The value of a brand is so much more than its monetary worth. When it comes to a well-established brand, it’s the ones that keep consumers engaged, excited and intrigued for what is to come next.
think to the future
Meaningful brands is an annual study that measures the understanding of how brands bring value to consumers, and it has become the prime source to discover how brands provide meaning and relevance to our daily lives.
A recent interesting study from Meaningful Brands states that millennials and Gen Z are more likely to buy from a brand based on its social and personal benefits, rather than the price or product utility.
The purchasing behaviours of the younger generation are becoming more of a conscious, socio-political act, and many brands are sadly not meeting such criteria. They are either too vague in their representation or lack social and environmental commitment. It could even be something as simple as not supplying relevant content that allows their consumers to feel they have some sort of added value.
consumers believe that 77% of brands are unnecessary and would not miss them if they disappeared overnight
What does that statistic mean to you? Do you feel like your business does enough to add value to your industry so you’re not forgotten like the dreaded 77%?
lead by example
Think about the ever-adapting technology of phones and other devices – the brand Apple instantly comes to mind. Their iconic branding strategy has entirely focused on emotion throughout the years, along with their consistent creative innovation. Since 1976, Apple has made it a priority to build a valued community of consumers so dedicated, that it is almost seen in a religious manner.
It’s as if you can feel the excitement in the air every year when September rolls around and the secrets of Apple’s new releases are let loose. Each has started a conversation among both tech experts and your average joe. Apple knows they offer something different, and in return, consumers aren’t shopping with them because the product offers 258g worth of space and a high-end megapixel camera, they are purchasing it because it’s the latest Apple product.
With a pristine aesthetic, Apple is considered a luxury brand that almost everyone can get their hands on. It’s prestigious yet accessible, and the entire brand prides itself on the fact that its consumers are purchasing a premium experience driven by emotion, not practicalities.
customers will remember and purchase products or services that bring them joy
Your customers already know what they are looking for. They already know the problems they have, and may even know the solutions they require.
A clear understanding of what drives value for your customers is the essential step. Clear customer research can uncover their true desires.
your value proposition is key
There may be other businesses out there offering the same products or services that you do, which brings the consumer to a choice of who to shop with. Your value proposition is how you persuade them to choose you.
What sets you aside from the rest? You need to identify what you are good at and own it with confidence. Speak clearly, ask your current customers why they purchase from you and what their experience was like and communicate the highlights so future consumers can see the value in purchasing from you.
define audience values
Different customers will have different concepts of what value truly is, and refining each audience area and what would value them individually is the best trick. Whether it be a particular demographic or even season, everyone has their preferences. Refine your way of messaging in order to speak to everyone in your target audience specifically, rather than shoehorning the same message to everyone together.
cheaper doesn’t always mean better value
Often, you will see competitors reduce their pricing in order to attract customers away from other businesses selling the same products or services. But, that doesn’t always mean that the consumer will be swayed. Most people are willing to pay more when they can see the added value of a business because they feel like they are getting their money’s worth through reliable service and dedicated customer support.
An unsatisfied customer won’t come back to you just because you are offering something at a lower price, especially if you have burnt them before. Set a reasonable price that clearly shows that customers are not only receiving value but also maximise your take. A fair price that isn’t the lowest, nor the highest, will communicate value to customers that are shopping around.
put the main focus on valuable consumers
To put it bluntly, not everyone will be pleased with your service or product – no matter how glorious the offering is, you can’t please everyone. It’s important to establish and develop those existing customer relationships that provide added value rather than entirely focus on acquisition. It will always cost less to keep a customer than to acquire a new one, and great service will keep people coming back for more.
your brand is your most valuable business asset
Like Apple, the world’s most successfully valued businesses are also iconic brands. What steps will you take to bring value to your customers? What does your brand truly represent? At Rooster, we believe each needs a story, and every consideration is limitless. We get under the skin to understand the bigger picture. From there, we will thoughtfully solidify your brand’s journey. Rooster delves deeper to grasp your true heritage – your brand evolution is in expert hands. Get in touch with us today to find out more.