Understanding Brand Value Elements Through Maslow's Hierarchy
With an adaptation of Maslow's psychological theory, Bain & Co defined the values a brand can provide to consumers. Today's consumer concern has evolved from 'what does a product do' to 'how does it change my life or the world?'. This theory establishes different levels of hierarchy within human needs, ranging from the most basic at the bottom of the pyramid to the most elevated at the top. For Bain & Company, all products can find benefits at various levels of the pyramid, and those offering higher values are the most developed brands, thus generating a better and more lasting bond with consumers.
For example, at the base of the pyramid, the functional layer finds values such as reducing shopping time or low costs. In a second tier, emotional elements are found, including aspects like reducing anxiety or the sense of well-being that certain products or services can generate. The third tier relates to aspects that change consumers' lives, where motivation and hope are the primary values. Finally, at the top of the pyramid is the element with social impact, directly related to personal transcendence.
This hierarchy helps companies analyze, based on data, what level of values they offer to improve their proposals and to make market comparisons against other competitors. From the most essential to the transcendental aspects, any type of brand and company can measure its services based on this pyramid. Below are the different levels of value that brands can offer:
- Social impact elements: personal transcendence.
- Life-changing elements: provides hope, personal upgrade, belonging and affiliation, motivation, valuable object or relic.
- Emotional elements: reduces anxiety, acts as a personal reward, generates nostalgia, brand value, well-being, therapeutic value, entertainment, design or aesthetics, appeal, provides access to other aspects.
- Functional elements: saves time, simplifies, generates money, reduces risks, organizes, integrates, connects, reduces effort, avoids hassle, reduces costs, quality, variety, sensory appeal, informs.
