Circular Customer Value Compass
What is it about?
Creating value for the end user is at the core of marketing strategies. Customer value creation is however a rather complex construct, and goes beyond the balance between the benefits associated to your product or service and the financial trade-offs associated with the acquisition of your solution. Indeed, your product or service can provide intangible benefits whether it helps create personal meaning, allow time savings or enhance the overall experience expected by your customer.
Why is it relevant?
When trying to transform your business model to become circular, it may be relevant to challenge your existing value proposition and understand the real needs of your customer. The circular customer value creation compass is a tool aiming at analysing the various dimensions of your value proposition in order to challenge your understanding of what your customer needs. The compass can help you understand which message to convey, when designing your circular venture.
Steps to conduct this activity
Use this template to highlight the importance of each dimension
- Functional value
- Cost/sacrifice value
- Symbolic value
- Experiential value
- Cocreation value