One of the most important aspects of any company’s marketing strategy is their value proposition, a key aspect of value based marketing. This is the core statement from a business that tells the consumer why they should purchase a product from that brand. It lets the consumer know what the brand stands for, the ins-and-outs of how it operates, and why the company deserves their business.
On the flipside, value based marketing provides the company with a clear outline for success by detailing its goals, objectives, and plans for the future. Combined, this two-sided marketing strategy builds value within your brand, and that value is what drives sales.
What Is Value Based Marketing?
Marketing that lets the customer know what your company has to offer and why they should buy from your business is value based marketing. Your customer wants to know why they should buy from you and not your competitor, so using this marketing strategy will give your current and potential buyers a clear and concise statement on what you have to offer and what sets you apart from the rest.
Essentially, your customers want to know what value you will add to their lives. This is value based marketing. Is your product superior? Are you able to compete and beat out the competition’s prices? Will you provide your consumers with better customer service? A successful value based marketing campaign will draw in new customers and keep the existing ones coming back in the future.
How Building Value Works for Your Brand
One of the simplest ways to build value within your brand is to learn who your customer is and what they expect from your product or services. Understanding what your current and potential buyers are looking for will help you give them what they want and therefore keep them coming back to you. Getting the cheapest product isn’t a value if it’s not worth the money or it doesn’t perform as it should.
Consumers are looking for a dependable brand they can trust, while also paying a fair price. They want to feel heard and understood, as well as feeling like their needs are being met. Providing exceptional service for the best possible price, making sure your product is superior and giving the customer what they’re looking for, is all part of value based marketing and will help your business grow.
The Bottom Line
Cutting corners might be tempting when you’re just starting out or profits are down, but don;t fall into the trap. A cheap product, subpar quality, and bad customer service will only drive your buyers away. Word of mouth travels fast, so if even a few people feel like your business makes their consumer experience worse or you don’t add value to their lives, people will hear about it and you’ll lose business.
Investing in a quality value marketing campaign and then delivering on your promises will keep your current customers coming back time and time again, while also drawing new customers in. If you’re serious about building your brand, learn about your customers and what they’re looking for and deliver it in the best possible way you can. Become a valuable brand that people can trust.