Retail Marketing Redefined: Value
Value can be added, intrinsic, core or personal. It can also be “what you get when you buy Coronet.” (I think I just won for “Most Random Use of an Obscure and Somewhat Disturbing TV Ad.”)
Shoppers seek value. Retailers are well aware of this fact; the concept is as old as retail itself. Simply put, she demands a quality product at a fair price.
But is it really that simple?
Retail marketing is not what it was ten years ago (or even two years ago). The shopper is now empowered, vocal and wired. She has choices not only in what she buys, but in when, where and how she buys it. She has demanded an upgrade from the basic customer experience to the more intimate and satisfying Shopper Moment.
The entirety of the shopper’s process, motivations and expectations has evolved, so it makes sense that her understanding and interpretation of the language of retail evolve as well.
Take “value.” To her, “value” now means much more than a decently priced product of top quality. (Consider that a price of entry. Any retailer that doesn’t deliver on these basics is out of the game before it even starts.) The shopper determines product value by how it makes her feel, what it helps her remember, how it betters her life and how it makes her look to others.
“Value” (like signage, fitting room and shopping bag) has been redefined to reflect the emotional environment the physical store has become. The retail marketer who clings to the old meaning of the word will miss opportunities to connect with shoppers.
To jumpstart some thinking, here are 21 determinants of “value,” from the shopper’s POV. A real value…
…fulfills a dream
…provides bragging rights
…comes just in time
…clears the way
…is a reward
…ups social currency
…brightens the mood (instantly)
…is available right now
…changes the perspective
…makes the Moment