Marketers need to redefine value to include the wider effects of a brand

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 13, 2019, 5:24 PM UTC

A combination of innovation, technology, and sustainability can create great value for both consumers and brands.

Marketers need to create and redefine values that are not just confined to consumer satisfaction.  This piece says that brands should create value by looking beyond consumer convenience and consider the broader implications that the product can have.

Value creation in the past used to be of economies of scale and mass production, but technology has allowed brands to create better value by providing more combinations for the same price. Consumers are leaning towards brands like Uber, which provides a series of functionality in one app.  

The author contends that for brands to create value, they should rely on the combination of creativity, innovation, and sustainability. Marketers should integrate technology to create products that are in line with the consumer’s expectations while satisfying environmental norms.

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[6 minute read]