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:
So here is the graphic of the 30 elements from their website:
My video interpretation:
Each elements is defined by them as:
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.
- 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.
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.
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.
Definition: A good investment for future generations
Example: Patek Philippe positions its watches as cherished possessions designed to last and accompany successive generations.
- 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.
- 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.
- 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.
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.
- 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.
- BADGE VALUE
Definition: Representing achieved status or aspirations
Example: Prada’s understated luxury clothing and accessories are designed to be recognized by fashionistas.
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.
- THERAPEUTIC VALUE
Definition: Providing therapeutic value or well-being
Example: Dr. Scholl’s products aim to soothe a broad range of foot conditions.
- 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.
Definition: Helping people feel more attractive
Example: Victoria’s Secret created bold retail designs in an undergarment industry that had been quiet and discreet.
- 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.
- 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.
Definition: Reducing complexity and simplifying
Example: Amazon’s 1-Click feature simplifies the order checkout process.
- MAKES MONEY
Definition: Helping to make money
Example: Google’s AdSense helps independent blogs and websites to generate advertising revenue.
- REDUCES RISK
Definition: Protecting from losses
Example: Charles Schwab’s Accountability Guarantee refunds fees if clients are not fully satisfied with the investment product.
Definition: Becoming more organized
Example: The Container Store helps people organize their possessions at home.
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.
Definition: Connecting with other people
Example: Energy drink maker Red Bull sponsors extreme sports competitions and communities that connect enthusiasts around the world.
- REDUCES EFFORT
Definition: Getting things done with less effort
Example: Facebook added the ability to send money directly to friends via its Messenger app.
- AVOIDS HASSLES
Definition: Avoiding or reducing hassles
Example: Zappos offers free shipping and generous return policies.
- REDUCES COST
Definition: Saving money in purchases, fees or subscriptions
Example: Nordstrom, J. Crew and other retailers introduced budget brands.
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.
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.
- 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.
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.