March 10th, 2009 | Posted by The 60 Second Communications Team in Marketing That Works
USA Today reports that internet searches that include value words such as “coupons” rose 161% in December vs. 2007 to 19.9 million and “discount” rose 26% to 7.9 million.
Sale – Bags As a result, spending by marketers on such search words is up, too. Google, which controls 60% of the paid search ad market, says ad spending on value-related words such as coupons rose 30% in the fourth quarter over the same period a year earlier.
Kraft foods added “cooking on a budget” and “value” to its search roser. Offers include $1 coupons for Kraft Macaroni & Cheese. Procter & Gamble initiated a campaign whereby a brand search for Crest Whitening Strips will yield a $7 coupon. And Unilever developed a search campaign linking coupon terms with Bertolli’s Oven Bake Meals.
As you’re executing your 2009 marketing campaign, be sure to ask yourself, “Are we highlighting the ‘value’ aspect of our product or service? Are we providing ways for prospects to get a discount? Are we tapping into the emotions of our consumer to help drive sales for our brand?”
By asking these, and other, questions, you can be sure that 2009 will be as successful as possible — given the economic challenges we’re all facing.
Why do I Need to Sell on Value?
What if you have a product or service that you really don’t think you can maintain your necessary margin on if you lower the price substantially. If your products are on par or more expensive than your competitors you are going to have to come up with another strategy to compete for consumer dollars. This is where value selling comes into play. Value Selling gives you the oopportunity to showcase the problems you can solve or needs that can be met by chosing your goods and services. Paul Cherry, Managing Partner & Founder, Performance Based Results, has written a great article on how to successfully use value to get your customers to overcome issues of price.
Check out the article at: http://www.pbresults.com/article_title-value-selling-getting-customers-to-buy-at-higher-price.html
I have been taking a course in Strategy for Competitive Advantage and one thing I am learning is that during an economic downturn such as the one we are in now, companies should look to strengthen their position by improving on core products/services and diversification. I am following that same plan.
I will be strengthening my core product (Me) by completing my Master’s Degree in April.
I have begun diversification by starting my own business as an Independent Beauty Consultant with Mary Kay.
I have the capital to be able to invest in both activities along with the support of my family. Now I just need to execute on my strategy!
Well here it is 2009 and I have finally decided what I want to blog about!
I have been working on completing a Master’s of Management Degree with the initial idea being that I would use this new found knowledge to help me be more successful in my career. Well, the other day I started thinking to myself, if these skills can help me be more successful in my career, why not apply these same things to being more successful in life in general.
So in a nutshell, my plan is to try to incorporate good business strategy into managing the chaos that is my life.
Care to join me on this journey?