I am sure that when you filled up your car recently you could not quite believe how much it cost. So maybe you drive a little slower? Or choose a cheaper filling station? Or simply resign yourself to the cost. Needs must. I know that it did not stop me buying a much needed replacement set of tennis shoes the week after. I bought quality (K-Swiss) because I know they will last.
I did think for a moment of putting the purchase off for a month, but the enticing prospect of beating my tennis rival Robert this month was too great a temptation. And I couldn't bring myself not to buy Colgate toothpaste or Gillette shaving gel because I know they are really great products and saving a few pence on inferior products is just not worth it.
As I start the process of reviewing new findings from the BrandZ research on the trade-off consumers make between their desire for a brand and its price – what we might call the value proposition – I am struck by how important obtaining value is with consumers around the world.
The top 10 global 'value' (or price driven) brands achieve more than twice the market share of the average brand and have growth prospects that are also twice as favourable (as measured by the BrandZ 'voltage' metric). The 'clarity' of what these brands stand for is also significantly higher than average. In times of recession, even a double dip, the equity (or level of brand 'bonding' that consumers achieve with a brand) of these most price favourable brands is nearly three times the average. The guarantee of a good deal is quite seductive.
No one is surprised when the success of a movie is attributed to the Director. His or her vision is literally the point of difference and the defining element. The reality is of course a dedicated team pulling together to deliver that creative direction as a great product that lives up to the promise. But without a strong and focussed leader, success can be elusive.