Family Dollar solves the value equation: Quality, social recommendation and local understanding

This event report explains how for Family Dollar, the US discount retailer, 'value' is more about quality and experience than price.

Family Dollar solves the value equation: Quality, social recommendation and local understanding

Stephen WhitesideWarc

Defining exactly what "value" means to a brand's core consumer is one of the most important – and difficult – tasks facing any marketer. Having served low-income shoppers for more than five decades, discount retailer Family Dollar has now distilled this idea down to a precise equation:

Value = ((Quality x Experience)/Price) x Word of mouth

Jocelyn Wong, Family Dollar's chief marketing officer, outlined the firm's attempts to act on this formula while addressing the 2014 IRI Summit – a conference convened by insights group...

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