Enhance products' value for shoppers to improve customers' value for brands

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 19, 2022, 3:29 AM GMT+0

Improving the value of products and services offered strengthens consumer relationships and builds a strong brand.

Understanding the needs and preferences of consumers helps determine the source value of products and services, thereby enabling brands to measure the value of their consumers. This allows businesses to develop effective marketing campaigns, boost customer loyalty, and prompt repeat purchases.

Measuring the level of satisfaction consumers derive from products and services can help brands calculate the value of their consumers. For businesses to boost their products, they must work to optimise consumer journeys, experiences, and meet expectations.

Increasing product’s value as viewed by consumers enables brands to encourage existing consumers to become brand advocates. Companies must identify the monetary benefits associated with their products and ensure the benefits surpass costs to increase the value of their products.

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