Increasing global competition, ubiquitous access to a plethora of choices, personalized marketing and new consumer buying habits are making customer loyalty more critical and difficult for all organizations. The key to loyalty is delivering value to customers – in their eyes. Similar to Maslov theory of how people live in society the Elements of Value show how people make purchase decisions. It is not based on product but quality or price but recognizing and delivering an offering that addresses customer values.
The elements of value include
Functional – time savings, simplification, organizing, making money. Examples of apps/technology companies that deliver function value include eBay, Vipps, PayPal
Emotional – reducing anxiety, wellness, rewarding, ‘badge value, pleasing. This is delivered by Linkedin, Pintrest, Health Apps
Life Changing – giving hope, reducing anxiety, motivation, belonging.. Think of ancestry apps, fitit, caringbridge delivering a ‘life changing’ feeling
Social Impact – self transcendence to a higher good which includes sustainability, travel, meditation tools
What are you doing to gain deliver value to customers? If you would like to learn more, contact me about participation in an upcoming Executive Growth Forum.
