Value is Subjective

What does “value” mean to you as a consumer? Does it mean something different when you’re staying at a hotel vs. shopping in the grocery store?

Even if your definition centers on price, there are non-monetary variables at play as well. Consistency, reliability, accessibility, convenience…these are just a few of the common ways a consumer might define value.

Don’t forget the emotional benefits. Why, for example, would we pay more to skip the line? Sure, we value our time, but think of the way it makes you feel. (Side note: There is a fascinating amount of psychology wrapped up in waiting in line. Google it.)

Every brand, from discount to luxury, strives to deliver value to its customers in some form. But the mistake many brands make is thinking that they get to define what value means. In reality, it is your customer’s definition of value that will ultimately define the winning experience.

To win, you must align your offering to your customer’s definition of value. A few places to start:

• Assess the non-monetary benefits that form the foundation of your brand promise. Which ones are you most uniquely-suited to deliver?

• Talk to your most devoted fans. What do they have in common and what is most important to them?

• Find out what other brands your target customer loves. What characteristics do your brands share?

Delivering value starts with understanding what that word means to your customers. Let’s talk.