Creating Value Based On Our Values
© Ian Berry All rights reserved
A central theme of my work with clients is about values and value. Many organizations have a list of values, often highlighted in fancy frames on foyer walls. It seems only a small percentage of workplaces have shared definitions of their values and even less have determined the behaviours that can be measured in order to ensure the day to day living of values.
All organizations have a primary reason for existing; to create value. Regardless of our products or services our success is to do with how much value we create in the minds of our clients or customers. This is perceived value. It is why people buy from us or not.
A formula for creating high perceived value that may help you deliver greater value, IV + EV x PF = PV.
- IV stands for Inherent Value. The following about our products and services make up inherent value: Comfort, Consistency, Convenience, Ease of use, Fast / Quick, Price Problem Remover, Quality, Reliability, Safety / Security. These are the basic reasons people buy or not.
- Inherent Value without EV however and we probably have a struggling organization or are about to go broke. EV is Emotional Value. The following about our products and services make up emotional value: Belonging, Enjoyment, Escape from boredom, Feeling good, Fun, Happiness, Stimulation, Stress Relief, Surprise, and Wonder.
- PV stands for Pride Factor. The following about our products and services make up pride factor: Exclusivity, Fame / Fortune, Fitness / Health; Leisure, Love, Quality of life, Recognition / Reward, Self Importance. Unless our products and services include perceived connections to these factors people are probably going somewhere other than our place.
Your willingness to create great inherent value, emotional value and address the pride factor will be tested. It is my belief that passing the test has a lot to do with the values that you live by of which trust is perhaps the greatest.
How would you define trust and your other values and would your definition be shared with your workmates?
Could you come up with a bunch of behaviours everyone would need to live to ensure the definitions are true? How could you measure these on a day to day basis?
Be the difference you want to see in the world.