Consumer preferences and market trends evolve rapidly. We know that brands who genuinely understand the connection between consumers and the perceived worth of their products can establish a lasting impression.
Brand value is the cost/benefit equation coming to life. Namely, what consumers pay for your product must be less than the benefit they gain from using and experiencing it. A report on cost-of-living crisis impacting National Brands by ProQuo AI found that 32% of consumers said they have opted for cheaper supermarket brands or cook from scratch at home more.
The sections below offer guidance on how to improve your brand value through optimizing packaging, delivery, and promotion.
Emphasize what people love about your brand on the pack. Take what people love you for—your benefits, tone of voice, personality, origins—and put it front and center. Make sure people see that you are unique and make them want you. Emphasize all your high points to make people feel they would pay above the odds to have you.
Update your packaging design. If you want to grow the value of your brand, consider a packaging change to make your brand look and feel more premium at its existing price. You want people to feel your brand is worth paying for. One way to do that is to make the pack more experiential: play on sensory cues to make people feel that your product is worth more.
Change your pack sizes. If changing the pack itself is not the way to go, another route is to rebalance the pack/price ratio: how much product you will give for the cost people are willing to pay? You can do this by creating larger-sized packs (often called "Value packs"), which reduce the "per oz" or "per gram" cost without having a grossly negative impact on margin.
Optimize the delivery experience for at-home shoppers. If your eCommerce or website experience is smooth and slick, a clean journey between clicking to buy and the product arriving at your doorstep surely adds value. After all, consumers are spared a trek into the store and a wait in long lines. Seamless ease of online purchase is a great way to make your product feel worth paying for.
Offer a premium delivery experience. Buying a product off the shelf is one thing but purchasing it online and waiting a few days to receive it is another. The key difference is anticipation. Make sure that the wait is worth it when it arrives. Whether that means packaging it in a cool outer case or creating a slick unboxing experience—adding a bit of extra excitement to the delivery will give your product an extra boost of value.
Find ways to offer extra value. For products delivered online, often there is a fee for postage or shipping. This naturally adds cost to the product itself. Knowing this, consider what actions you can take that make the shipping cost less than the benefit of receiving the product by post. Could you offer exclusive content or exclusive offers on new products to those buying online?
Monitor your competitors. You must monitor your competitors' promotional activities to increase your brand value through promotion. If they discount simultaneously as you and/or deeper than you, your “value for money” may not improve.
Avoid over-promotion. While promotions can improve brand value, over-promotion can have a counter-effect by training people to buy solely at a discount. When this occurs, you risk devaluing your brand when you are not on promotion—so use promotion with caution!
To ensure you understand the value of your brand, consider leveraging ProQuo AI, a feature-rich consumer intelligence platform. You can monitor Value for Money and 15 other factors in real-time, over time, and against your competition. Bring the best value to your customers: learn more about ProQuo today!