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What Customers Truly Value? 30 Elements (Bain)
Chloe Xu, Director, Australia, Premium Member
Marketers have generally spent much time and effort on the pricing side of the value equation (marketing mix), because it is the easier part. Given the psychological complexity and analytical difficulty, few studies have been done to understand what customers truly value, allowing companies to improve the value proposition of their brands / products.
Almquist, Senior and Bloch (2016) identified 30 ‘elements of value’ in 4 categories of customers' needs – functional, emotional, life changing, and social impact. These comprise the universal building blocks of value that customers normally appreciate. The survey conducted by the research team indicated that offering certain optimal combinations of value elements improve customer loyalty and as a result revenue growth and company performance.
Interestingly, the research also found three patterns of value creation worth of special notice:
- SOME ELEMENTS MATTER MORE THAN OTHERS. is the king, and no other elements can mak (...) Read more? Sign up for free
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