1. Practical value
The practical value of products in different segments and categories is different. Here, we will illustrate this through several practical and hot-selling mobile phone accessories.
For “mobile phone party”, these two products are very practical. When going out in winter, “mobile phone party” does not need to take off gloves when using mobile phones, which is very convenient. The disadvantage is that this product is highly seasonal.
The names of these two nano-adsorption mobile phone cases have a certain sense of technology, and they are also very practical. They have super strong adsorption power and are very convenient to use in daily life. This product has also appeared in the official tutorial video of Oberlo (Shopify platform plug-in).
2. Cognitive value
The products in the previous two cases are mainly practical, and it is natural for such products to become hot items. But in real life, there are not many such innovative products. After all, PMF (Product Market Fit) is not easy to grasp. When an innovative hit product is created, there are at least ten unsaleable products that failed.
When many company R&D personnel are doing product development, they do not pay attention to how good the efficacy or function of the product is, but pay more attention to the perceived value of the product. The two main core elements of consumer perceived value are as follows:
(1) Users feel that it is valuable.
(2) The value promoted by the product is difficult to quantify and evaluate in the short term. For example, “Diamonds are forever” is a classic value creation case in marketing.