Have you stopped to think about what is the correct value of your business, product or service? No, we are not talking about the benefits that you highlight to show that it is the best option. We refer to those elements of value that the customer perceives and takes into account when buying.
Still don’t know which ones we’re talking about? Don’t worry, in this article you will learn about the 30 elements of the Added Value Pyramid and you will begin to develop the ones you want within your business to give your customers even more reasons to buy and stay as ambassadors of your brand.
Pyramid of the elements of value
This is a pyramid that our CEO Vilma found in the “Harvard Business Review” And of course, like all valuable content we find, we didn’t want to miss the opportunity to share it with you and help you find the elements you want in your business.
As you can see, the 30 elements are divided into 4 groups, so to speak. These elements of value are distributed from the base to the top. What you should know is that each business is different, therefore it will consider some elements more important than others.
What do we mean by this? That the fact that some are at the base and others higher up does not make some more important. You must be clear that each element of value that you add plays an important role and it is your job to develop and improve it more and more.
Find out here what our CEO says, in depth, regarding this topic: Mega Guide: How is the real value of a product determined?
What items do you have?
Before adding new items, we need to focus on deciphering and improving the ones we already have going for us. These will be the basis for selecting new items and for continuing to offer the best value to our customers.
How can I define what are the elements that I have?
To define the elements that we have we can use several methods, but the most important thing is to be very honest with everything we offer. Let’s do an analysis that will help us identify them.
We share some options for you to do so:
- Make a list of everything you offer: No one is going to know your products, services and business better than you. Create a list with everything from customer service to closing sales you should include it. The added value is not only in what you sell, but the entire customer journey.
- Start analyzing: In each of the above elements, begin to take note of what you offer and how you offer it, how it helps your customers, what benefits it gives them, is it functional, emotional?
- Create a list: Make a list of the elements that you were able to determine in the previous analysis and separately evaluate which ones you can improve and how you can integrate those selected ones into other lines of business.
We explain the latter better. Your products are of high quality, they reduce costs and they are sensorially attractive, how can you enhance this even more? Let’s make the example more specific, you have a physical clothing store and to further enhance this, you will create a virtual catalog where each garment will have a code.
Upon arriving at your physical store, customers will already know how to search for the exact garment they want to purchase. You would be offering higher quality and also, you would be saving your customers’ time when choosing and making your store more attractive.
How to choose new elements to give the right value to your business?
You do not need all the elements, this must be clear. Far from it you can start selecting items at random and say “yes we offer this”. That’s not how it works to give real value to things. Something that you should keep in mind is that the final value will be determined by the client, he is the only one who can affirm if you are offering the value that you say you are offering.
Related content: Myths vs. reality of what you need to start your business
Analyze your market to give the correct value to your business
As we already mentioned, not all items will be of value to you. Everything will depend on your niche and market, and what is really important in the area in which your business is developed. Think carefully about which elements you can add one by one and you don’t want to monopolize them all, she remembers, “the one that covers a lot, doesn’t squeeze much”.
Surveys can be your best allies
In social networks, in the mail, by call, ask your community. They better than anyone will tell you what they want and what they need. Take into account everything they tell you to create that ideal mix of elements, even use criticism in your favor.
Also ask them to give you an evaluation: why they buy from your business, what they like and don’t like, how you can improve, what they would like to get from your business. This way you will also be able to draw conclusions about what you need to position yourself, become number one in your commercial sector and give the correct value to your business.
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Evaluate other items and give the correct value to your business
This is not a contradiction to what we told you before that each business is different. What we do recommend is that you evaluate other niches and other market segments and analyze what they are implementing that you could bring to your customers. This is not copy-pasting, you are not going to implement as copy-paste what you find works for them.
It is about adapting that to the needs of your clients that you may not have realized you are neglecting and starting to work on it.