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Crafting Valuable Products and Services: Key Takeaways from a Presentation on Creating Value
- Authors
- Name
- Luxe Wealth Strategies
- https://instagram.com/luxewealthstrategies
Reading Time: 2 min read
The key takeaways from this presentation are:
- The equation for value: The speaker proposes a formula for creating valuable products or services: Dream Outcome x Perceived Likelihood of Achievement x Time Component x Effort and Sacrifice. When all four variables align, you create a highly valuable product or service.
- The four variables:
- Dream Outcome: The thing people want to achieve or buy.
- Perceived Likelihood of Achievement: How likely people believe they will achieve the dream outcome by buying your product or service.
- Time Component: The time between purchase and achieving the outcome.
- Effort and Sacrifice: The amount of effort and sacrifice required to achieve the outcome.
- Guarantees: The speaker suggests four types of guarantees: unconditional, conditional, anti-guarantee, and implied guarantees. These can be used to decrease the risk associated with buying a product or service.
- Reversing risk: The speaker suggests that businesses should assume some of the risk associated with buying a product or service, rather than leaving it all with the customer. This can be done through guarantees, free trials, or other forms of risk-reversal.
- Creating value: The speaker emphasizes the importance of creating value for customers, rather than just making big promises. He suggests that businesses should focus on solving the problems and pain points of their customers.
- Headlines and copy: The speaker notes that the four variables (dream outcome, perceived likelihood, time component, and effort and sacrifice) can be used to create compelling headlines and copy that communicate value to customers.
- Stacking guarantees: The speaker suggests that businesses can offer multiple guarantees to customers, such as unconditional and conditional guarantees, to increase the perceived value of their products or services.
- Reverse-engineering customer success: The speaker suggests that businesses should reverse-engineer the experiences of their most successful customers to identify the key factors that drive success, and then use this information to create guarantees that are more effective.