WHEN VALUE BECOMES VITAL
As lockdown levels reduce and businesses begin reopening stores and offices – albeit under different protocols, companies will need to find new and innovative ways to do business. A key opportunity that lies here is for those who understand their audience and purchasing patterns best, as they will be able to find ways to deliver value to people who have no doubt been affected in some way by the pandemic we’re all beginning to be a little fatigued by.
People may have needed to re-evaluate areas of their lives financially, from an employment perspective or from an asset perspective. Looking at something as simple as a hierarchy of needs, people have no doubt been affected in some way if not all of the need states according to the theory. And this comes at a time when instant gratification was (is) a societal ‘norm’ - you no longer need to get in your car to go get dinner or even go buy your groceries. So how can businesses think out-the-box about the next step in COVID-19 recovery? We believe the answer is value.
By-lines or key benefits associated with a product or service, have at some point in their development stages, been created and ‘sold’ to us consumers to be able to meet a need. People have been sinking their money on promises of ‘bigger’ or ‘better’ but that’s going to change. People will be hard pressed to part with their cash so will look for ways, brands, products and services that offer true value.
Value sits outside of the physical benefits that a product or service can offer. According to SKU Local, in its basic form, perceived value determines the price the consumer is willing to pay for a product or service which often has little to do with the monetary value and more to do with the theoretical ability to fulfill a need that offers satisfaction known as utility. Globally they’re predicting that e-commerce will continue to grow, concepts like ‘dark kitchens’ or ‘virtual restaurants’ will continue to become more familiar, and the second hand goods market will see some healthy innovations as they become more valued in a cash-strapped environment. It is the value associated with these purchases however, that will become vital in converting customers and clients. Something as simple as a human voice on the other side of the phone when you’ve been trying to get hold of a company for days, or being offered a little payment holiday by financial institutions, or something as simple as a handy bottle of hand sanitiser as a kind gesture from a retailer, will keep customers coming back and feeling valued.
So when you’re planning your post COVID-19 strategy, keep value front and centre of your road to recovery.