Have you ever wondered, “How do I sell without being sales-y?”
I do. All the time. Selling’s not my thing, but I love helping people. So…
Today I am going to share a tool to help you create the best product in your market.
We know purchasing decisions are influenced by a lot more than price… it’s all about perceived value. So how does an entrepreneur pin down what customers are looking for?
Allow me to introduce you to the Elements of Value Pyramid. It’s Maslow’s Hierarchy of Needs business style…
The Elements of Value Pyramid is a great tool to make sure customers derive value from your goods or service. The elements work as building blocks and can (should!) be combined. Like Maslow’s hierarchy, start at the bottom and work your way up.
Products and services deliver fundamental elements of value that address four kinds of needs:
- Functional- this is the practical stuff. Your product or service needs to offer at least a couple of functional value elements or the other’s really don’t matter. The primary focus here is quality.
- Emotional- this tier is allll about how you make the customer feel (aka branding). If you don’t have this element, you’re likely to lose customers to your competition.
- Life-Changing- products of services that don’t offer life-changing value elements are likely to get cut due to budgeting decisions.
- Social Impact- your product or service helps not just your customer but other people too.
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In general, the more elements provided, the greater customers’ loyalty and the higher your company’s sustained revenue growth (Apple has 11).
The most common value across all industries is a quality product, but depending on your industry, some elements will be more important than others.
So what building blocks will lead to your company’s success? Respond to this email and let me know!
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