Perfecx was created based on the simple idea that an individual's decision to engage with a brand is driven by the emotional and functional benefits it provides. We previously discussed the importance of both (Read Here), but acknowledge that we are not in the business of helping companies find their emotional benefit. That is a job best saved for the world's great branding experts. However, only understanding your emotional benefit is not enough. Our primary focus is in helping companies find the functional reason for why customers engage with them today and where they go in the future.
At its core, we believe there are five primary drivers or archetypes the define an organization's primary functional benefit, including performance, service, price, joy and fulfillment.
Here's a deeper look at each type:
1. Price
At a certain level, everyone cares about the price they pay. While some may be more discerning then others, most people establish some internal value between what they are willing to pay and what they get in return, but we all want to pay as little as possible. As a result, companies like Wal-Mart and Amazon have made it their mission to try and deliver everything they can cheaper then anyone else.
2. Service
We are all familiar with companies that do everything possible to accommodate and anticipate our needs. In some cases, that comes with higher costs and in other instances it makes up for a product that underperforms. Companies like Starbucks relentlessly pursue improvements to how they can better serve their customers. Is it the best cup of coffee? Probably not. However, they're friendly, they continually look to speed up the process of getting coffee and you usually get what you expect.
3. Joy
Similar to Maslow's hierarchical need of love and belonging, we all seek out joy in life. We look for it in the relationships we create, the people we work with and the products we buy. Coca-Cola has positioned itself at the center of happiness and togetherness for decades and Disney has always sold the power of imagination, creating the happiest place on earth in the process.
4. Performance
Some live their lives with a relentless pursuit of performance. In a tangible sense, it's about having the fastest car. In the abstract, it's about seeking fame and reward. Regardless, its about being the best. For Goldman Sachs, it was about set the standard for performance in banking. For Under Armour, it's their mission to make all athletes better through innovation.
5. Fulfillment
Finding fulfillment is about gaining a sense of purpose, achievement and satisfaction. One may find this through social organizations like religion and non profits pursuits while others create products with the purpose of providing its customers a greater personal benefit. As an example, Tom's creates shoes and accessories under the buy one give one philosophy while Patagonia uses business to inspire and implement solutions for the environmental crisis.
Our philosophy is simple. Find a reason to be different and embrace that difference through the entire customer journey. To help companies identify where they are today or where they desire to be in the future, we developed a short test that provides a score for each of the 5 functional types. In some cases, you may have one or two clear differentiators. In other cases, you may have a more even distribution. In either case, it's important to decide what you want to be and where you want to prioritize your time. Our research shows that companies whose customers overwhelmingly identify them with 1-2 of the five key differentiators, consistently outperform competitors with a broader distribution.
Interested in how we can help? REACH OUT.