“Value = Happiness”

Image credit: freepik

What is value:

I believe CX Strategy is about creating value for customers. Before we go further, let’s take a look at the meaning of “Value”.

“Value = Happiness“

Value is happiness. Humans get happiness from many different ways. For example, a cup of coffee in the morning makes many people happy. When the weather is cold, you might want to have a jacket to keep you warm. Staying warm is another form of happiness. People use money as an exchanging method to get happiness. It might seem obvious but it is important to clarify this concept.

Variation of values depends on the needs:

Happiness (Value) is relative. It often depends on the amount of needs, and how much needs there are depends on the person and time. We are going to define “needs” as “happiness glow” for the sake of making is easier to visualize.

Double inequality of value — Value exchange between two parties:

Now we are going to look at two different people who have different needs. Here, I introduce two people. Nate and Dave. Nate wants to drink a cup of coffee in the morning before he goes to work. Dave runs a coffee shop that opens early in the morning brewing fresh coffee every day.

Illustration credit: Vecteezy

CX Strategy is about elevating Customer profit:

As a CX Strategist, my job focuses on elevate the total value by increasing the customer profit. Let’s take a look at Customer profit. If you express Customer profit specifically, it looks like this.

  • Make a coffee taste especially good
  • Friendly barista
  • Lower the price of the coffee
  • Easy parking
  • Hard to spill cup
  • No wait
  • Clean store

CX strategy in business strategy:

CX strategy focuses on the Customer profit most of the time. But the most important thing is to make sure that the value that the customer is receiving is balanced with the value the business is receiving. CX strategy elevates the Customer profit in order to elevate the Business profit as well. The ultimate goal is to elevate the total happiness (value) in the world.

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