Elements of Value
When customers evaluate a product or service, they weigh ==perceived value== against ==actual price==.
Here are 30 "elements of value."
-
Functional Value
- Time savings
- Simplified processes
- Revenue generation
- Risk reduction
- Organization
- Integration
- Connectivity
- Reduced effort
- Trouble avoidance
- Cost reduction
- Quality
- Variety
- Sensory appeal (e.g., food and beverages)
- Alerts
-
Emotional Value
- Anxiety reduction
- Reciprocity
- Nostalgia
- Design/Aesthetics
- Badge value
- Health
- Therapeutic value
- Pleasure/Entertainment
- Attractiveness
- Providing methods
-
Life-Changing
- Providing hope
- Self-actualization
- Motivation
- Heirloom
- Connection/Affiliation
-
Social Impact
- Self-transcendence