Several years ago, the global management and consultancy firm Bain and Company, spearheaded a research project to define the values that consumers look for in products and services – the things that make purchasing something “worth it.”
Their findings led them to develop a pyramid of 30 “Elements of Value.” You can read about the elements of value in detail here.
When consulting with clients on brand positioning, I like to refer to the Elements of Value pyramid to get a sense of what their offerings bring to the table.
Most products and services deliver at least several of these 30 values. By understanding the strongest values you provide and those that feel like a stretch, you can begin to form a growth strategy.
Do you want to lean into your most obvious value? Is it already synonymous with your brand?
Or do you see opportunities to make lesser-known values feel like part of your product’s “total package?”
Does your offer provide unconventional and exceptional value? There’s a reason TOMSⓇ Shoes serves as an example of the greatest value – self-transcendence. Before TOMS, the idea of creating a better world by purchasing shoes sounded ridiculous. Now, “buy one, give one” business models are popping up with all kinds of products, from eyeglasses to tech.
How can you deliver exceptional value and communicate that value in a way people understand?
That’s the million (or billion-dollar) question!
To knowing your value,
-Nick
