Here is a good article by Diana Lasalle about giving customers value.
Most companies are used to thinking of their offerings in terms of features and benefits. An association might offer education (a feature) and members gain knowledge (a benefit). But value is something more.
Value represents not what a product or service does but how it impacts a person's life. For instance, a seminar that increases someone's professional skills might help him do a better job. This benefit of "doing a better job" can result in greater self-esteem, growth and perhaps even recognition or advancement. These results are the real value of the seminar.
The article focuses on the four dimensions on which humans operate and how to market to them. But I really think the crux of the article is simply that customer value is broader than just price. Low prices are great, but value is a partially subjective measure of how the total experience affects your life.