This is why people are not buying your product. But there is a way to fix it

This is why people are not buying your product. But there is a way to fix it

Many companies seem to assume that their target market decides on which product or service to go with, based on their particular features. However, while the features of a product have relevance when it is being differentiated from others of the same kind, it is not the first thing a consumer looks for when making a choice about which brand to look at.

The reality is, when consumers are looking for a particular service or product, most are searching for ‘benefits’ rather than features. In other words, they’re looking for the product that will deliver them the highest perceived value.

For a business to be able to communicate value to its customers, it must first understand what that is.

What is customer value?

Once again, customer value does not refer to products’ qualities or features. A product’s features, including price, is only one of the many value drivers that can influence how much benefit a consumer perceives that a product delivers.

In simple terms, customer value is an overriding sense of satisfaction. It’s the result of a subconscious measurement that a consumer makes when they consider the difference between what a consumer feels they get from a product, and the action they must take to get it.

What influences customer value?

Each consumer is different and so what they value is subjective. However, to stay competitive businesses must understand their market well enough to create value propositions that make their particular audience choose them and not their competitors. For example, some factors that influence consumers to lean towards or away from a product include marketing, branding, price, past or current experience with the product or something related, and personal bias based on word of mouth.

Obviously, like consumer taste, these factors cannot be controlled but only influenced. However, to create the most attention and effectively drive the sales it desires, it is important that a business tries to understand what their particular audience values and consistently looks for avenues to deliver it to them.

The benefits

A good example of how a clear communication of value can benefit a business is Apple. When Apple brings out a new phone, consumers presume that it will be easy to use and of a certain level of quality. However, if another smartphone brand entered the market and created a nearly identical phone, it would likely struggle to compete because the consumer would not have the same perceptions of its brand. This scenario also indicates why products are not just identified by their features. Even if the second anonymous phone was cheaper than its Apple counterpart, it would still not create the same perception of value for consumers.

As consumer value is the main deciding factor on whether someone purchases a product, it is easy to see why it’s so crucial to understand.

Do you feel like your particular product or service is worthy of attention but your marketing and advertising is not generating the consumer conversions it deserves?

When you’re ready, our team is here to help you deliver the value you need to succeed.

What is branding and why is brand evaluation important?

What is branding and why is brand evaluation important?

What is branding?

Branding is no longer just a combination of the visual aspects of a brand. The importance of elements like an organisation’s name, slogan, symbol or design when looked at individually, pales in comparison to the importance of how a company seems and feels to consumers when they are used in combination.

In other words, branding is now a marketing practice that, through the coordination of all the facets of an organisation, aims to shape a brand in a way consumers can have a distinct image of who they are.

Why is branding important?

Most people know that consumers are no longer just looking for value in a business’s product or service. To compete in a market saturated with choice, brands must communicate to consumers not only what they do but, who they are, why they do it and with growing environmental concerns how.

Brands act as an extension of consumers

You might have heard the phrase that consumers now use brands to now act as an extension of themselves. What this means is people are increasingly treating themselves as a brand of their own; consumers are now looking for brands they feel they can identify with and can use to communicate something about themselves to others.

In other words, consumers are not only choosing brands whose values align with theirs but wanting to be able to express these values to the outside world. So, it’s more important than ever that brands constantly remind themselves of their values and ensure they are being clearly communicated to consumers for them to use in their own self-expression.

Branding guides purpose and efficiency

When an organisation clearly understands the purpose of its key business objectives, then a brand can act as a guide helping a business maintain an appropriate amount of focus on things necessary to reach its goals. To ensure there is consistency within and, efficient achievement of your business objectives your brand should also be used as a continued point of reference in the creation and execution of your strategic marketing plan. This distinct benchmark that branding should be used to set is why its correctness is important.

Branding creates customer and employee loyalty

If your product or service meets or exceeds the expectations of a consumer, then good, clear branding can lead to long term sales and customer loyalty. But, similar to how a consumer likes to invest its money into a brand they believe in and stand behind, employees are often found to be more productive and confident in the time they invest in a business when they understand what they are apart of.

Why should you evaluate your brand?

Everything around us is always in a constant state of evolution, including society, the economy and business. Hence, like everything else, this state of rapid change creates the need for organisations to continually evolve in order to stay relevant, innovative, and strong against its competitors. Even industry leaders rethink their brand: Apple, for example, has rebranded itself three times, Starbucks has done it four, and Pepsi has rebranded itself 11 times.

Rebranding does not have to mean a complete change

Sometimes there are only tweaks that need to be made to a brand to ensure a business is achieving its goals and maximising potential. But a need for only minor changes does not mean that assessing and refreshing your brand will not make a massive difference.

It can protect you from future threats and promote future opportunity

Business owners must not fall into the trap of thinking that rebranding is only a bandaid for already occurring performance issues. Brand evaluation can act as a ‘proactive’ solution for businesses who want to expand, take advantage of future opportunities and, pre-emptively protect itself from new market challenges.

For example, even if it’s not obvious at first, other notable brands often refresh their brand to clarify their values and ensure they are continuing to express them clearly to the outside world. Brands who often refresh their image include McDonald’s, Harley-Davidson and Target.

Clearly branding is important. But the question is, how clear is your branding?

Talk to us for help.