When you’re thinking about your business and how you want it to be represented online it’s helpful to think about the element of value. Value is something that I’ve thought about a lot over the years and I had always hoped to find a really great list somewhere of what actually value means like a definition of value. Well I found it.
The Pyramid Of Value
I was taking a look at Harvard Business Review and I saw that they had created a list almost like a pyramid or a hierarchy of value and these are 30 points that maybe the way that your business creates value itself.
If we’re going to work together, or if you’re going to do some digital marketing online, it’s helpful for you to determine which of these elements your business utilizes to create value in the mind of the customer.
And if you can stack these on top of each other it’s really helpful.
We see the businesses that are most successful like Amazon – they’ve got seven or eight of these elements stacked on top of each other. So let’s go through those.
Information is Key
Number one is to inform. So back in the day a courier used to inform this would be the transmitted information, and then it was the Pony Express, and then it was the telephone.
These days it’s social media.
So number one is to inform.
Appeal To The Senses
Number two is sensory appeal. Sensory appeal means that something is beautiful. Something is beautiful that transmits value to your user.
Switch Things Up
Number three is variety – so humans love to have some variety in their life. They get bored easily and so if you create variety in your business, if you’ve got a number of different elements, you want to talk about that on your website.
Number four is quality.
Quality is important and it’s kind of an overriding piece of all of the others. Basically if you don’t have quality going on in your business, if you don’t transmit your product, or your message, or your website, with quality then you’re gonna suffer.
Make Your Customer’s Life Better
The next one is that your service or your product reduces cost. This is something that most people want to see and if you can reduce costs then you can create value.
Don’t Be High Maintenance
Another is to avoid hassles. Humans hate to have hassles in their lives so if you can find an easier way kind of a way around that loses the hassle then that’s really helpful.
Time is Money
Next one is that your product or service saves time. So we humans are more and more in a hurry all the time and we love to know that a product or service can save time for us.
Keep It Simple
Okay the next one is that your product or your service simplifies. This would be if something takes many steps and it puts it down into one – changes it from many steps to one.
If it simplifies it creates value your business is more valuable.
Cash is King
The next one is that your product makes money or it helps someone make money. So this is pretty obvious, how this works is if you help people make money then you are creating value for them.
Nobody Likes Risk
The next one – your product reduces risk.
This would be like the seat belt in the car.
If you reduce risk, if you lower my fear of harm to myself, then I will gravitate towards your products.
Okay, the next thing is that your product or service organizes so this is a kind of abstract or obscure one basically if your product or service can help me organize my life then I consider that valuable.
Be The Perfect Fit
The next one is that it integrates so if something fits well with something else then call that integrating so we see a lot of software these days that integrates with other software. Well if it does that it makes that software more valuable.
Next one is that your product or service connects people to each other. So again similar to the kind of social media and the Pony Express. If we can connect people to each other, that has got an intrinsic value in it.
Open New Doors
The next one is that your product or service provides access. If you can provide access for people if you can open doors for them then it really helps then it creates a lot of value. Basically, if someone can go from a place of not having access to having access, they consider that more valuable, and they will very likely give you money for that.
Be An Attractive Option
Next attractiveness. Well, attractiveness – it’s what magnetizes or draws someone or something to you so if your product creates attractiveness for that person all of us typically want to be more attractive and so if your product can help me become more attractive then I’m more inclined to buy it from you.
Next is fun and entertainment. We all like to have fun we all like to be entertained this is one of the best – if you can make your product or service funny, entertaining, a good time, then there’s a lot of value in that.
So if you can take your products and create a sort of, create a narrative around it, maybe it’s just the product itself, but it has a narrative where it helps other people this is the basically the highest value thing that you can do. So I’m gonna go ahead and put this pyramid down below, take a look at that and thank you so much for watching.
The next is therapeutic value. So is there kind of a healing quality – can it create or take me into a state of a feeling better? Next one after that – closely related – is wellness. Wellness is a huge topic these days people want to feel better. They want to feel better in their lives. They want to feel better in their body and so if your product creates wellness for them then there’s value in that it can be sold. Next is reduces anxiety. We’ve got a pretty anxious world these days. We’ve got there’s a lot of anxiety going on and it’s actually increasing. We see this a lot if you can reduce anxiety if you can make people’s lives less stressful then that’s valuable people want to pay you for that. Next is something that rewards me so I feel like it’s a gift to me if I feel like I’m getting kind of a good deal, if I feel like I’m getting rewarded then that creates a lot of value.
Next – nostalgia. A lot of us love nostalgia – now this isn’t huge for me. I’m really a future-oriented person but if you can create nostalgia – if you can create that sense of you know the good old days – you know maybe back in the 50s or you know when life was simpler – that nostalgic feeling… A lot of people consider that very valuable. Next is design or aesthetics. So good design is is inherently valuable we see this a lot where a better designed website converts higher than a more poorly designed website. It’s something that we actually focus on a lot with companies that we work with – is creating a better design or aesthetic. Next is a badge of value. If you can actually create a badge to give to someone then that looks really really good – makes them feel like they really earn something there they’re more inclined to buy from you. Next is affiliation or belonging. All of us want to belong. We want to be a part of a community – if you can create that feeling of being part of a community I mean your product or service then your product becomes more valuable in that moment a great example of this is like Facebook. We have Facebook groups and they’ve done a great job of creating this sort of sense of belonging or like community.
Next is heirloom so this is a little bit more abstract but basically if something is considered an heirloom it’s got an intrinsic kind of value from the past or it’s got that quality of this is like a family heirloom this is something special in our family – if you can create that quality where something feels special, like it could be passed down then that has got intrinsic value in it people love it. Next motivation. So if you are able to create motivation with your products then that itself has also got a lot of value. So people we see this in a lot in public speakers- Tony Robbins – he’s great at motivating people if you can motivate someone make them feel like they can do it on their own they want to that’s got a lot of value. in it moving right up towards the top.
Self-actualization – so me becoming my best self if you can help me do that if you can help me self actualize then that has got a ton of value in it and I’m really interested in your product. Next is provides hope – so if your product can provide hope for me it’s got an abstract quality to it but very very powerful. Very very powerful.
And then finally last one is self transcendence. So we see that this is like where your product or service helps other people so the self transcendence would be you transcending yourself, and your own needs even your company’s own needs to help other people. And this is what basically the highest value humans have sort of decided. This is the highest value thing that you can do. We all talk about wanting to help other people and I can tell you that I’ve been in different businesses – some where I was helping people deeply, and other businesses where it wasn’t as helpful if it’s more just a product that kind of made money. And there’s no question that that self transcendent quality – people there’s a lot of buzz around it it’s a, there’s a lot of links can happen – backlinks. A lot of mentions around the web.