Building on our Marketing Mix knowledge, this time let's dive into what customers actually value when they make purchase decisions.
Here's a crucial insight: customers don't buy products - they buy the value those products provide in their lives.
Engagement Message
Think about your phone - do you love it for its features or for what it does for you?
Most companies make a critical mistake: they focus on product features instead of customer value. Features are what a product has or does. Value is what those features mean to the customer.
For example, "waterproof" is a feature. "Peace of mind during rainy days" is the value customers actually care about.
Engagement Message
Can you think of a product feature that doesn't matter to you personally?
Customer value comes in three main types. First is functional value - the practical benefits that help customers accomplish tasks or solve problems.
Your car's GPS provides functional value by helping you navigate efficiently. A smartphone's camera provides functional value by capturing memories.
Engagement Message
Name one functional benefit you get from a product you use daily.
The second type is emotional value - how products make customers feel about themselves or their experiences. This often drives purchase decisions more than functional benefits.
Nike doesn't just sell shoes; they sell the feeling of athletic achievement. Starbucks doesn't just sell coffee; they sell a sense of sophistication and ritual.
Engagement Message
What's a brand that makes you feel good about yourself when you use it?
The third type is social value - how products affect customers' relationships and social status. People often buy things to connect with others or signal their identity.
Luxury brands leverage social value heavily. Tesla owners signal environmental consciousness. iPhone users participate in a distinct cultural ecosystem.
