A fair number of articles that have been published lately slam the current over-use by marketers of the word ‘value’. Critics claim that ‘value’ is at risk of becoming synonymous with ‘reduced’, ‘cut-price’ and plain old ‘cheap’. Value should also be associated with quality. A product that offers true value is more than just an attractive price; it should meet a customer’s real needs, and go that extra mile.
Customers are tending to watch what they spend at present, but if all companies are offering ‘value’ by simply reducing their prices, they will all end up competing on a level playing field.
Look to differentiate your product or service in some way. Offer some evidence and reassurance to your customers that they are buying something that really does offer value for money.
For example, auto manufacturer Hyundai is winning plaudits at the moment for its Hyundai Assurance program. With this program, anyone that buys a new car is guaranteed that if they lose their job, Hyundai will make their payments for 3 months. If they are still facing financial difficulties after that 3-month period, they can return the car (*subject to various conditions, of course – but you get the idea). In this way, the company is acknowledging the current economic climate and the fears of some of its potential customers, and offering them greater benefits and extra value.