Bain’s Customer Value Pyramid

Dateline: September 30, 2016

Welcome to our Friday WRAP – one thought-provoking idea to think about over the weekend.

Continuing with our theme of using data to add value to products and services, today we share a wonderful article written by Bain partner Eric Almquist.  He published a blog that nicely summarized The 30 Things Customers Really Value.  To get the full list of 30, please refer to his HBR article, The Elements of Value.  But to summarize here, the author suggests 4 buckets of value: Functional, Emotional, Life Changing, and Social Impact. value pyramid

He suggests,

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.

How can your data assist in adding elements of customer value to your products and services?

That’s a WRAP!  Have a great weekend!

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