Surviving the Recession: Marketing Your Value Proposition
Redefining your value proposition for your customers is a critical component to surviving the economic downturn, now and into most of 2009. Businesses and consumers are more guarded with their wallet and will look for ways to get the best value for their dollar. Additionally, you need to define the value of your product or service in terms they understand. During this year’s Women to Watch Luncheon hosted by Ad Age, Kraft Foods CMO, Mary Beth West, explains why and how reframing products and services for budget-conscious consumers will help businesses through difficult times in the marketplace. She stressed that businesses need to look through the eyes of a consumer to really understand what this state of the economy really means to them. In short, don’t assume but actually experience — only then will you truly be able to understand the reasons for decisions they are making right now.
Once you define your value proposition, the next step is to “spend into it.” Unless you bring awareness to your target audience, reframing your products and services won’t matter. Harvard Business marketing blogger, John Quelch, reiterates this point in his September 24th post titled, How to Market in a Recession. Speaking of the imminent recession he states, “This is not the time to cut advertising.” Now is actually a time to build brand awareness and capture market share. This will not only increase the possibility of immediate sales, it can help advance your business to the forefront of consumer’s minds when the economy improves.
Best,
Steve
Eugene - October 20th, 2008 at 12:35 pm
Looking forward for more information about this. Thanks for sharing. Eugene