Sunday, April 12, 2009
Value-based marketing may be just what the doctor ordered
As some marketers of affluent focused products find themselves facing declining sales in this environment, they may be well-advised to consider shifting their marketing strategy towards value-based media choices that they would have never considered in a thriving economy. Many marketing analysts have been reporting that even the more affluent consumers are thinking twice before making a major purchase, wanting to ensure that they are getting the best possible price before committing to buy. With that point of view, consumers are now more likely to pay attention to media vehicles they previously ignored -- the "value-based" media options, as I refer to them. Examples would include direct mail choices like RSVP ("the postcard people") and ValPak (the bright blue envelope filled with coupons). To extend their reach with advertisers' special offers, ValPak now repeats the advertisers' messages contained in their direct mail package on the ValPak web site as part of the media buy. Visits to ValPak offer consumers the option to enter their zip code to see a second level of web navigation that features tabs of product categories where the special offers are repeated. In doing this marketers must be careful with their messaging and creative strategy, so as to not erode the brand equity associated with the product, so that when the new economy arrives, they are in a better place having created two distinct media channels to promote their brand.