My thoughts on value are relatively simple: Value = Benefit and Price (btw, benefit is everything from service, innovation, quantity, quality, all those "beneficial" things, heh).
And the way we improve on value is:
(1) Increase benefit at the same price
(2) Decrease price at the same benefit
Yes, my definition may be a tad rudimentary but I believe it works. In addition, there is one step that needs to take place before plugging into this formula. The important step is defining how your organization and its users define benefit (it's sorta important to be on the same page with your customers). Then it should be mission critical to "work" (measurably) on ensuring you are constantly working towards refining and enhancing this...benefit. Here are some examples:
(1) Convenience - what does this mean? has the definition changed in 2011? And I'm not only speaking of a physical space on the street.
(2) Service - in the limited time you have to interface with customers these days, how are you ensuring you're optimizing your key consumer touch points? do you clearly understand the "customer journey?" oh and btw, who is the customer? how has this person changed?
(3) Product Innovation - are you working to improve upon your existing model to maintain relevance and attract new guests, keeping in mind never to alienate your core customer base, (e.g. model enhancements for automobiles, iphones, etc). This isn't the same as going into a new line of business...necessarily.
(4) Messaging - words are so important. synthesizing the (right) words will catalyze the right emotion. people will never remember all we said, but they will always remember how we made them feel.
Remember, the same shoe doesn't fit on every foot. So think critically about how your product or service works to separate itself from the rest of the wolf pack and above all remain laser focused on maintaining relevance in 2011.
Oh and by the way, in doing the above, there are many ancillary benefits (one of them being improving share holder's "VALUE"). :D *shrug*
