When it comes to value, it is one of the most important elements of pricing. If your clients or the customers do not feel that they are getting value for money, you cannot get any pricing power- you won’t be able to increase prices to maintain profitability, without missing out on any customer. However, if each and every customer feels that they are getting value for money, they will never leave your brand and will stay loyal to you despite hike in prices.
According to researches, Value can be separated into 7 components such as – service, price, response, guarantee, variety, quality, and knowledge. Successfully communicating your value to your audience is crucial step for your company to attain its objectives, whether to convince an investor to buy your company shares, to sell goods and services, or hire and retain professional employees. How you deliver the value of your company adds to building the brand that audience perceive.
Here are some steps to how to communicate your value to your brand audience effectively and efficiently:
Try to identify what value means to your brand audience
Value can hold different meaning for each person working in any industry of sector. A customer may look for product value in terms of price, quality, and convenience. An investor may find value in financial return from the organization; they also may find value in responsible nature of the companies in which they invest their funds. Employees may look for value in doing relevant work with skilled colleagues, while an organization could measure value of a task by mapping achievement of objectives as well as the quality of the experience in working with the service provider.
It is very important to have good knowledge of value and how it is taken by each of your customer when it comes to providing efficient goods and services.
Explain what your goods and services do, aiming first on benefits and later on features
It is an important step because here you have to articulate the benefits of your good or service to your brand audience. Benefits directly aim at translating the results generated from a good or service whereas features aim on the facts.
We can take up Apple for an example while Apple markets itself on the beauty of its gadgets in the market today, it has done target audience analysis and exceptional job in showcasing and communicating benefits of and leading to value received from those products.
To articulate benefits of your good and service, ask questions, a key technique in unfolding and finding out answers that may appear easy to answer on the surface, but hard to do well in reality. Some questions to ask can include the following:
What is the determination of the features of my good or service?
What does the audience want to do?
Why are the features of my good or service better than my competitors?
Convey the benefits of your goods/services and how they meet your brand audience needs and create value for them
Once you have done above mentioned steps, now it is time to formulate the communications material that states the identified benefits to your audience’s needs. You need to develop messages that matches with your brand audience need and call them into action. You should know your audience and if possible do audience analysis, too this will help you to know more about your audience and how do they perceive your ideas. . Keep your text short and crisp, use graphics, and evoke emotion to inspire and stay in mind of your audience.
Monitor, Analyze, and bring continuous Improvement
It is very important for you to monitor your audience perception with reaction of your brand audience and analyze results through prearranged metrics. Once you have generated results through baseline metrics, develop and apply improvements in your program – the formulation of messages, platform used, and the way you communicate to tell your benefits.
Move your brand audience to take action
Once you have told the value of your goods and services to the market and have identified the brand audience, call them into action. It is very important for a customer, employee, or investor to share their thoughts with their peers with the help of different social media platforms. Apply media perception theory as well. When your audience starts to act as ambassador for your branding process, you very well know that you have reached a level of success.
Communicating the core values of your brand takes a lot of time, and a well-planned-out plan. So it is very important to understand what value means to each of your brand audience and how your business is part of the solution.