You might mix between the definition of business value and customer value but the two terms are totally different and each one of them means something different so in this article, we will go deeper in the difference between the business value and Customer Value.
First, What is Business value
Business value has a lot of meaning according to several sources and we will try to make it easy for you to understand. Business value is the process of examining various economic factors of a business using predetermined formulas also it is an informal term that includes all forms of that determine the health and well-being of the firm in the long run.
Steps to Delivering Business Value are Understanding the vision, being clear about the project, Evangelizing the vision and business value to the project team, Fostering a team environment to effectively deliver value, and measuring the realization of the business value.
Examples of business value are talent because a firm with talented employees are more valuable for example if you have a marketing agency and you have talented marketers that will make your agency more valuable.
Know-how as an example of business value means knowing how to achieve productive and creative results makes any company valuable. This is based on knowledge, talent, processes, procedures, controls, and systems.
Second, What is Customer Value
The customer value proposition is marketing which describes why a customer should buy a product or use a service rather than other products also customer value is to convince customers to buy your product they must feel that the product is valuable.
Steps of delivering Customer value are giving an Outsider’s Perspective, Timing Everything to Their Business Strategy, and understanding Niches. These steps will help you as a business owner to deliver the customer value.
Examples of customer value such as Apple most of us as customers appreciate this brand so we believe that having an iPhone is something valuable this is that customer value means, also like buying clothes from ZARA we all believe that this brand is valuable and trusted to buy clothes from it.
Also, ROLEX watches is an example of customer value as we feel that Rolex watches are valuable because it is expensive and have a very good quality, unlike the other usual watches.
In conclusion, the two terms are totally different and we hope that we could make our point of view clear and made you as a reader or a business owner understand the difference with the examples given above there.