VALUE-BASED MARKETING: WHY IT’S IMPORTANT & HOW TO APPLY IT TO YOUR CUSTOMERS
BY HEIDI MCIVOR ALLEN
Great companies still struggle with knowing how to get their message across and how to focus on a value-based marketing approach. Hiring a team like McIvor Marketing can help you market your value to your target audience by focusing on your value proposition. We can achieve this with a few distinctions, a handful of examples, confidence, and initiative.
WHAT IS VALUE PROPOSITION IN MARKETING?
Finish This Sentence:
WHAT DOES VALUE IN MARKETING MEAN?
Value in marketing means customer-perceived value. It’s the element that makes people feel like they’ve won the cost-benefit trade off – that they’re getting their money’s worth.
The heart of your business model contains a fundamental priority: a commitment to delivering goods or services that your customers view as high-value. There are different ways to add value to customers, which leads to different value propositions. McIvor Marketing can review your business model and help you determine the value proposition best for you.
VALUE-BASED MARKETING VS. VALUES-BASED MARKETING?
Value-Based Marketing
Values-Based Marketing
For Some Companies, The Two Overlap
VALUE PROPOSITION VS. A UNIQUE SELLING PROPOSITION?
Value Proposition
Is intimately related to your unique selling proposition but they are NOT the same thing. Your value proposition runs deep, & it is a part of your fundamental business model.
Unique Selling Proposition
Sets you apart from competitors when it comes to a particular market or product. It’s a way of positioning yourself in any industry & showing how you differ from other companies in the same industry.
Your company probably has more than one unique selling proposition, with each one framed differently depending on its targets or offerings. They draw on your core value and tell a certain market why they should come to you instead of your direct competitors.
On the other hand, your value proposition is most effective when it’s clear, concise and singular. You may market it in various ways, but those ways stem from the same roots.
WHAT CUSTOMERS LOOK FOR IN VALUE-BASED MARKETING
WHAT DO CUSTOMERS VALUE?
People are complex, with dynamic needs and desires, and not all people share the same needs and desires. This makes for a variety of values that can be difficult to navigate until you classify each value into one of four categories:
Functional
Savings, Quality, Organization, Variety
Emotional
Wellness, Attractiveness, Entertainment, Nostalgia
Life-Changing
Social Impact
Your product or service more than likely navigates multiple customer desires, but ask yourself which one is most likely to drive sales.
WHAT DO CUSTOMERS FIND PERSUASIVE?
Once you decide the most important value your customers see in your business, you need to back up those claims. Any of these forms of proof show a customer that your business actually offers that promised value:
- Numbers
- Scientific Studies
- Explanations On How You Follow Through
- Portfolios/Demonstrations
- Guarantees/Warranties
- Social Proof
- Case Studies/Testimonials/Personal Stories
- Celebrity/Influencer Endorsements
- Case Studies/Testimonials/Personal Stories
Though each form of proof affects different channels and unique selling points, prioritize those that fit best with your business’s value proposition.
HOW MCIVOR MARKETING WILL HELP YOU IMPLEMENT VALUE-BASED MARKETING INTO YOUR MARKETING STRATEGY
The journey will look something like this:
CREATE DETAILED CUSTOMER AVATARS
FRAME VALUE PROPOSITION ACCORDINGLY
- 1. How can we communicate your fundamental value proposition based on what the created customer personas desire?
- 2. What is most likely to convince them to buy your product/service over your competitor’s?
PROMINENTLY INCORPORATE THE PROPOSITION ON
YOUR WEBSITE’S HOMEPAGE
We will make it so visitors can’t help but see your value proposition first and foremost on your company’s website. We can also edit your social media profiles to reflect this value clearer and better.
SHAPE YOUR MESSAGE FOR DIFFERENT TARGETS
Without losing the common core, we will find you the right angle or unique selling position for each of your customer avatars. Keep in mind: these will need to be revised over time as your business and customer base evolves.
CRAFT YOUR VALUE-BASED CONTENT
EVALUATE RESPECTIVE CONVERSION RATES
Here at McIvor Marketing, we are all about analytics. We’ll track your traffic and use that information to our advantage. Where is your most profitable traffic coming from? How can we use this information to refine your messaging and customer avatars?
STAY THE COURSE
HOW MCIVOR MAREKTING CAN HELP WITH
YOUR VALUE-BASED STRATEGY
Reach out to McIvor Marketing today so we can help you figure out the difference between your value-based proposition, your values-based propositions, and your unique selling positions. Together, we’ll determine a plan to help you implement value-based marketing into your marketing strategy.
What Business Services Does McIvor Marketing Offer?
We are so glad you asked! From setups to start-ups, to businesses in growth and transformation, McIvor Marketing specializes in a variety of services to meet your needs. Our Phoenix based digital marketing agency can help with website design & development, logo design, branding, off-line marketing design and strategy, paid search management, social media management, email marketing, display advertising and more!
Not ready to dive into hiring a full-time marketing director? Maybe you’re just curious about how your marketing is performing. We can help you set up trackable ways to measure your marketing ROI with a project-based digital audit to gauge current performance. We can also help you get your social media advertising portals set up. We also offer training on Google Analytics, Facebook Business Manager, Facebook Ads, Google Ads, Canva, as well as how to plan content and brainstorm ideas to help you grow through research.
Check out our full list of services and reach out with any questions.
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