The customer is the person who will pay for the value; better if he/she is willing to pay an upper price to have the product/service from us instead of the competition.
Usually, he/she has a need and to be one of our customers, we should have a benefit from our product/service that addresses that need. This is the promise of our value.
There should be a channel for the transfer of the value, this is the relationship. We can imagine this as the result of a brand or of the job of a salesman: in every case, there must be a trust between us and the customer. The trust is based upon the belief that he/she will obtain the expected value from us and our organization.