Business

Why You Should Take On A Value-Based Strategy For Your Business

There are different marketing strategies that businesses use to get their message in front of their best prospects and customers. Marketing is a huge part of our daily life. It is how businesses are getting their messages in front of their best prospects and customers. Every day we use products we see on ads, right from our toothpaste to our cars and houses.

Frequently we decide everything in accordance with market trends: where to go for brunch outs, what brand of clothes to buy, what model of phone, and even hiring someone to fix your roof. With the help of marketing, consumers become more aware of different opportunities and novelties.

Marketing is an industry of rapid changes and there are critical aspects of staying on top of it. Copying what’s on the latest trend and matching your competitors’ ideas is not enough nowadays. Simon from Icarus Digital Marketing said that Value-Based Strategy is the best strategy to use as it is a tried and tested approach that never goes out of style. It will help you saturate your market with value across all social channels and dominate the industry through leading with value.

This current trend states that businesses should never compromise the customers’ need for qualitative products for a quick gain. This strategy ought to build a long term relationship that benefits the company and the consumer.

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The Six Core Values

In an increasingly fast-paced industry, where the attention spans are fleeting and there are increasing numbers of ads in mobile screens, billboards, newspapers, and even on subways, marketers have to hook their audiences quickly. That is where Value-based Marketing comes in, by tapping on the consumers’ innate value. When you promote certain values within your brand or align yourself with a cause, it makes you more appealing and relatable to your target market. The six core values are identified as:

Purpose seekers – These are the people who are cooperative and compassionate. They are the type of people who research first before purchasing a product. They are mostly eco-conscious and find purpose in everything they buy.
Pleasure seekers – Unlike the purpose seekers, pleasure-seekers are those who value fun and excitement and are not concerned with price. They are the ones who like to stand out from the crowd and are socially active.
Tradition seekers – These people are family-oriented and typically older and politically conservative. They are also known for being brand loyal and get swayed by advertising.
Achievement seekers – These are the ones who are most active on social media. They love technology, conscious of brands, and buying driven by success and achievement.
Freedom seekers – Are those who are creative and independent. They are risk-takers and curious types of buyers.
Security Seekers – These are the practical and budget-conscious ones, but the stability of their loyalty is guaranteed.

Does It Actually Work?

Now, you may ask: does it actually work? Everyone in this day and age is looking for a meaningful relationship with brands. But first, when you are trying to implement a value-based strategy, you must take note of what your competitors are charging for the same products. Research properly and thoroughly, check on your customers, do surveys, polls, and interviews.

There will be lots of benefits on the consumer end and most importantly, advantages for business owners. Increased profit is guaranteed, this strategy results in the highest possible price and mark up you can put, thus maximizes your profits. If your customers value your product and are willing to buy it, then you have the opportunity to charge more.

Customer loyalty is certain despite charging higher, as long as you can justify that your product and service is unique and valuable. When you consider the opinion, needs, and wants of your customers and create products to satisfy their needs, they also feel loyal to your company.

If you are thinking of starting on a Value-Based strategy, you should know this method is exceptionally profitable, especially in niches that can offer premium services and highly valued products. Your unique strategies and services are what set you apart from the rest and your results are what maintain long-term, profitable relationships with all of your clients.

It is a good basis to create a strong foundation for your business: attracting prospects, nurturing relationships, and making offers your audience will appreciate and respond to. Even the successful Starbucks CEO Howard Schultz said, “If people believe they share values with a company, they will stay loyal to the brand.”

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.