I think anyone that has ever dealt with a client or an agency representing a client that has requested "added value" knows that it soon becomes a never ending give and take relationship that is required to fulfill the sales process. Talking with our clients, they get hit with the request daily but the ask for added value is now filtering into the consumer vocabulary as well. In Hall & Partners new research they found "In a Rough Economy, Marketers Must Redefine Value".....
"On the local level, per the firm, people are spending less money, considering and researching longer for large purchases, putting annual holidays on hold, delaying an upgrade to luxury items or canceling such purchases entirely."
"We see a big decline in frivolous spending with people looking for things that will last, that are not disposable," says Houldsworth. "Consumers have shifted purchase behavior to cheaper and larger. And they are trying new things, but only in sample or smaller sizes."
"Still, Houldsworth says, consumers are spending more on less expensive indulgences. "We have seen dramatic increases in indulgence spending: candy, alcohol for the home, take away [meals]," he said. "It's the notion of treating oneself on a smaller scale. People are willing to indulge. Candy manufacturers all presented record results in the last quarter. This is great opportunity, and other brands can exploit this to appeal to peoples' sense of indulgence."
Houldsworth says Hyundai and Subway are examples of brands that have moved the value idea beyond merely discounting. "Hyundai has defined value by their warranty, their willingness to give customers strong product, lots of features, and options, more style. We have seen consumer-consideration increase over time, even this year. The potential is there for companies to brand based on value, community, simplicity, and quality of life." Brands, he says, must incorporate authenticity, simplicity, return to basics -- live up to promises and be consistent. "In advertising, consumers are looking for brands to level with them."
He quotes a respondent in Portland, OR, one of the cities in which the U.S. portion of the study took place: "In the end," she said, "quality of life is what really matters, not what crap you have around when you go. Buying isn't only buying; it's a reflection on what you're buying and why."
So how do you translate the value proposition through your clients to your audience. Remind them that they are saving dollars off...not percentages. Take a lesson from Hyundai and Subway and adopt some of the wording in your marketing to show off the value in your clients products. Add up the savings over a week, a month, or a year and use the dramatic savings to show value. Promote shopping and vacationing closer to home and feature your local clients and activities in a new light of the value of entertainment and quality of life they offer.