Value has more to do with the level of service and quality of the product or service than it does price although price is certainly important. Value can be defined as the usefulness of the product or service relative to the price paid. In the customer's mind, the business that understands how to deliver the highest level of usefulness at a price that is perceived as being fair or appropriate will have an edge when they make their decision about which business to buy from. We stress the importance of delivering outstanding service because customer service is directly related to perceived value. Businesses that truly deliver outstanding service are perceived as adding value to the product or service in some way. Value is also added by the quality of the product or service involved. Products and services that are perceived as being of high quality and reliability are usually thought of as providing value. Many businesses fight the value/price gap that is defined as the perceived difference between price paid and value received. If the gap is too wide, sales will suffer. It is important to focus on ways to enhance value for your customers. How does your business currently add value?