Whether you have the hottest book or music tracks, a talented graphic designer or even the most knowledgeable consultant, there is a key element to survive this post-recession economy. This is VALUE. I have seen this word, VALUE, thrown against the wall, down the drain and run over by a 16-wheeler. Everyone uses this word loosely and VALUE comes in different forms. Consumers today have endless number of choices among products that are virtually identical. By differentiating and offering VALUE is the only way to gain market share and win. Building a brand is tough enough in this changing marketplace. It takes time to become establish in the minds of your customers. Nevertheless, this upcoming year, we will be faced with “new challenges” and “new engagement” by how we deliver VALUE.
I have found an article from marketingcharts.com -10 Branding Trends for 2010: Value is the New Black. I want to highlight a few upcoming trends that caught my eye.
1. Value is New Black: What color will you get if you had to purchase the 2010 Lexus RX350? On the other hand, that Gucci bag? Black of course! Black is sheek, sophisticated and it compliments any style and flavor. The upcoming year is not just about having the competitive prices, it about value. If your brand offer low beatable price, consumers will still contemplate on why they should buy from you. Value needs to be authentic, you need to know how to keep your real voice and use it to build credibility and trust with your customers. It’s about value that your customers can share and is honest in their interaction.
2. Brand differentiation is Brand Value: Being distinctive is no longer an option, it is necessary. More and more businesses are utilizing Facebook and Twitter to promote products, some products are virtually identical. “Awareness is obsolete”. The only way to truly differiate yourself is by marketing the product’s unique valuable qualities.
3. Consumer expectation is growing: Two of my former employer’s customer expectations are ‘Done Right’ and ‘Done on Time’. That was easy enough! That is why my department always maintained a 98% average on our customer expectation survey. Today, consumers are smarter and more innovative with technology that a brand has to stay on their P&Q. Look at your kids. Consumer are expecting you to not only have it ‘Done Right’ and ‘Done on Time’ but to respond quicker to their feedbacks, create unique, consistent and relevant content, while the same time they are waiting for you to ask them about their lives, kids, dogs and hobbies. Consumers want engagement and Facebook, Twitter, and other social sites are the perfect platform to receive feedback on your customers’ expectation.
4. “Because I said so” is over: Do you choose what makes up your child’s DNA? The same goes for your brands. It is not what you think of yourself, but what others think of you. Consumer will decide your brand based on your distinctive qualities and attributes and how well you engage with your customers. I have come across some entrepreneurs who claim their brand is about “consistently providing knowledgeable information/services to help your business grow”. I have seen the brands for three months, vigorously pump out content and try to build a Facebook community. Then they disappear or you do not hear from them as much. What perception you have about this brand?
5. Old tricks don’t and won’t work anymore: This is a good one. For example, I receive a Facebook friend request. He was a marketer, so I accepted his friend request. A few hours later, he introduced himself and was very eager to learn about my interest and business goals. So far, we were having a nice conversation. However, I notice how persistent he was during the conversation. It seems as if he was rushing to build a relationship with me. Hell, at first I thought he was flirting with me, but after 30 minutes of conversing, I realized he was only trying to get me to be part of his network marketing team. Should I remind you that consumers are not stupid? Consumer can see through brands that play the emotional game to make a sale. We must have a motive beyond profits and sales. Companies that focus on long time profit build trust.
Once you have defined your brand, your next step is to develop an implementation plan to accommodate these upcoming trends. This is a paradigm shift mindset. The questions you should ask yourself are “how can my product and service innovations deliver with value and how can I enhance my customer’s perceive value of my brand?” This may sound painful but it only today’s reality!
