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Simply put, a business is a vehicle to exchange value – your customers buy from you when they value what you have to sell, so understanding what your customers truly value is the foundation of any successful business.
But how do you define customer value? Customer value is the benefit someone perceives from your product or service compared to its cost. Whether it’s convenience, reliability, or a sense of belonging, value means meeting your customers where they are. Bain’s “Elements of Value” framework breaks it down into four categories: functional, emotional, life-changing, and social impact. There are even B2B and B2C versions because decisions don’t happen in a vacuum in businesses. Here are some actionable steps:
- Talk to Your Customers – Gather feedback to identify their pain points and what matters most to them.
- Map the Elements – Use Bain’s framework to categorise how your offerings deliver value across different levels.
- Prioritise – Focus on the elements that align most with your customers’ needs.
Want to explore how the Elements of Value could benefit your business? Join us for our upcoming webinar on 21st of May. We’ll give you practical tools to unlock value in your offerings.
Next week we’ll continue to investigate how value impacts your business strategy.
Resources
Understanding Your Audience and What They Value – Webinar
21st of May 10-10:30 am free and online!
Get the Customer Value Scope
Bains “Elements of Value” Framework
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