In order to be aligned to customer outcomes and expectations, SLM requires focus and effort to engage and listen to the requirements, issues, concerns, and daily needs of customers:
Engagement is needed to understand and confirm the actual ongoing needs and requirements of customers, not simply what is interpreted by the service provider or has been agreed several years before. ITIL4 refers to value as being co-created, since it needs the input and validation of customers.
Listening is important as a relationship-building and trust-building activity, to show customers that they are valued and understood. This helps to move the provider away from always being in 'solution mode' and to build new, more constructive partnerships. Each customer is unique, and the service provider must not have a one-size-fits-all approach.
The activities of engaging and listening provide a great opportunity to build improved relationships and to focus on what really needs to be delivered. They also give service delivery staff an experience-based understanding of the day-to-day work that is done with their technology, enabling them to deliver a more business-focused service. When the customer is engaged and listened to, they feel valued and their perception of the service and service management activities improves.
https://www.bmc.com/blogs/itil-service-level-management/

The ITIL SVS describes how all the components and activities of the organization work together as a system to enable value creation.
The SVS is made up of specific inputs, elements, and outputs relevant to service management. The key inputs to the SVS are opportunity and demand. The output of the SVS is value delivered by products and services.
Opportunity refers to options or possibilities to add value for stakeholders or otherwise improve the organization.
Demand refers to need or desire for products and services among internal and external consumers.
https://www.bmc.com/blogs/itil-service-value-system/