The Elements of Value
For Sellers, value in B2B is often seen as different to value in B2C. Business is about ROI and in B2C, other more personal factors, come into play. Right?
Well, not quite.
Turns out B2B has more in common with B2C than not. That’s of course because in both cases we’re dealing with people.
And so emotions and subjectivity come into play. We like to think of ourselves as logical and objective, especially in business, but we are at heart irrational. We can’t help it. That’s neuroscience.
And so value is more layered than simply being about $$$.
This article by Bain and Co, published in Harvard Business Review in 2016 reveals just how layered. It details 40 Elements of Value arranged as a pyramid that has a striking resemblance to Maslow’s Needs Hierarchy.
It classifies our traditional perceptions of value as ‘Table Stakes’, much like food and shelter to Maslow. Then, as with Maslow, there are another four levels above that.
Understanding customer perceptions of value and then articulating how we are a potential source of value can be challenging. Bain’s model provides an excellent framework to help us do that
Musings of a Value-Based Seller
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