The value of products and services is often considered only in terms of financial value for customers. For example, how will purchasing this service generate revenue? How will it reduce operating costs?
But recent research by Bain & Company, published in Harvard Business Review, reveals that value is not just financial—it’s personal, too.
Authors and researchers Eric Almquist, John Senior, and Nicolas Boch examined categories or “elements” of value delivered through the products and services of a variety of companies. The elements of value included financial value (e.g. reduces cost, saves time, reduces risk) as well as emotional value (e.g. reduces anxiety, rewards me, therapeutic value).
The researchers found that companies delivering four or more elements of value increased their customer loyalty by three times, and saw four times greater revenue growth compared to companies with just one element of value.
Ecosystems’ Value Management Office has been conveying comprehensive value—both financial and personal value—for years. Watch the video to learn more about the research and how Ecosystems can help convey full value: