Harvard Business Review have published a study on what customers value. It's therefore particularly of relevance to marketing and branding agencies and any group consulting on the subject of customer choice, whether B2C or B2B.
They came up with no less than 30 value elements that customers can look for:
The research showed the following. [Note that 'NPS' stands for Net Promoter Score, an industry metric for customer loyalty and advocacy].
The researchers mentioned that these elements of value can have an organisational element, in that someone in each company should be tasked with explicitly monitoring value. They quoted one executive admitting:
"I have a lot of people working on product features and service improvements, but I don’t have anyone really thinking about consumer value elements in a holistic manner.”
The model owes something to Maslow's famous Hierarchy of Needs, leading to the popular assumption that people cannot attain the needs at the top until they have met the ones below. However the researchers note that Maslow himself took a more nuanced view. He realised that numerous patterns of fulfillment exist. As a result, it seems safest with this model to simply count the high-scoring elements.
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