What is Value: It Is Not as Simple as You May Think
“Value”, it is a simple to understand word but in the context of marketing in the 21st century the meaning of the word has been muddied to say the least. We used to be able to empirically measure value and compare return on investments of projects, campaigns and strategies. You used to be able to look at economic theories like the price/value gap and compare your products or services to your competitors but now, quantifying this value in the age of social media is incredibly difficult. We are in an age of , where the “correct” way to market your business is changing daily. What is a catchy slogan or a social media page that everyone is talking about worth to you and your brand?
One of the main traps’ companies fall into when quantifying the value of their advertising and marketing efforts is basing their decisions only on immediate returns. This is an incorrect approach to marketing in that your returns are sometimes hedging losses to competitors or protecting your company’s market share. We many times find that the value added is completely immeasurable. How do you measure the experience that you have created for your customers and its reflection on your brand image? How much is a quick response to a negative comment worth? You could estimate these values but realistically value creation comes from so many different areas of consumer interaction that the time wasted would be insurmountable. Rather, business owners must start out with understanding one simple rule in marketing: Everything and Anything you do should create value for your clients.
Simple Take away:
This is a post I believe many people need to read and digest completely. The general idea is that companies and brands cannot easily measure the value that marketing has to their brand because we are no longer in an age where “clicks” can determine a company’s success. Now there are many things that also must be taken into consideration when deciding the value behind a company’s marketing efforts.
What readers should take away is that posts that lead to website clicks do not constitute success. You have to succeed in all aspects of customer interaction in order to maintain and grow your business. Customers value communication, quick replies, and reliable service and by providing this, you are already one step above many of your competitors.