Communicating Value

Transcript

1. June 12, 2013 Communicating Value Mark S. Lee, President The LEE Group, MI LLC
2. Factors Affecting Value •  Product •  Pricing •  Promotion •  Accessibility / Distribution / Service 2 The LEE Group, MI LLC June 12, 2013
3. 3 The LEE Group, MI LLC June 12, 2013
4. The LEE Group, MI LLC June 12, 2013 4 Old definition of value needs to be “refreshed” and updated Meaning, a paradigm shift is required •  Products/Services •  Pricing/Promotions •  Communications Implications
5. The LEE Group, MI LLC June 12, 2013 Price x Quality = Value (product) Price x Quality x Relevancy = Value (consumer) 5 It means understanding value
6. The LEE Group, MI LLC June 12, 2013 In other words, how are YOU going to help ME understand AND What’s in it for ME (consumer)? 6 Consumer Mindset
7. The LEE Group, MI LLC June 12, 2013 7 •  Features/Benefits •  Trust/Value •  Service-related components It’s Not Just Communicating…
8. The LEE Group, MI LLC June 12, 2013 •  Awareness/Education in simple terms •  Lifestyle-based messages •  Personalization But It’s Communicating… 8 Relevancy
9. The LEE Group, MI LLC June 12, 2013 9 Relevant Brands Apple Products for everyone’s lifestyle Nike More than gear > "lifestyle" fitness ESPN Sports, topical stories, digital media Southwest Low pricing/enjoy your freedom
10. The LEE Group, MI LLC June 12, 2013 Key Question Is your Brand relevant in a changing, diverse, dynamic consumer market and what makes it so? 10
11. The LEE Group, MI LLC June 12, 2013 11 Reality Vision Gap
12. The LEE Group, MI LLC June 12, 2013 Develop Brand Defining Idea (BDI) 12 Creates an ownable and relevant point of difference Ownable: True to your equity and vision Relevant: Resonates with all constituencies Differentiating: Breaks the category commodity paradigm
13. The LEE Group, MI LLC June 12, 2013 Quality customer service delivered with warmth, friendliness, pride, and company spirit. A low-cost airline that makes travel freedom possible Enjoy Travel Freedom Lower fares Corporate Vision We demonstrate this through offering: How we operate Frequent schedules Service with flair Efficiency 13 BDI
14. The LEE Group, MI LLC June 12, 2013 14 Suggestions •  Revisit your brand and understand what it represents in a changing market •  Understand your market/potential customers •  Revise communications and develop an integrated approach