Maslow & added value
Having started my career in teaching, MASLOW’S HIERARCHY of needs is a long term friend. I was interested to find out that a business colleague had recently ‘found’ him in a recent publication.
So why is Maslow’s hierarchy of needs relevant to you and how can you leverage it?
The strategic aspiration: Audit, perform, transform, pivot, grow
The business reality: “Breakthroughs may be worth pursuing, but our recent research shows most companies benefit more from incremental innovations that add new consumer value to their current products and services,”
So it makes sense to maximise profit on existing lines, improve the value added. The Maslow theory of needs can help you review the value of your product to customer and so amend your price structure accordingly. This moves the context of the product from its functional role to a role which has emotional connotations. When this emotional bond can be further changed into life changing then you can safely accept that your product has increased in value to the customer. When your product has a wider impact on society, your product has more value still.
* How can you move your products up Maslow’s theory of needs pyramid to improve value and so returns?
* Do all your customers perceive value in the same way? Can there be different approaches?