The new economy (post recession) is forcing all of us to reevaluate our purchasing habits. From cars to clothes to restaurants, we as consumers are deciding what we really need, how much are we willing to spend, and if we’re getting the best value for our hard earned dollars.
Big consumer brands have recognized this and have repositioned their products and services to address the new frugal consumer mindset.
For example, in 2007, Walmart changed its tag line from “Always Low Prices” to, “Save Money, Live Better”. Kmart followed suit changing “Kmart - The Stuff of Life” to “There’s Smart and There’s Kmart Smart”.
Most big business-to-consumer brands have the financial wherewithal to retool their marketing efforts to coincide with changing consumer values. Smaller business-to-business brands, constrained by reduced marketing budgets, longer sales cycles, and multiple purchasing influencers, have had to make do with their marketing materials.
It is my belief that a majority of business-to-business advertisers could benefit from a brand revitalization, starting with a review of their value proposition.
Formulating your value proposition starts by differentiating your company’s product or service from the competition.
Talk to your customers – engage them – find out what’s on their minds. What do they like about your product? What do they dislike? In their own words, how do they compare your product or service to the competition’s? Customer insight can lead to a new perspective and vocabulary for describing attributes and benefits for your product or service.
Next, define the selection process. What triggers the need? Where do decision makers and influencers search for information? What factors influence their purchasing decision? How does the brand experience affect their final decision?
Finally, tap into the decision maker’s value system. This will help develop a value proposition statement which differentiates your product, based on their mindset.
Aligning your value proposition with the decision maker’s mindset helps build a brand preference resulting in improved advertising effectiveness.
If you’re ready to improve your advertising results, we are ready to help you. Contact Bailey Burk at 214-953-0494 ext. 2 or email today.
