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.
- "Value" has a broad meaning in marketing – ensure everyone involved is using this term in the same way.
- Pricing is a key way to communicate value, but be aware not all consumers are looking for the lowest price.
- Intangible benefits of trust, reassurance and enjoyment communicate value, and are particularly important during the pandemic.
- Behavioural science is a powerful tool to signal or optimise value.*
- In recessionary times, expanding your portfolio with a budget range can offer new value and keep affected consumers engaged.
* Readers can sign up to a WARC Talks webinar in which The Behavioural Architects identify the key behavioural science concepts that have been used to optimise price and value.
Sourced from WARC