Speaking at the Wharton Customer Analytics Conference, Ridhima Raina, a customer strategy and marketing consultant with Bain & Company, said Bain has identified 30 "Elements of Value." According to the Wharton Schools Knowledge@Wharton newsletter, these elements are "fundamental attributes in their most essential and discrete forms across four categories: functional, emotional, life changing, and social impact. The [Bain] research has shown that delivering on more elements leads to a higher net promoter score (NPS), a measure of customer experience, and drives revenue growth."
Raina's colleague, senior analyst Ilker Carikcioglu, discussed the key role emotion plays in attracting customers to products and creating loyalty. Bain research suggests that "emotional elements are twice as powerful as functional elements in predicting NPS, so companies should think about how they can focus on those factors." Knowledge@Wharton reported that Carikcioglu indicated "according to consumer behavior and behavioral economics studies, human beings are fundamentally 'irrational, emotional and impulsive.' That doesn’t promise to change anytime soon, he said, so we can assume the emotional appeal of products and services will continue to be a potent selling tool."
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