The 30 Things Customers Really Value

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Today’s companies are looking for better ways of reaching out to customers and boosting their company’s worth. They have found that products and services must meet a customer’s need, whether that be a social need, a functional need, an emotional need or even a life changing need. These four pillar categories can be further broken down into 30 more subtopics. Virtually any industry can benefit and relate to this ideology.

Key Takeaways:

  • These are basic attributes of a product or service that address four kinds of needs: function, emotion, life changes, and social impact. Functional elements, for example, include saving time, reducing risk, and organizing.
  • Companies that deliver well on multiple elements of value tend to have stronger customer loyalty and higher revenue growth rates, as Bain & Company’s analysis shows. The research documents 50 companies that deliberately added elements over time to improve their propositions, either to turn around a flagging business or to accelerate growth.
  • The search for elusive breakthroughs can make the entire innovation process intimidating and discouraging. To help, think about which new elements of value will resonate with your customers and which can be delivered effectively by your company.

“Judiciously adding elements can bring new life and growth to existing products as well as build customer loyalty — with far less risk and lower costs than hunting for breakthroughs.”

https://hbr.org/2016/08/the-30-things-customers-really-value?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+harvardbusiness+%28HBR.org%29

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