How much is nail polish removal worth? It all depends on the circumstances in which it’s executed.
Use a tissue and liquid remover at home and we’re talking a cent or two. Individually wrapped polish removal wipes for use on the go, cost as much as $1 each and a trip to the nail salon might set you back $10 to achieve the same result.
When the context story changes the value story changes too.
People don’t just pay a premium for different or better. They pay more for a product or service that anticipates, accommodates and sometimes celebrates the context of their situation. Understanding not just what our customers will buy or pay, but why they will buy or pay more, provides us with an opportunity to innovate and add value.
Taxi apps, on-demand delivery, product subscription services, meal kits and on and on were born from seeing the opportunity to change the value story.
What are the circumstances surrounding how customers experience your product or service?
When and where might they need an alternative or augmented solution?
Where is the opportunity to add value by changing the product story according to how customers want to experience it?
Image by Lorenia.