"Unlocking Consumer Value and Crafting a Compelling Product Vision"

Aviral Vaid

Aviral Vaid

Aug 06, 20233 min read

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"Unlocking Consumer Value and Crafting a Compelling Product Vision"

Introduction:

Understanding what consumers truly value and creating a compelling product vision are essential for companies looking to succeed in the market. While consumer value may be complex and subjective, there are universal building blocks that can be leveraged to improve performance and capture new markets. In this article, we will explore the 30 elements of consumer value and discuss effective strategies for creating a product vision that resonates with customers.

The Elements of Consumer Value:

The elements of consumer value can be categorized into four types of needs: functional, emotional, life-changing, and social impact. At the base of the pyramid lies functional value, which relates to the basic features and attributes of a product or service. Moving up the pyramid, emotional value becomes more prominent, encompassing the feelings and experiences associated with a brand. Life-changing value represents how a product or service can positively transform a customer's life, while social impact value focuses on the broader societal implications of a brand or company.

By understanding and incorporating these elements of value into their offerings, companies can enhance customer satisfaction, loyalty, and overall success. For example, a company that focuses on improving the functional value of its product by enhancing its features or usability can attract more customers who prioritize practicality and efficiency.

Creating a Compelling Product Vision:

To create a compelling product vision, it is crucial to adopt a facilitator mindset rather than assuming the sole role of the vision creator. Ideas for the vision should come from a collaborative effort involving key individuals within and outside the team. By gathering input and feedback from diverse perspectives, a product vision can be enriched and aligned with customer expectations.

A strategy for developing a product vision involves outlining a range of ideas, including extreme ones that challenge the status quo. By pushing the boundaries of what is possible, potential gaps in the market can be identified and addressed. This process allows for the exploration of risky and innovative ideas, which may ultimately lead to breakthroughs and differentiation from competitors.

Additionally, it is essential to consider the trade-offs and prioritization required to realize the vision. By understanding the potential risks and rewards associated with each idea, informed decisions can be made to shape the product vision. Seeking pointed feedback from stakeholders helps refine and fine-tune the vision, striking a balance between boldness and feasibility.

Actionable Advice:

  • 1. Embrace collaboration: Involve key individuals from various departments and perspectives to contribute to the product vision. This collaborative approach ensures a holistic and well-rounded view of customer value.
  • 2. Challenge the norm: Explore extreme ideas that may seem risky or unconventional. By pushing boundaries, potential gaps in the market can be identified, leading to innovative solutions that resonate with customers.
  • 3. Prioritize and refine: Evaluate the potential trade-offs and prioritize the most promising ideas. Seek feedback from stakeholders to refine and adjust the product vision, ensuring alignment with customer needs and market dynamics.

Conclusion:

Understanding and delivering consumer value is crucial for business success. By leveraging the 30 elements of consumer value and incorporating them into product offerings, companies can enhance customer satisfaction and gain a competitive edge. Creating a compelling product vision requires a collaborative approach, embracing innovative ideas, and refining them based on feedback and prioritization. By following these actionable advice, companies can unlock new opportunities and drive sustainable growth in today's dynamic market landscape.

Resource:

  1. "The 30 Elements of Consumer Value: A Hierarchy", https://hbr.org/2016/09/the-elements-of-value (Glasp)
  2. "Creating a product vision", https://amivora.substack.com/p/creating-a-product-vision (Glasp)

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