Experiencing Value

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Experiencing Value

  1. 1. Experiencing Value
  2. 2. Determining Value <ul><li>The concept: </li></ul><ul><ul><li>Offerings are not just features and benefits, however </li></ul></ul><ul><li>Value </li></ul><ul><ul><li>Value is something more </li></ul></ul><ul><ul><li>It is not what a product does </li></ul></ul><ul><ul><li>It is how it impacts person’s life </li></ul></ul><ul><ul><li>Value enhances the person’s life </li></ul></ul>Physical Intellectual Emotional Spiritual <ul><li>Basic survival needs </li></ul><ul><li>Our analytical self </li></ul><ul><li>Subjective value </li></ul><ul><li>Our core being </li></ul>
  3. 3. Physical Dimension <ul><li>Basic survival needs </li></ul><ul><ul><li>Food </li></ul></ul><ul><ul><li>Shelter </li></ul></ul><ul><ul><li>Physical requirements </li></ul></ul><ul><ul><li>What we experience through our senses </li></ul></ul><ul><li>Values </li></ul><ul><ul><li>Exhilaration </li></ul></ul><ul><ul><li>Pleasure </li></ul></ul><ul><ul><li>Comfort </li></ul></ul><ul><ul><li>Convenience </li></ul></ul><ul><ul><li>Independence </li></ul></ul><ul><ul><li>Security </li></ul></ul><ul><ul><li>Safety </li></ul></ul>
  4. 4. Intellectual Dimension <ul><li>Objective value, which is measurable and quantifiable </li></ul><ul><ul><li>Savings </li></ul></ul><ul><ul><li>Interest rates </li></ul></ul><ul><ul><li>Supply and demand </li></ul></ul><ul><li>Values </li></ul><ul><ul><li>Learning </li></ul></ul><ul><ul><li>Knowledge </li></ul></ul><ul><ul><li>Appreciation </li></ul></ul><ul><ul><li>Rarity </li></ul></ul><ul><ul><li>Excellence </li></ul></ul><ul><ul><li>Quality </li></ul></ul><ul><ul><li>Choice </li></ul></ul><ul><ul><li>Reliability </li></ul></ul><ul><ul><li>Consistency </li></ul></ul><ul><ul><li>Satisfaction </li></ul></ul><ul><ul><li>Performance </li></ul></ul><ul><ul><li>Efficiency </li></ul></ul><ul><li>Targeted by business, because it is tangible and easy to communicate. </li></ul><ul><li>This has made us too price conscious and willing to believe that value merely means low price. </li></ul>
  5. 5. Emotional Dimension <ul><li>Some of our most powerful and memorable consumer reactions </li></ul><ul><ul><li>Here is where subjective value is processed </li></ul></ul><ul><ul><li>Where loyalty begins </li></ul></ul><ul><ul><li>The emotional bond with the company </li></ul></ul><ul><li>Values </li></ul><ul><ul><li>Wellbeing </li></ul></ul><ul><ul><li>Growth </li></ul></ul><ul><ul><li>Recognition </li></ul></ul><ul><ul><li>Nurturing </li></ul></ul><ul><ul><li>Caring </li></ul></ul><ul><ul><li>Status </li></ul></ul><ul><ul><li>Empathy </li></ul></ul><ul><ul><li>Self-esteem </li></ul></ul><ul><ul><li>Belonging </li></ul></ul><ul><ul><li>Happiness </li></ul></ul><ul><ul><li>Harmony </li></ul></ul><ul><ul><li>Kinship </li></ul></ul>
  6. 6. Spiritual Dimension <ul><li>Anything that touches our core being </li></ul><ul><ul><li>Art, Music </li></ul></ul><ul><ul><li>Nature </li></ul></ul><ul><ul><li>Creativity </li></ul></ul><ul><ul><li>TRUST </li></ul></ul><ul><li>Values </li></ul><ul><ul><li>Fulfillment </li></ul></ul><ul><ul><li>Peace </li></ul></ul><ul><ul><li>Freedom </li></ul></ul><ul><ul><li>Trust </li></ul></ul><ul><ul><li>Integrity </li></ul></ul><ul><ul><li>Growth </li></ul></ul><ul><ul><li>Spiritual expression </li></ul></ul><ul><ul><li>Aesthetic appreciation </li></ul></ul><ul><ul><li>Social conscience </li></ul></ul><ul><ul><li>Creativity </li></ul></ul><ul><ul><li>Where companies should aim </li></ul></ul>
  7. 7. The Values Kinship Efficiency Harmony Performance Creativity Happiness Satisfaction Social conscience Belonging Consistency Aesthetic appreciation Self-esteem Reliability Spiritual expression Empathy Choice Safety Growth Status Quality Security Integrity Caring Excellence Independence Trust Nurturing Rarity Convenience Freedom Recognition Appreciation Comfort Peace Growth Knowledge Pleasure Fulfillment Wellbeing Learning Exhilaration Spiritual Emotional Intellectual Physical
  8. 8. Why Important? <ul><li>FACT: </li></ul><ul><li>All purchased scores at least at one level or dimension </li></ul><ul><li>So: </li></ul><ul><li>The more levels, the more value </li></ul><ul><li>What we can do: </li></ul><ul><li>Chart where the product stands today and where the value can be enhanced </li></ul><ul><li>We can cluster /group/ people by the values they share and meet their expectations </li></ul><ul><li>Very valuable tool for companies, selling commodities </li></ul><ul><li>When accomplished, should be maintained </li></ul>
  9. 9. Why Important? <ul><li>LOOK THROUGH CONSUMERS’ EYES: </li></ul><ul><li>Determine the value of each offering </li></ul><ul><li>Evaluate the way you communicate the value – does it speak to the right dimension </li></ul><ul><li>Chart experience and determine its impact on consumers </li></ul><ul><li>Red flag negative experiences </li></ul><ul><li>Identify the positive experiences and make them part of your value statements </li></ul>

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