The success of any marketing effort is based on various parameters. But no marketing strategy can deliver to its maximum if it isn’t value driven. In other words, your marketing roadmap must be aligned with the core values of the organization. This article examines the significance of a value-driven marketing strategy, a strategy that uniquely caters to your target market and strengthens your business.
Value-Driven Marketing & Its need
We live in the days of seller beware, where customers are wary about brands and influencers until they have gained a level of trust.
Value-driven marketing is a customer-oriented marketing strategy that intends to create an intrinsic value for a business proposition, which could be based on an individual or a business. These values determine the identity of the products and services represented by an organization, acting as a magnet for new clients and prospects.
What Do Customers Expect?
Any approach that puts its customers first must live up to their expectations, to be in their shoes the way Steve Jobs (and many other notable leaders) did. Every part of the organization must be geared to function in a way that meets the customer’s standards.
There isn’t a one-size-fits-all approach that can help gauge the customer mindset. But a few common factors to consider include familiar value systems that customers prefer, use cases that may align with their needs and wants, and decision-making strategies that influence a customer’s relationship with the brand.
More importantly, the market research must target the market segment, insights from which can be used to retain customers and, through them, acquire more customers. Your ROI model must address the metrics your customers consider important. This requires extensive research on customer preferences or business lines.
Time To Benchmark
As cliché as it may sound, competitor analysis is a key strategy in today’s business ecosystem. You must understand how well you perform amidst increasing competition and in the ever-fluctuating industrial trends. Every business must compare its KPIs with its competition. This helps them come to grips with their trajectory, understand areas where they are scoring well, and reorient marketing strategies where they are lacking.
Partnering with a digital marketing agency like MinoriLabs will go a long way in easing this process for you. Learn how we can help you in your digital marketing journey and stand out from the competition.
Components Of A Value-Driven Strategy
There are no hard and fast rules that constitute a value-driven strategy, but the following common factors may be considered:
Creating buyer personas
As a marketer, you know that the first step in a marketing strategy is identifying your audience and understanding their varied needs. These details can be mapped to the different personas of buyers to create a personalized marketing effort. Well-designed personas can enhance customer experience and drive sales & marketing.
Highlight your value
We live in a value-driven society with high-value requirements. Hence, businesses need to make their specialty clear. Customers need to feel special before they decide to spend their hard-earned money.
Create an omnichannel customer engagement plan
Statistics suggest that businesses with an omnichannel (multiple channels) presence retain 89% of customers. The customer experience can no longer be restricted to that mega store but must be directed to their preferred communication channel.
The art of listening
How businesses respond to feedback determines the scope of their journey, as it is one of the most critical customer experience metrics. Acting on healthy feedback may seem like an after-sales proposition, but it enhances the Customer Lifetime Value (CLV) and brings in more customers through word of mouth.
Word of mouth, an oft-ignored tool
The way customers consume reviews suggests that they act on advice. Your loyal customers can become an important part of your marketing efforts. Why not provide them with special offers or free subscriptions each time they bring in customers?
Convenience, the norm
Every consumer business has an element of convenience; the question is how much more. This KPI may either keep customers knocking at your door or send them away-spiralling down the stairs.
Delivering Value – The Success Mantra Behind All Businesses
Customers today have plenty of options to choose from, and it merely takes a moment to get away from products or services that don’t make them feel at home. Equally, they are willing to invest instantly in something they see as value. A value-centric strategy not only brings in customers but helps keep a tab on their changing requirements (so that your brand stays on top).