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Elements of Value

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Jim Miotke
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
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Jan 6, 2021
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Marina, CA
1) On page 259 of UNSCRIPTED , MJ writes about value attributes. This is a stellar chapter that I highly recommend - esp the 13 ways to find valuable opportunities. I’m committed to processing my notes on UNSCRIPTED and getting to clarity about the customer need I will serve, before I dive into the Great Rat Race (on my off hours).

2) In a recent text, MJ shared a great article about the 30 elements of value: The 30 Elements of Consumer Value: A Hierarchy

As we are deeply interested in providing extraordinary value, I’m sharing some thoughts I had on correlations between these two lists. First I list each of the 30 values from the HBR article, plus one I’ve added. In each of these, I categorize MJs value attributes that seem to fit.

You will see many of the 30 are blank. Any ideas? How do YOU add value?

You’ll also notice that many are in the Reduce risk category. As fear is the #1 mind killer, it’s no wonder so many fit here. Solve that problem for people in some specific way and you’ll be rock-and-rolling. Stop fear during the checkout process and you’ll have many more conversations.

Here is my start to this. My hope is that this conversation adds value to you and helps you find how you can add:

Quality:
  • As the article states, this must be in every product/service; sets the stage for word of mouth and reviews/ratings that pull people to your productocrasy.
Reduces cost:
  • Your Price
  • Payment Options
  • Price Ambiguity
  • Shipping Cost
Makes money:

Saves time
:
  • Website Design
Reduces effort: (like saving time but with work)
  • Ease of Ordering
  • Website Design (Don’t Make Me Think)
  • User Interface
  • Comfort
Reduces risk:
  • Guarantee
  • Refund Policy
  • Payment Options
  • Employee Photos
  • Public Reviews
  • Bribed Reviews
  • Celebrity Endorsements
  • Website Recently Updated
  • Security
  • Included/Excluded Ingredient
  • Symbols of authority (books, etc)
  • Notes of approval (9 out of 10 doctors)
Reduces hassle:
  • Customer Service
  • Help me get my ambition/aspiration
Simplifies:

Integrates (aka simplifying?):

Organizes (reduces pain of clutter):

Sensory appeal:
  • Cleanliness
  • Included/Excluded Ingredient
  • Ambiance
  • Clean, crisp photos
  • Temptation satisfaction
Connection (aka a friend):
  • Customer Service
  • Employee Photos
  • Celebrity Endorsements?
  • Response in forum, email, whatever
Informs (which reduces anxiety, risk, boredom, etc):

Variety:
  • Many choices
EMOTIONAL
Provides access
:
  • Celebrity Endorsements
Badge of pride and significance:
  • Cutting edge technology (first adopters)
  • Points
  • Contest badges
  • Recognize and attention from User Generated Content
Reduces anxiety:
  • Professionalism
  • Customer Service
Rewards me:
  • Customer Service
  • Shipping Cost?
  • Points / Loyalty Program
Nostalgia: (comfort)
  • Throwback Thursday if you’re been in business for a long time
Fun/Entertainment (aka help me forget fears for a while):
  • Fascinating photos
  • Fascinating stories
  • Great funny videos (if you are good)
  • Fun and friendly email tone (no corporate speak)
  • Customer Service
Wellness:
  • As distinct from therapy
  • Certainty in any business
  • Specific treatments in the wellness industry
Attractiveness:
  • Course of improvement
  • Beauty products if you’re in that business…
  • Whatever makes it more likely she/he will admire me (more)
Therapeutic value (aka I feel heard):
  • Ambiance
  • Included/Excluded Ingredient
  • That unbelievable Customer Service agent who regains that client who got so pissed off they wanted to leave, but now they are a die hard loyal raving fan.
Design and aesthetics:
  • Website Design
  • Website Recently Updated
  • Label/Packaging Design
  • Beautiful photos

LIFE CHANGING
Hope
:

Motivation:

Heirloom
:

Belonging/Affiliation and Community:

Self-actualization:
  • hmmmm
THE TOP (very few ppl)
Self-transcendence
and social impact:
  • for every product, a tree planted, dollar donated, pair of shoes provided
ONE I’D ADD
Urgency / Immediacy
:
  • Speed of delivery
What am I missing? How else can we create value?
 

MJ DeMarco

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Bump, thank you for sharing Jim!
 

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Jim Miotke
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 6, 2021
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Marina, CA
Thanks MJ - I appreciate your sharing and bump.

I had a few additional thoughts...

Reduces risk:
Price clarity (the opposite of price ambiguity)

Reduces anxiety:
Reliability (the fact that I buy Hondas for their reliability also makes me feel smart, so I guess this would also go under Badge of pride... as I think about how my dad would spend days trying to the get the Dodge van to work, I realize the depths of these emotions we are dealing in).

This has been an eye-opening experience. I used to be the guy doing what he loved (and telling others that this was the secret of my success). I no longer love it (and no longer teach it).

I also was always looking for the thing no one ever thought of before.

Here's to finding the semi-crowded room and skewing value.

More to come. I'm especially interested in discovering (from within or without) what value attributes help buyers feel Motivation, Hope, Self-Actualization, etc.

Thanks again!
 

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Jim Miotke
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jan 6, 2021
85
88
124
Marina, CA
So I’m wondering, how do YOU create value?

I was just re-reading UNSCRIPTED and one of my notes on page 281 said ‘Money for Nothing’. I looked up the Dire Straits song lyrics and meanings. I enjoyed reading how the songwriter overheard a delivery man in an electronics store bitching about the musicians on MTV making ‘money for nothing’ and ‘checks for free’ (which he changed to ‘chicks for free’. I found it funny he was watching TV instead of delivering but hey everybody deserves a break now and then..,

More importantly…

The man did not understand how much people value being moved emotionally (by songs or movies or stories). People need to be moved much more than they want TVs and electronics moved.

So… I really would like to know…

How do you move people or make the risk go out of their thought or make them feel motivated? Do any of the above apply? Or do you create value in yet a different way. I’m curious.
 

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