The September issue of Harvard Business Review includes an article related to The Elements of Value. In the article, a study highlights what customers value in products varies by industry. An included table summarizes the top 10 elements of value that various industries find influence loyalty. (Left) The 10 types of businesses evaluated include: Apparel/Retail TV Service Providers Discount Retail Consumer Banking Grocery Brokerage Food and Beverages Auto Insurance Smartphones Credit Cards See anything in common? For all industries noted, “Quality” is referenced at the top of the list. “Some elements do matter more than others. Across all industries studied, perceived quality affects customer advocacy more than any other element. Products and services must attain a certain minimum level, and no other elements can make up for a significant shortfall on this one.” “A rigorous model of consumer value allows a company to come up with new combinations of value that its products and services could deliver. The right combinations, pays off in stronger customer loyalty, greater customer willingness to try a particular brand, and sustained revenue growth.”
