How marketers can address the changing concept of value | WARC | The Feed

How marketers can address the changing concept of value

The disruption caused by COVID-19 has led people to seek new forms of value, such as easy e-commerce or paying a premium for hygiene, and marketers are having to rethink how they communicate value through messaging and optimal pricing. A new WARC Guide offers advice.

The WARC Guide to Communicating Value

Consumer perceptions of value affect brand choice, frequency and loyalty, and increasing perceptions of value can make a real difference in recessionary times. Already across certain parts of Asia Pacific, post-pandemic values are emerging: consumers, for example, want brands to help solve the societal problems caused by COVID-19, while new digital-first behaviours offer a vision of life after COVID-19. 

Five takeaways

1. "Value" has a broad meaning in marketing so ensure everyone involved is using this term in the same way. 
2. Pricing is a key way to communicate value, but be aware not all consumers are looking for the lowest price. 
3. Intangible benefits of trust, reassurance and enjoyment communicate value, and are particularly important during the pandemic. 
4. Behavioural science is a powerful tool to signal or optimise value. 
5. In recessionary times, expanding your portfolio with a budget range can offer new value and keep affected consumers engaged.