I’ve been following the debate on value (MW last week and 12 January) because we’ve been spending time with consumers to build our own perspective on what ‘new value’ means to them.
While price and quality have always been considerations for consumers, they aren’t the only considerations. If they were, then we wouldn’t be having this discussion.
Consumers make decisions based on much more subjective criteria and they are increasingly looking for ways to distinguish between brands. Our work shows that people value a brand more highly if it means something to them personally – if it makes them feel better in some way.
When we explored this further, we discovered this meaning could come from a variety of sources, such as being given a sense of belonging, or help to develop as individuals.
Our advice for 2012 is that if you want to differentiate your brand develop ways to offer your customers meaning that goes beyond price and quality because consumers make value-based decisions based on what they feel – as much as what they think.
Managing director, Promise