In 2021 and beyond, authenticity will be rewarded. Companies are actively being held accountable, and are expected to be transparent with their values and what fundamentally drives their business. Consumers are wanting to see real change and commitment from companies to be inclusive and speak up on issues. Leading by example to build a relationship with your audience and tell a story to create experiences (instead of just focusing on offering physical products) will build trust and set you apart. This is where value-based marketing comes into play.
So what is value-based marketing?
Value-based marketing is appealing to customer values and ethics, instead of a product-centric approach.
Gen Z and millennials are generations that understand how to use their voices on social media to hold companies accountable. An Edelman Brand Study found that nearly a quarter of all consumers will pay at least a 25% premium when their values align with a brand and 51% will buy the brand exclusively based on shared values. A deeper value-based connection with your target audience can help strengthen loyalty and increase engagement.
The path to pivoting to a value-based marketing strategy will look different for each brand, though here are a few basic principles to keep in mind:
A value-based marketing strategy will transition your company from appearing to seek the attention of your target audience to make them want to pay attention. Your company has a story — it’s the way you tell it that will differentiate you from the rest.
If you’re wondering how to craft your narrative authentically, we’d love to help. Contact us to learn more about our storytelling capabilities across public relations, social media, and digital marketing.
