What is value? Good question! I had to listen to this episode again to see if I could attempt to explain this esoteric, philosophical word that means so much. In the process of that, I deduced that the best way to understand value is to listen to this episode on understanding value! You may get some thoughts on how to be more clear about it in your business.
In some ways, value should mean:
- Low-cost, big quality to customers
- Identifying what you give by companies
- Understanding the nuance of values-based cultures
- Trying to be ultra clear when speaking about it on a podcast!
In this episode, John Gregory Olson and I explore this concept. I was inspired to do do after reading the “Elements of Value,” Harvard Business Review, Sept. 2016 issue. In it is a wonderful article on value with an even more wonderful graphic by Bain & Company (this is a copyrighted image that you cannot repurpose, republish or copy; they own the rights; be respectful or risk a legal letter) that I’ll share in a screen grab to give you and idea what we’re speaking about. And, mind you, there may be a gate to get inside the actual article without a subscription.
For your company’s understanding of value, it helps to look at the categories of values-based businesses. John provides this list in the episode, so please listen to better understand.
Quite easily, your thoughts should go to the value you offer customers. We all are spoiled brats and customers now expect things with coupons, discounts, BOGO offers, charitable contributions, sales and giveaways (TOMS, Warby Parker), and so much more. They may even want to see a social justice or philanthropic tie in (Ivory Ella, Alex & Ani).
Before you can become a values-based business, you need to understand what value means to you in business. We’re talking about emotional intangibles here that go beyond the price point of value.