There is a distinct post-COVID shift in consumer thinking that greatly affects how brands should market their value to consumers. Younger generations are beginning to expand what value means to them, ultimately making purchase decisions based on other considerations. It’s important to share the nontraditional value of your product or service with your audience because, at the end of the day, the lowest price doesn’t always win.
Value is Evolving
More than just price or quality value, consumers are finding value in things like experiences, privacy protections, sustainability, social impact, and more. Below are a handful of motivating factors and how they appeal to purchase consideration.
Experiences
The value of experiences is top of mind for younger consumers like Millennials and Gen Z. These groups are taking a “less is more” approach to life, prioritizing spending time with those they love and traveling over filling their space with more products.
Privacy Protections
People are becoming more cognizant of how companies use—and often abuse—their data. Companies who value first-party data are gaining the respect of consumers, while companies who don’t take precautions often face criticism. It’s important to note that a growing number of consumers admit they will give their data willingly for something of value in return.
Sustainability
The value of sustainability isn’t new, but consumers are beginning to expect more from brands. Consumers are holding brands accountable for low or unacceptable standards—especially product quality. Though it’s arguable whether consumers are willing to pay more for more sustainable products, consumers expect brands, especially ones leaving large environmental footprints, to take responsibility.
Social Impact
A step further than sustainability, consumers want to support businesses whose values align with their own and support similar causes. Supporting social issues, local communities, those in need, fair labor, and cultural initiatives are all excellent ways to align yourself with positive causes your audience may relate with.
Time
People’s time has become more valuable to them in recent years. Marketing products and services that offer convenience or a way for consumers to take back some of their time has a high value. The importance of time has grown due to the yearning for self-care activities, experiences, and quality time with friends and family.
Shifting Your Strategy
Understanding and adapting to the evolving definition of value is crucial for brands aiming to connect with today’s consumers. The post-COVID landscape has emphasized that value extends beyond just cost, encompassing factors such as sustainability, ethical practices, and overall impact on well-being. By effectively communicating the unique and nontraditional benefits your product or service offers, you can build stronger, more meaningful connections with your audience. Embracing this broader perspective on value not only meets the expectations of younger generations as they make purchase decisions, but also positions your brand as a forward-thinking leader in an increasingly conscientious market.
Get in Touch
Need some help creating a well-curated strategy for your brand? RobMark can help! As a full-service agency, we can craft and execute a strategy that works best for you. With over 30 years of experience, you can count on us. Give us a call today to learn more about how we can help your business grow.