Marketing can be simple or complex, depending on the approach one chooses. By asking yourself what goes into customers making buying decisions, you will create unique product value propositions. Marketing is about standing out from the crowd by providing a unique product or service capable of meeting customer needs. However, with the ever-changing customer preferences, you must create a balance between market forces and prevailing financial constraints.
Enter value-based marketing, and you have an easy way to meet customer needs. In this article, we take you back to basics, focusing on the definition of marketing value and why it is essential, and introduce you to five types of weight commonly used in marketing.
Why Providing Value in Marketing Matters
How do you provide value to your customers? The correct answer to that question is knowing why a consumer buys the products in the first place. What drives one to spend money on a given product? Do the spending habits say anything about the product’s value proposition?
Traditionally, marketers sought to persuade customers to buy a product. With changing times, customers are now focused more on deriving value from a product. So, marketers should offer useful, highly-functional products or services, benefiting consumers in one or more ways.
Value-based marketing can strengthen the bond between customers and companies, creating brand loyalty. It may take time, but it eventually pays off when customers get to know the product.
Here are five ways to create value for customers of any product:
In value-based marketing, place refers to the ability to provide consumers with products in the right location. If a customer buys products from a specific store, they should find them there always. A marketer should promise to have the products in stock permanently and do it. That would make the business stand out from the competitors, retaining customers for longer.
The time component refers to “when” the product is available to the consumer. Is it at the time they want it? Is the product available promptly without complications?
Consumers want to find products quickly, which is why providing value in terms of time can make them loyal customers. As seasons change, a customer also wants to find in-season products without fail.
The “form” component is about providing customers with ready-to-use products that can fully satisfy their wants. A market can highlight that aspect by reminding consumers that their products are available in finished form. As such, customers will get the full value of what they pay for.
Everyone needs information to make the right decisions. One of the best ways to improve your marketing value-proposition is to feed customers information about the product. Thus, you can supply consumers with all the data they need to make informed buying decisions.
That means providing details about the product, informative campaigns, in-store sales agents, and a call center. In short, you should give information promptly to improve sales conversions.
A consumer has to have the product to derive utility from it. So, a marketer can ensure possession utility by promising to deliver the product straight to the consumer.
Creating customer value is simple and only requires you to implement the suggestions above. However, some marketing campaigns may not need all the five elements discussed above.
It helps if a marketer knows which features to include in a particular marketing campaign. That way, customers will be able to get value for money. If you need help determining the value you provide for your customers, contact the Muses for marketing strategy advice.