Updated: Sep 11, 2019
Value is many different things. Commonly, it refers to a monetary weight, someone's moral principles, the duration of a sound; the definition that I am concerning myself with is the importance, worth, or usefulness of something. Take a product, idea, or task and make it better in the eyes of someone else, only the best innovators can consistently do this. VALUE IS ABOUT PERCEPTION.
Value can be created in many different forms, but it is never a physical thing. My perspective is, if you can get someone to turn their head or think to themselves "that is an interesting idea" or "this makes me feel better" or change the train of thought even just a little, you have created value.
Business’s do this everyday. They are creating a product which takes time and energy, which gives it value. It is up to the customer to determine how much and if that value is worth the price/effort.
When there is already a good customer perception of the value your products have, creating more value on top of that is where companies stuck. Obviously different companies do this in different ways: Salesforce looks to deepen the hold they have on their customers by promoting more software to use, Netflix catering to niche audiences, Taco Bell putting the popular items on the dollar menu, professional athletes are paid so much because the enormous amount of time they have put into mastering the sport, I put effort into doing everything I can to make sure a guest thinks the value of my service is worth a tip. They all have their own way of making products accessible and engaging, even after being initially successful.
Doing this on a corporate level can be marginally difficult, but in some cases, creating value is straightforward but overlooked. A good corporate team cares more about how customers see the product more than just making money.