Value VS Cost

 

A common marketing strategy is to focus on price. Driving your price down, marketing to a price point, anything that can elicit more clicks and more conversions – and while that is one effective strategy through this covid-19 epidemic, we’ve seen the results using that strategy come off the boil a little bit. Instead, what we’re seeing clients have massive success with is, offering more value. So you may not need to drop your price. Instead, you can focus on; if you’re a hotel partnering with local tourism providers to package up an offer. If you’re a retailer adding an additional item in the cart, free of charge or adding value, if you’re a consultant, whatever the case may be, the more you can add value for a consumer, the better. Their dollar that they spend is stretched at the moment. They need to make that dollar work harder. It doesn’t mean they’re not going to spend. It means they need to get more value out of what they are spending than back in 2019 when when times were good and margins were frothy.

Really think hard about that. Try to focus on adding as much value as you can. And at the moment, we’re seeing that as a general rule, you’ll elicit a better result with anything you do from a digital marketing perspective than if you try to simply focus on driving your price down. The awesome, I guess, halo effect added benefit to that is you can protect your profit margins, which will help secure your business as you ran back up in the months ahead.