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The Elements of Value - Coggle Diagram
The Elements of Value
Functional Elements:
Saves time
Reduces effort
Simplifies
Makes money
Reduces cost
Organizes
Integrates
Connects
Emotional Elements:
Reduces anxiety
Rewards me
Nostalgia
Design/aesthetics
Badge value
Therapeutic value
Fun/entertainment
Attractiveness
Life-Changing Elements:
Motivation
Heirloom
Self-actualization
Provides hope
Affiliation/belonging
Social Impact Elements:
Wellness
Self-transcendence
Importance of Value Elements
Revenue Growth: Correlation with higher and sustained revenue growth
Net Promoter Score (NPS): Higher NPS with better performance on multiple elements
Customer Loyalty: Improved through a combination of multiple elements
Application of Value Elements
New Product Development:
Encourages innovation based on valued elements
Focuses on adding new value to products
Pricing Strategy:
Supports pricing decisions by adding value
Balances price increases with additional value
Customer Segmentation:
Allows for tailored product offerings
Aligns products with specific customer needs and values
Strategies for Implementing Value Elements
Identification:
Assess current products for existing value elements
Use customer feedback to identify strong and weak elements
Exploration:
Explore potential new elements to add based on market trends
Consider customer desires and competitive offerings
Evaluation and Adjustment:
Continually evaluate the effectiveness of current value offerings
Adjust strategies based on customer and market feedback