As business
owners navigate rough seas, many are scanning the horizon so that they can plan
for the new normal. One potential area
of improvement is to better align your business strategy with your target markets. If you think yours is a value brand, but have
not marketed accordingly, now is a great time to consider a new strategy.
Many
Who Claim to be Value Buyers Don’t Pass the Test
Not
all buyers are value buyers even though they claim to be. Some buyers acquire prestige and others procure
performance while price shoppers are always negotiating. Value buyers fear losing what they've worked
so hard to create but also want to continuously improve image, productivity and financial results
while confidently managing the associated business and personal risks. They make price/performance decisions based
on the perceived or measurable worth of the product or service.
Value Buyer Personas Range from Innovative to
Pragmatic
- A Pacesetter persona justifies more resources to satisfy their innovation needs
- Effectiveness personas strive to do more with the same resources
- Efficiency personas want to do the same with fewer resources
- Economizer personas are willing to do less with far less resources
Value
Buyers Have a Response Mode
Their reaction to how a solution will close the gap between their current
situation and desired results will reveal their response mode.
- Growth mode buyers are always looking to raise the bar. They tend to make longer term decisions.
- Trouble mode buyers see storm clouds on the horizon. They make short term decisions.
- Even keel buyers follow a status quo strategy that provides a false sense of security.
Value
Brands Work Hard to Earn Value Buyer Attention
When
value buyers believe that you care about them and that you understand their goals and interests, they
may invest time learning about what you offer. They
like
being associated with a culture and principles that are similar to
theirs. They align with causes that give
back to the community. Consistently
delivering on your brand promise will differentiate you from puffery brands.
When
looking for a solution, value buyers rely on expert opinion influencers. They study white papers, success stories and
partnerships. They pay attention to reviews
and awards. Free trials, guarantees, convenience, and
friendly, knowledgeable employees who communicate well make value buyers feel
comfortable engaging in conversation.
Inspire Value Buyers to Want to Do Business with
You
Help
your raving fans to recommend your company by educating them on your unique
value proposition, upcoming events and campaigns. Act rapidly when value buyers respond to your call
to action. Anticipate needs based on their
respective stage in their buying process – awareness through purchase.
You’ll
know that you’re an effective marketer when you consistently earn the right to conduct consultative sales
interviews. Ask provocative questions that
are based on what you have learned about their industry, company, customers and
best practices. Their answers will
reveal their internal perceptions and most pressing concerns along with their persona and response mode. You can then objectively assess
their situation and recommend the optimal approach for closing gaps. If they decide to pursue a business
relationship with your company, they will associate your higher than median price with the measurable
value that you offer.
