?". If the answer is "no" be sure to adjust. It's with value that customers continue to come back.