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What Customers Truly Value? 30 Elements (Bain)
Chloe Xu, 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.
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Customer Value | Consumer Value
Jaap de Jonge, CEO, Netherlands, Editor Thanks for sharing. I agree that customer or consumer value, sometimes also referred to as "customer utility" or "buyer utility", is more important in...  |
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Customer/Consumer Value and Service
S. Lago, Business Consultant, Canada, Member An often forgotten aspect of customer value is customer service. Studies have been done which repeatedly show that happy employees make for happy cust... |
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Some Critical Remarks on the 30 Elements
Norman Dragt, Netherlands, Member I do wonder how they made this distinction between the 30 elements and how it is possible to create a pyramid when at the same time stating th... |
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It's Silly to Go After all 30
Donny Le, Entrepreneur, United States, Member It turns out that by scoring high on MOST of those elements DOES equate to higher profits, although it's silly to go after all 30. Apple scored strong... |
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Negative Customer Value
Norman Dragt, Netherlands, Member As this is just hear say, so I am not sure, but Steve Jobs seemed to work with a negative value namely: how little dislike does a product produce? He ... |
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