30 Ways to Align Your Business Strategy With Customer Needs

Larry Kim
Larry Kim
Nov 24, 2017 · 3 min read
Image for post
Image for post

You probably remember from school — that model demonstrating our most basic needs (food, security, warmth, rest) at the bottom of the pyramid.

The higher up the pyramid, the more complex our needs. And without the fulfillment of our physiological and safety needs, we’re unable to , belonging, esteem or self-actualization, at the top of the pyramid.

Image for post
Image for post

New research from , published in the September issue of Harvard Business Review, extends Maslow’s hierarchy of needs by identifying 30 fundamental attributes they’re calling “elements of value” that drive consumer decision making.

Their elements are divided into four categories — functional, emotional, life changing, and social impact — and explain the inward and outward-facing needs consumers seek to have met.

Understanding these needs is absolutely . The more elements you can provide for, the greater your customers’ loyalty, the researchers say.

For example, consumers have a great number of functional needs. They’re that:

  • Save time
  • Simplify
  • Reduce risk
  • Organize
  • Provide sensory appeal
  • And reduce effort.

If those basic values aren’t met, you’re really going to struggle to with values like reducing anxiety, making a consumer nostalgic, or being entertaining.

Bain & Company collaborated with an online sampling and data collection company for a survey of over 10,000 U.S. consumers about their perceptions of nearly 50 U.S.-based companies.

Their survey confirmed that companies that performed well on multiple elements of value ended up with more loyal customers than the others.

30 Elements of Value — Setting Realistic Expectations

Now, it’s worth noting that you don’t have to check each and every value off the list on every level in order to successfully . In fact, did comparatively well in Bain & Company’s research, but even they only scored high on 11 of the possible 30 elements.

As the researchers explain, “The elements of value pyramid is a heuristic model — practical rather than theoretically perfect — in which the most powerful forms of value live at the top. To be able to deliver on those higher-order elements, a company must provide at least some of the functional elements required by a particular product category.”

It’s important to carefully.

Check it out:

Image for post
Image for post

Image credit:

Originally published on

About The Author

Larry Kim is the CEO of and founder of . You can connect with him on , , and .

Marketing and Entrepreneurship

Tips & News on Social Media Marketing, Online Advertising…

Sign up for Larry Kim

By Marketing and Entrepreneurship

Tips & News on Social Media Marketing, Online Advertising, Search Engine Optimization, Content Marketing, Growth Hacking, Branding, Start-Ups and more. Take a look

By signing up, you will create a Medium account if you don’t already have one. Review our Privacy Policy for more information about our privacy practices.

Check your inbox
Medium sent you an email at to complete your subscription.

Larry Kim

Written by

Larry Kim

CEO of MobileMonkey. Founder of WordStream. Top columnist @Inc ❤️ AdWords, Facebook Advertising, Marketing, Entrepreneurship, Start-ups & Venture Capital 🦄

Marketing and Entrepreneurship

Tips & News on Social Media Marketing, Online Advertising, Search Engine Optimization, Content Marketing, Growth Hacking, Branding, Start-Ups and more.

Larry Kim

Written by

Larry Kim

CEO of MobileMonkey. Founder of WordStream. Top columnist @Inc ❤️ AdWords, Facebook Advertising, Marketing, Entrepreneurship, Start-ups & Venture Capital 🦄

Marketing and Entrepreneurship

Tips & News on Social Media Marketing, Online Advertising, Search Engine Optimization, Content Marketing, Growth Hacking, Branding, Start-Ups and more.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch

Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore

Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store