Using Elements of Value
Over the last 30 weeks, I have posted about elements of value. There are probably many more but the point is: what are the things your customers value? Do you provide them? Do you market them? How can you use elements of value?
Can you break down the elements of value in your business for your customers? Perhaps an overall benefit and several lesser benefits. Here’s a brief recap. You can find a full list of the 30 elements of value at the end of this post.
Functional Value
These are perhaps foundational values and for most offers, several apply. One of these may be your overall benefit, if you offer something like accountancy or insurance. However, look at the higher levels if you work in these industries, for example an accountant or insurance broker might reduce anxiety. The work of an independent financial advisor might even be life changing!
For others, you sell something that maybe saves time and reduces risk. Loads of things do this and so these are your lesser benefits.
In what sense are they foundational? If your offer does not meet at least one and preferably several, then perhaps you don’t have a fully developed offer.
You may not have noticed some of these elements of value. This is where this list of values comes into its own, it helps you name existing elements that add value to your offer.
Emotional Value
These elements address substantial needs in areas people are anxious about. People worry about, eg health, attractiveness, community.
Some offers focus on these values and you may find your overall benefit belongs here. A hairdresser for example might focus on attractiveness as their overall benefit. You can of course offer several emotional values.
You may find many people cannot meet these values because they need to carry out life changes. This implies you need to set your overall benefit at a higher level. You should aim to set your overall benefit at the highest possible level.
Life Changing Value
These values make a substantial change to peoples’ lives. The person seeking to become more attractive may need help with self-actualisation, for example.
At this level, choose one value as your overall benefit. Your other benefits will be from emotional and functional value sets.
Social Impact Value
This value may be common but of course your offer should be very different from anyone else’s. As we climb up the levels, the scope for variations in the detail of offers increases. People seeking progress at this level will often need to build on values at the lower levels too.
Elements of Value Completed
The posts in this sequence can be accessed below:
- Social impact: Self-transcendence
- Life Changing: Provide Hope, Self-Actualisation, Motivation, Heirloom, Affiliation and Belonging
- Emotional: Reduces Anxiety, Rewards Me, Nostalgia, Design / Aesthetics, Badge Value, Wellness, Therapeutic Value, Fun / Entertainment, Attractiveness, Provides Access
- Functional: Saves Time, Simplifies, Makes Money, Reduces Risk, Organises, Integrates, Connects, Reduces Effort, Avoids Hassles, Reduced Costs, Quality, Variety, Sensory Appeal, Informs