Standing in front of the continuous rows of peanut butter in the grocery story last week, I compared cost and quality for the best value. Much thought goes into that purchasing decision, but my idea of value most likely means something completely different to the person on aisle 10. Obviously, I want to spend as little as possible, but I also know that you get what you pay for and I’m willing to pay a bit extra for organic, nutty goodness that I consider healthier than the sugary, preservative-infused brands.
We all seem to be more value-conscious these days. But as advertisers we can’t just stick the word “value” onto our products and promotions. We need to define what that value actually is for the consumer. Is it more bubbles for the same price? Quality workmanship that you can rely on for years of stability? More time to be able to spend doing what you love? Knowing the true benefits of your product requires knowing your consumers and what they deem as value. For some it may be price, but others may make purchasing decisions based on convenience, comfort, prestige, compassion or simply brand recognition and the consistent expectation it brings with it. No matter how cheap the Jiffy brand becomes, it will never be the best value in my eyes because of the additives it contains. But then, I’m not their market. The brand I choose can charge more and still deliver a great value if the quality is high. A healthier snack — now with more nuts! That’s great value.