Why your value is making your customers shop elsewhere during the cost of living crisis
Value has two important meanings for your customers. The value a product will bring to their life and its value for money. During the cost of living crisis, these two values have more significant meanings for individuals. Your customers want products that provide them value for money and can also improve their quality of life when times are hard.
Value for money
In times of economic struggle, consumers spend less money. The primary reason for this is that they have less money to spend. The second reason is that the media evokes a sense that they need to be spending less. This is the reason why even those who still have disposable income are less likely to spend right now.
Normally we have impulsive and planned spenders. However, during economic downturns, there are fewer impulsive shoppers. We see more people practising ‘conscious shopping’ - when people are more considerate about their spending and spend longer researching and assessing the value of a product first. Consumers spend less during times of financial difficulties, and when they do spend they want to feel as though they are getting value for money.
Frozen berries are a key example of this. Media discourse began discussing how frozen berries have the same nutrients as fresh berries but without a short lifespan. Demand for them surged and they featured in this year’s ONS Basket of Goods.
What’s the first thing you do when researching a purchase? You search for it online. You want your product to be appearing at the top of searches. To achieve this you need to have strong SEO, optimised through a back-link and brand mentions PR strategy. You also need to be appearing in the best products to buy round-ups. Normally these appear first due to the websites’ strong domain authority. This paired with recommendations from trusted and impartial journalists are key for convincing consumers to spend with you.
Value to your life
Value is not limited to cash value. It can be the positive impact a product has on a person’s life. During difficult times, this type of value becomes even more important for those who need uplifting. You need to demonstrate the positive impact your product will have on your target customers’ lives.
Showcasing people who have tried your product and seen its impact, whether it be by case studies or journalists, is an authentic way to communicate this with your target audience. You should also build a positive message for your brand. Aligning your company with positive values has the ability to build the value associated with it.
Why is value important?
Value has the power to convince someone unsure of who to shop with to choose you. It can persuade people to not choose the cheapest product but the most valuable one. You can be the most valuable product in the world, but if no one knows that it won’t impact your sales.
If you want to make sure consumers know about your value, you can book a free PR Strategy Audit with us. We’ll analyse your strategy and suggest how it could be optimised.