Run time: 53 seconds
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Do you understand what your audience values about you?
When something is described as ‘good value for money’ do you know what they mean? What a consumer is willing to pay for an offering depends on how much they value it, so showing the value of your offering can make a big difference in the sale. So, what is your value?
A resource I use to help answer this question is Bain’s Elements of Value, a pyramid similar to Maslow’s Hierarchy of Needs, which differs for business-to-business and business-to-consumer offerings.
They consist of 30 elements of value divided into four categories:
- Functional
- Emotional
- Life-changing
- Social impact
Example elements include cost reduction, risk reduction, variety, fun and perks, and even hope.
These values serve as a useful checklist to compare your offering or to identify opportunities for creating value where competitors fall short, allowing you to establish a unique position in the market.
Check the provided links or search for Bains Elements of Value in your favourite search engine.
Next week, we’ll continue the value theme by discussing the relationship between value and what customers are willing to pay.
Resources
- Register for the webinar in August The Nudge Effect: Psychological Strategies for Effective Marketing.
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