The marketer has to understand what is of greatest value to the target customer, and then use that information to develop a total offering that creates value. The inconvenience of filling in many forms, or concerns about providing personal information, can add cost which will subtract from the value the customer perceives. For this person, the benefit of attending and participating is lower because of costs related to personal connection and convenience. As you can begin to imagine, the process of determining the value of an offering and then aligning it with the wants and needs of a target customer is challenging, indeed.
Throughout this course, though, you will gain a deeper understanding of the tools and processes that marketers use to do it effectively. Customers instinctively make choices between competitive offerings based on perceived value. Imagine that you are traveling to Seattle, Washington, with a group of six friends for a school event. However, one of your friends finds an AirBnB listing for an entire apartment that sleeps six people. Regardless of which option you would really choose, consider the differences in the value of each and how the presence of both options generates unavoidable comparisons: the introduction of the AirBnb alternative has the effect of highlighting new shortcomings and benefits of the Marriott Courtyard hotel room.
Once you get your strategy going, replicate the approaches that make the most sense. Value-based marketing entails some challenges you might find difficult to solve. A good value marketing strategy will help you attract more qualified clients, engage prospects with interactive digital experiences, equip your team with tailored-made branded assets, differentiate your offering from the competition, and ensure a better buyer experience through value realization. Here are some actions you can take to pivot your business to value marketing.
What benefit does your company offer to your customers? Strive to make it feel as though you are helping them rather than selling them something. This shows your customers they are your main focus and that you want to see how you can benefit them — rather than what you can get from them. By putting yourself in their shoes, you can better understand what they might deem valuable regarding your brand. You can then teach them how to make the most out of it. Keep in mind your content can always potentially reach new clients, so act accordingly.
You know your company, products, and services better than anyone. Use that expertise to generate materials that focus on the features that might interest your customers the most. Focus on what is important to your audience and use it to generate:. These materials will help your audience overcome obstacles and learn how to take advantage of your products and services in the best way possible. They will educate them on how to use the products and services you offer and what they can do.
Adding sharable content to your site and social media channels with relevant information about your industry and value is a low-cost strategy that will highly influence how your audience responds to your company over time. A great way to create a bond between your company and your customers is to appeal to their fear of missing out. Take advantage of their interest in your company's inner workings and create content that shows a snapshot of a day in the life of your company, or tells stories of ways your company has helped a customer achieve its goals and strategic KPIs.
Taking this approach will deepen the emotional connection your prospects and customers have with you. You can always use your digital networks to share:. Get creative and generate content that takes your story beyond your offices and into your customers' lives. This way, you will add value to your followers' experience with your company.
Treating your customers right is a no-brainer. Show them you have their best interests in mind and that you are willing to go above and beyond to meet their needs. Making them feel heard and actively looking for solutions to their problems will set the foundation for your bond with them.
That is why your customer service is a pivotal element of your added-value marketing strategy. The best customer service you can offer is by communicating the value you helped a customer achieve.
The more sophisticated your abilities to measure value realization and communicate value to your customer-base, the greater the potential for cross-sell and up-sell. When you have the data, your customer conversations change. Communication with customers will always drive success, especially when that communication is focused on achieving a shared definition of value.
Some products and services are not for everyone. That said, you need to define who your target customer is. Just like segmentation eases the decision-making process for your clients, it helps you as a supplier understand who you want to do business with because you know you have the ability to make them successful. By intentionally selling to companies who fall too far outside your ideal customer profile, you can be damaging your company and setting yourself up for a failed customer implementation.
Value marketing is all about the appeal and proving your products and solutions have value. When you do this, you should hone in on your target audience. By focusing on a specific audience and how you prove you can add value to their lives, you will not only attract more customers, but it will also help you attract the right ones. You can determine who you are seeing eye to eye with and stop wasting your efforts on those who will not impact your margins.
Do meticulous market research and do not be afraid to be discerning when it comes to selecting your target customers. If you want to increase your margins, you need to stop worrying about selling products and start focusing on the outcomes they deliver.
Market aspirational experiences and focus on the benefits rather than the features. For example, instead of pushing a new dress on your clients, sell them beauty and sophistication.
Appeal to the psychological value of what you are trading. Take a closer look at your customers' deepest needs and ambitions and build value around them. Be creative and base your marketing efforts on what your product can help them achieve.
The outcome is what makes your product unique. By leading with value earlier in the buying cycle, you can not only create more, and higher quality, leads, you can differentiate yourself from the competition by providing tangible value analysis to buyers while they are still formulating their project scope. There is a common misconception that price and product quality are all there are to boost sales.
However, companies must pay more attention now than ever to specific customer requirements before marketing a product or service. If you keep in mind that your customers' needs may change over time, you can take the best marketing approach as this evolution occurs.
Consider conducting a value chain analysis as part of your marketing strategy and include regular research on your audience to monitor their ever-changing requirements and adapt your offer to their demands as they change.
This strategy will help you keep your margins consistent and your customers happy. The vast majority of shopping decisions are heavily influenced by emotion. In most cases, they need to know that the brand they are picking has the ability to help them absolve their feelings — whether it is helping improve their bottom line, increase efficiency, improve processes, etc.
It is not solely about what you sell but how you sell it. Creating a strong narrative around the value of your product or service is crucial when trying to catch your customers' attention.
Including these elements as you elaborate on your product's features and the benefits it offers will keep your public engaged. Keep your storytelling strong as you help your clients navigate the decision-making process, and be sure your messaging appeals to their deepest needs.
Ditch the hard sell mentality and communicate with your audience on a deeper level. Use different digital experiences to help tell those stories to your prospective customers. This will help boost ROI and keep them engaged and excited about how you can help them achieve their goals. While your product or service might be suitable for different types of customers, there is always a specific target you will appeal to the most. Close menu.
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