Bain & Co’s 30 Elements of Customer Value

I loved this the minute I stumbled upon it: is called “30 Elements of Value”, published by Bain & Co in October of 2016, here is the original website:
http://www.bain.com/bainweb/media/interactive/elements-of-value/#

So here is the graphic of the 30 elements from their website:

My video interpretation:

Each elements is defined by them as:

  1. SELF-TRANSCENDENCE
    Definition: Helping other people or society more broadly
    Example: When TOMS sells a pair of shoes or eyewear, a new pair of shoes goes to an impoverished child or part of the profit goes to save the eyesight of people in developing countries.
  2. PROVIDES HOPE
    Definition: Providing something to be optimistic about
    Example: GNC stores sell a wide range of weight loss, nutritional supplements and other products designed to improve consumers’ health and fitness.
  3. SELF-ACTUALIZATION
    Definition: Providing a sense of personal accomplishment or improvement
    Example: Consumers buy a Leica camera in part from the pride of owning a camera used by famous photographers over the course of the brand’s century-long history.
  4. MOTIVATION
    Definition: Spurring people to achieve their goals
    Example: Spotify added a music-streaming feature for runners that detects their tempo and finds music to match it.
  5. HEIRLOOM
    Definition: A good investment for future generations
    Example: Patek Philippe positions its watches as cherished possessions designed to last and accompany successive generations.
  6. AFFILIATION AND BELONGING
    Definition: Helping people become part of a group or identify with people they admire
    Example: The Boston Red Sox have built a loyal customer base by appealing to tradition and local patriotism in New England.
  7. REDUCES ANXIETY
    Definition: Helping people worry less and feel more secure
    Example: Discover allows cardholders to instantly freeze and unfreeze their accounts without canceling their cards.
  8. REWARDS ME
    Definition: Providing benefits for being a loyal customer
    Example: Starwood has earned strong customer loyalty among frequent travelers through a robust rewards program.
  9. NOSTALGIA
    Definition: Reminding people of something positive in the past
    Example: Volkswagen’s Beetle line of cars emulates the popular design originally created in the 1930s and produced through the 1970s.
  10. DESIGN / AESTHETICS
    Definition: Providing an appealing form or design
    Example: Apple’s attention to design has helped differentiate its computers, smartphones and other products from those of competitors.
  11. BADGE VALUE
    Definition: Representing achieved status or aspirations
    Example: Prada’s understated luxury clothing and accessories are designed to be recognized by fashionistas.
  12. WELLNESS
    Definition: Improving people’s physical or mental state
    Example: Westin added fitness equipment in some guest rooms, “superfoods,” and exercise clothing rentals to reposition the brand as part of the well-being movement.
  13. THERAPEUTIC VALUE
    Definition: Providing therapeutic value or well-being
    Example: Dr. Scholl’s products aim to soothe a broad range of foot conditions.
  14. FUN / ENTERTAINMENT
    Definition: Offering fun or entertainment
    Example: Norwegian, Royal Caribbean and other cruise lines offer almost round-the-clock entertainment ranging from indoor sky diving to bumper cars to art auctions.
  15. ATTRACTIVENESS
    Definition: Helping people feel more attractive
    Example: Victoria’s Secret created bold retail designs in an undergarment industry that had been quiet and discreet.
  16. PROVIDES ACCESS
    Definition: Providing access to information, goods, services or other valuable items
    Example: CVS Health added in-pharmacy clinics that provide basic medical services and assorted wellness services.
  17. SAVES TIMES
    Definition: Saving time in tasks or transactions
    Example: Target, REI and other retailers have in-store pickup for online orders and/or same-day rush delivery from store.
  18. SIMPLIFIES
    Definition: Reducing complexity and simplifying
    Example: Amazon’s 1-Click feature simplifies the order checkout process.
  19. MAKES MONEY
    Definition: Helping to make money
    Example: Google’s AdSense helps independent blogs and websites to generate advertising revenue.
  20. REDUCES RISK
    Definition: Protecting from losses
    Example: Charles Schwab’s Accountability Guarantee refunds fees if clients are not fully satisfied with the investment product.
  21. ORGANIZES
    Definition: Becoming more organized
    Example: The Container Store helps people organize their possessions at home.
  22. INTEGRATES
    Definition: Integrating different aspects of life
    Example: Square offers invoice management, payroll and other services that integrate billing functions into its point-of-sale hardware and software.
  23. CONNECTS
    Definition: Connecting with other people
    Example: Energy drink maker Red Bull sponsors extreme sports competitions and communities that connect enthusiasts around the world.
  24. REDUCES EFFORT
    Definition: Getting things done with less effort
    Example: Facebook added the ability to send money directly to friends via its Messenger app.
  25. AVOIDS HASSLES
    Definition: Avoiding or reducing hassles
    Example: Zappos offers free shipping and generous return policies.
  26. REDUCES COST
    Definition: Saving money in purchases, fees or subscriptions
    Example: Nordstrom, J. Crew and other retailers introduced budget brands.
  27. QUALITY
    Definition: Providing high-quality goods or services
    Example: USAA delivers high-quality insurance, banking and investment products and services tailored to its members―those who have served in the military and their families.
  28. VARIETY
    Definition: Providing a variety of things to choose from
    Example: Fitbit has branched out from a simple step counter to different products for everyday users and high-performance athletes.
  29. SENSORY APPEAL
    Definition: Appealing in taste, smell, hearing and other senses.
    Example: Starbucks acquired tea company Teavana and bakery La Boulange to improve its non-coffee products.
  30. INFORMS
    Definition: Providing reliable and trusted information about a topic
    Example: Vanguard added low-fee advice to its core investment services.

I also love the Harvard Business Review article that dissects and explains the value of this information (no pun intended).   I personally use this information to think about products and services that I am creating in my business and making sure that they are adding value to the customer’s needs.

 

Hector Garcia

Hector Garcia

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