Marketing is every company’s best friend when done in the right fashion and at the right time. When done wrong, it can send a company scrambling for clients or worse send it over a cliff and out of business. Companies that stay true to utilizing value marketing are more inclined to weather the storms often associated with a fickle market. It comes from a carefully crafted marketing strategy that highlights the intrinsic value of the company in question and keeps business moving in the right direction.
Consumers play a significant role in the stability of the marketplace based in part off their finicky state and ever-changing appetite. This makes it more challenging for companies to market their services and opens the door for values to be pushed aside in pursuit of market dominance and staying power. Another key driver includes the incorporation of technology to keep up with today’s tech-savvy demands.
As technology becomes more mainstream, marketing marches with increasing speed towards a world devoid of value. When companies begin sacrificing value marketing for market dominance consumers run the risk of finding themselves on the losing end of the paradigm. Case in point, Facebook and the mounting public outcry over the lack of protection from third party company’s data management. Snapchat is another example of a company that appears to have sacrificed value for staying power, but at what cost?
Perhaps the biggest demographic to suffer from this type of focus is our youth and their insatiable appetite for all things technology-driven with emphasis on video gaming and social media. There are a multitude of opinions regarding these two things that are directed at our youth because of an apparent increase in desensitization to violence and unrealistic concepts regarding day-to-day life.
While it might seem easy to link negative effects to how much time our youth spends on social media and playing video games, the reality is that very little research has yet to show a hardline correlation. In fact, Hank Pellissier’s recent article highlights many positive effects on our youth’s brain development in a 24/7 technological world. Companies that comb the internet looking for data to support their drive to continue marketing to youth will enjoy cherry picking the positive statements discussed in this interesting read.
Unfortunately, that does nothing to connect the negative effects on youth when a company decides to push their values aside so that they can secure their presence in the marketplace or grab a larger portion of the pie. With an increase in violent games and the seemingly “out of touch with reality” schmoozing depicted on social media, the need for value marketing is becoming one of the most important ways to keeping companies in the good graces of consumers. Moreover, companies that exercise value marketing set themselves apart because their focus is on a higher quality of life and not just on the bottom line: higher profit margins and market dominance. This is best done by embracing essential core values that demonstrate a commitment to protecting and preserving consumers while also promoting strategies which will help a company’s market value rise to the top amid the growing culture of distrust in the marketplace.
The World Economic Reform met earlier this year to discuss prominent issues affecting global markets. One of the most significant insights from the conference was the revelation that we now live in a world where the youth population is at its highest in history: fifty percent of the world’s population is 30 years old or younger. Never has the youth population been so high which speaks to the need for value marketing.
The youth represents tomorrows leaders, innovators, teachers, and care-givers and need to be respected for the positions they will eventually hold, but the time to respect them starts now by protecting them from marketing that highlights a disregard for decency, integrity, and ethical business practices. Protecting consumers, especially the youth, should always be at the forefront of any marketing campaign, however, that can fall to the wayside when there is mounting pressure from stakeholders to reach the top as fast as possible.
Youth are major players in driving the marketplace because they are both first and second line consumers. As first line consumers they are busy spending their allowances and hard-earned paychecks purchasing the latest trends and fads that will help them win friends and appear cool. Interestingly enough, the same is true as second line consumers with the main difference being that their purchases are made through their parents based off their wants and desires.
When you market in a way that protects youth, the value of your company goes up.
There’s a familiar saying that suggests if something isn’t broken then it doesn’t need to be fixed.
“If it ain’t broke, don’t fix it!”
While that might be true in some instances, that does not hold true when it comes to value marketing. Preservation of the company’s values make for a win-win situation that creates an environment where employees can thrive while also strengthening their brand loyalty. Happy and engaged employees are fierce protectors of a company’s brand and will do all they can to preserve its view in the marketplace including how the company is marketed to consumers. Some of the companies that work hard to not only preserve the company brand, but also practice a high level of social consciousness include Airbnb, Minnetonka, Burt’s Bees and Everlane.
When you preserve your company’s values and practice social consciousness, the value of your company soars.
As companies continue to adjust their marketing strategies so they line up with the shift towards a much younger consumer, value marketing really becomes a key essential for any successful marketing campaign. Younger consumers are drawn towards the digital playground that seems to invade more and more of their everyday lives resulting in an ever-increasing need for companies to regularly re-assess the messages they promote in the marketplace.
Using digital media effectively to promote a positive, yet successful value marketing campaign takes diligence and fine-tuning, but when done right it can make for a win-win situation in terms of increased revenues, stronger brand name, and loyal consumers. Sephora, KFC, Twitter, and Sharknado were included on a list of the top brands successfully navigating the digital world and promoting the value of their companies.
When you promote positive messages that connect with your target audience, the value of your company surges.
Value marketing champions core values and keeps the consumer’s focus on the positive benefits they receive from a company’s goods and services. Core values that protect, preserve, and promote a higher quality of life serve as the basis for marketing the value of a company. Responsible marketers understand the need to exploit these benefits but can become blindsided when the directives shift from values to profit-and-loss or increased market share.
Recognizing the significant role youth play in the marketplace as first and second line consumers should become a bigger priority when marketing strategies are developed and subsequently launched. Their growing dominance emphasizes the need for value marketing that highlights a company’s social consciousness. When value marketing protects youth, preserves a company’s values while showcasing their social consciousness, and promotes positive messages that connect with their target audience the value of the company will ultimately increase and help secure its dominance in the marketplace.
Author: Karen Markle, MBA