Historically, companies have focused on one way of creating value: cutting costs. Likewise, consumers have had only one way of to give feedback: a purchase decision – to buy or not to buy.

As technology has advanced, companies have used it to boost production efficiencies. But they’ve ignored technology’s greater potential to help them tap into consumers’ minds to learn what they consider valuable.

In an article in Strategy & Business magazine, two business professors argue it’s time for companies to engage consumers in an ongoing dialogue about value.

Companies need to listen to what consumers want beyond product price and quality issues. They should use the Internet to offer more information about their business practices and should read what’s being said in online forums about customer experiences. Learning what the market considers valuable can enable companies to make simple changes that yield profitable results.