How do you go about understanding your customer needs ?
How do you put a value on those needs.
I will write a separate blog on pricing at some future point, but I want to share something interesting. It is an article from Sept 2016 in HBR by
Its an interesting twist on Maslow’s Hierarchy of needs.
It looks at hierarchy of needs in terms of
- Social Impact
- Life Changing
It sees three patterns of value creation
After quality is states
the critical elements depend on the industry. In food and beverages, sensory appeal, not surprisingly, runs a close second. In consumer banking, provides access and heirloom……….. The broad appeal of smartphones stems from how they deliver multiple elements, including reduces effort, saves time, connects, integrates, variety, fun/entertainment, provides access, and organizes.
It’s an excellent article and I would recommend you read it and share it with your team as a way of exploring how your product or services adds value beyond the conventional way of looking at your company, products and services.
The 30 Elements of Consumer Value: A Hierarchy
Measuring—and delivering—what consumers really want
It takes customers needs past just functional or emotional needs but allows you to make a checklist of needs