Every decision a consumer makes is emotional in nature and determined by a subconscious weighing of a multitude of points of perceived value (functional and emotional attributes) points against an equally expansive list of perceived friction points.
The Value:Friction™ Index
The key to predicting human behavior rests in understanding which points of Value and which points of Friction are in a consumer’s subconscious evaluation set and how they rank against one another.
We use the Magid Value:Friction Index to chart these varied inputs by target audience to inform product creation and enhancements, optimal customer experiences, brand health and the like. This index is extremely helpful in uncovering areas in your business, industry or product lifecycle that are ripe for disruption by you or a competitor leading to an informed transformation strategy. The best defense is an informed offense based on what truly matters to your end consumers.
How it works: we chart the Value:Friction Index in detail by rolling all topline points of Value and Friction into a quadrant visualization. The individual points of Value and points of Friction vary by audience, industry, product and service offering, and can be impacted by current macro trends and new technologies. The output makes it easy to see your proximity to competitors and whether you live in a desirable or undesirable state for the consumer.
This dividing line does not simply run corner to corner. That’s because there are products, services and offerings high on the Friction axis due to uncontrollable elements while still delivering high enough Value to sit on the Desired side of the Index. An example of this is the Superbowl. The multitude of points of Friction (e.g Sunday evening broadcast time), are muted by the undisputed Value delivered by the event (e.g. social currency).
How it is used: we leverage this mapping and the underlying detail to shape and set business strategy in everything from new product creation to functional enhancements to brand health tracking and more.
At Magid, we consistently work with clients to solve a variety of challenges ranging in scope and complexity across a variety of industries. The types of challenges we solve require us to leverage and create frameworks that can be used alongside our bespoke offerings.
What does your Value:Friction Index look like?