The document discusses the need to update the definition of value in marketing, emphasizing a shift in understanding consumer relevance and communication strategies. It highlights the importance of features, benefits, and personalization in brand messaging to remain relevant in a dynamic consumer market. The document also suggests revisiting brand identity and communications to align with changing market conditions and consumer expectations.

1. June 12, 2013
Communicating Value
Mark S. Lee, President
The LEE Group, MI LLC

2. Factors Affecting Value
• Product
• Pricing
• Promotion
• Accessibility / Distribution / Service
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Old definition of value needs to be
“refreshed” and updated
Meaning, a paradigm shift is required
• Products/Services
• Pricing/Promotions
• Communications
Implications

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Price x Quality = Value
(product)
Price x Quality x Relevancy = Value
(consumer)
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It means understanding value

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In other words, how are
YOU going to help ME understand
AND
What’s in it for ME (consumer)?
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Consumer Mindset

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• Features/Benefits
• Trust/Value
• Service-related components
It’s Not Just Communicating…

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• Awareness/Education
in simple terms
• Lifestyle-based
messages
• Personalization
But It’s Communicating…
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Relevancy

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Relevant Brands
Apple Products for everyone’s lifestyle
Nike More than gear > "lifestyle" fitness
ESPN Sports, topical stories, digital media
Southwest Low pricing/enjoy your freedom

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Key Question
Is your Brand relevant in a
changing, diverse, dynamic
consumer market and what
makes it so?
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Reality VisionGap

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Develop
Brand Defining Idea (BDI)
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Creates an ownable and
relevant point of difference
Ownable: True to your equity and vision
Relevant: Resonates with all constituencies
Differentiating: Breaks the category commodity paradigm

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Quality customer
service delivered
with warmth,
friendliness, pride,
and company
spirit.
A low-cost
airline that
makes travel
freedom
possible
Enjoy
Travel
Freedom
Lower faresCorporate
Vision
We demonstrate
this through
offering:
How we
operate
Frequent
schedules
Service
with flair
Efficiency
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BDI

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Suggestions
• Revisit your brand and understand what
it represents in a changing market
• Understand your market/potential
customers
• Revise communications and develop an
integrated approach