What do consumers value most in a given product or service? Companies can discern this by analyzing which of 30 Elements of Value consumers look for in the companies that serve them.
During the COVID-19 pandemic, consumers globally are valuing services, products, people, and institutions that reduce their anxiety, reduce their risks, or provide some sense of safety and belonging. Businesses and governments should consider whether their actions and communications deliver these three types of value. If not, don’t take that action or release a communication, as it will be ignored or, worse, make consumers even more anxious.
Breakthroughs may be worth pursuing, but most companies benefit more from incremental innovation efforts that add new forms of consumer value to their present products and services.
As the global pandemic deepens and the human cost of COVID-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.
Eric Almquist is a partner with Bain & Company’s Customer Strategy & Marketing and Advanced Analytics practices. He is based in Boston.
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