The elements of value is a model that was developed by the consulting company, Bain. They found that what customers value usually falls into four buckets - functional, emotional, life changing and social impact.
They found that the customers of companies with high scores on four or more elements, such as Apple, Samsung and Amazon, were three times more satisfied than rivals. Apple scores highly on 11 of the 30 elements. Companies that score high on four or more elements grow faster and make more money than those that don’t.
The lesson? Use some of the elements of value in your idea. Try to incorporate at least five elements to satisfy your customers and help you make more money faster.
Products and services deliver fundamental elements of value that address four kinds of needs: functional, emotional, life changing, and social impact. In general, the more elements provided, the greater customers' loyalty and the higher the company's sustained revenue growth.
Source: Eric Almquist, Bain and Co