Value in business offering seems to be an inherent part of designing a product, service or launching a project with the perspective of delivering value to the customers or, in other words, end users.
What is in it for them? How is it different from what is already available on the market? What is special, creative or unusual about it?
The source of value may come from different aspects of the product, apart from its features, may it be the packaging, interesting design or, more and more often, the value of the brand. Many products send a message that speaks loud and clear about their user preferences, lifestyle, ambitions and dreams. It is important to note though, that brand does not equal a designer logo, sometimes it is low key products that become a manifesto of some sort.
The value of services also lies in how they are delivered and experienced by clients. A visit in a museum or the theatre starts with getting to the location, finding a car park and spending time in nicely designed spaces and visitor- or spectator-friendly set up. It is the so-called audience development that comes into play, the concept that puts the customer and their experience in the centre rather than on the margin of artistic events.
Thinking about business, we must not forget about added value. It is not only about the economic surplus of benefits over costs, but also the perceived value that a product, service or an initiative may bring to the end user. Oftentimes it is the synergy effect of material benefits, relationships between entrepreneurs and clients which can lead to collaboration on innovative ideas and projects.
Finally, we may understand values as moral principles and important things in life. I may seem a funny or obvious question but asking oneself about the most precious things, discloses what is close to our heart and helps to define the mission in a business or non-profit enterprise. Ideally, personal values should be in line with what is done in business. It is also the famous Why? defined by Simon Sinek that lays the foundations for a strong and winning brand message. Customers tend to ‘buy’ and get attracted to those companies that have a clear, authentic mission and vision, lived by in day-to-day business. It also helps to think and act ethically and sustainably, which is a topic for another blog post.
At University of Humanities and Economics in Łódź students spend quality time in Value Awareness workshops to reflect on the building blocks and guiding principles in their lives.
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