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Value Elements Canvas
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The Value Elements method helps to explore the value creation of an idea for the customer. It sets out various value-creating elements and, by recombining these, allows different alternatives to an idea to be explored and detailed. The Value Elements method proposes 30 different value elements that help to describe the value of a new product and service and distributes these elements across four different levels.
This method creates a common taxonomy to describe value propositions that follows a similar step logic as Maslow's pyramid. It is based on a framework originally developed by Bain & Company and was inspired by Maslow's Hierarchy of Needs, which represents different, sequential levels of human needs.
how does the method work?
This method creates a common taxonomy to describe value propositions that follows a similar step logic as Maslow's pyramid. It is based on a framework originally developed by Bain & Company and was inspired by Maslow's Hierarchy of Needs, which represents different, sequential levels of human needs.
The method works from the customer perspective: this is based on the assumption that consumers evaluate new products or services based on the price and the perceived added value of the product. For this reason, it is crucial to identify these value elements before the product launch in order to predict the potential market success of a product.
Step by Step Guide
The Value Elements Canvas consists of a pyramid that is divided into four different levels, which build on each other and all contain a different number of elements (the higher the level, the fewer the elements).The names of the four levels are as follows (starting from the bottom): "Functional", "Emotional", "Life" and "Social".The entire editing process begins at the lowest level.
Functional level: Similar to Maslow, who placed the most basic needs of the individual (e.g. food, sleep, shelter) at the lowest level, the most basic functional values of a product or service are at this level. Consider the most basic functional value propositions your idea offers. These can include value propositions such as "seamless integration with other products", "risk minimisation" or "time savings".
Emotional level: The second level contains the emotional benefits of a product or service.Think about what emotional benefits your idea offers. This can include factors such as "wellness", "nostalgia" or "fun/entertainment". Try to determine what reactions the use of your product triggers in people and how this can be described in terms of feelings and emotions.
Life level: On the third level, life-changing effects of a product or service are presented.Consider here what life-changing effect your idea will have on the user. This can include points such as "hope" or "self-realization".The higher you move up the pyramid, the more abstract and complex the elements become.So at this stage, try to think about the consumer's long-term goals when buying the product: how will it have improved their life in 6 months?
Social level: The last level shows the social effects of a product or service. Here, think about how your idea benefits not only the individual, but society ("self-transcendence"). How can your idea promote social change and help people other than the end user?
Last but not least, it should be pointed out that not all products/services can generate value equally at all different levels: While some products primarily serve functional needs (example: chewing gum), others may very well provide different life-changing benefits.
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