Suppliers provide three types of benefits to their customers.
- Functional benefits – This relates the the physical nature or performance of a product. Some examples include, the frame rate of a camera, the picture on an HD TV, or storage capacity on a MP3 player. Functional benefits are often the only benefit considered because of the ease of measure against competing products.
- Process benefits – These benefits make the transaction between buyer and seller simpler, quicker and even more pleasant. Apples ITunes store is a great example where customers can download music, books, movies, and TV shows and they sync automatically to various Apple devices.
- Relationship benefits – These benefits are more softer in a nature and include relationship benefits such as a customer’s emotional attachment to a brand or professional service provider. Relationship benefits are also derived from loyalty reward programs, etc.
To learn more about how to leverage these type of benefits for your company call our office today at 405-759-2796.