How often would you consider buying a product of a company that you loathe, or dislike? Not frequently, we bet. This is what value-based marketing means. Rather than being the “value” option, value-based marketing talks about the emotional value.
Businesses such as United Airlines, when they dragged a customer off the plane violently, and Facebook with their Data Analytics scandal all have had a negative effect on the way that customers perceive your brand.
The Six Values
When it comes to value-based marketing there are really six values that businesses need to follow. These values are the ones that, according to research by Zinzi, matter the most to customers.
- Freedom
- Purpose
- Tradition
- Security
- Achievement
- Pleasure
Not all these values need to happen simultaneously. They also depend on the platform that you are marketing on. Your audience might also value different values.
How to implement Value Based Marketing on Social Media
Each business, of course, has a different audience. Each audience also has different values and different perspectives on things. Because of this, there is no one tried and tested formula for value-based marketing.
Because of this, it is important to really know your audience. If you haven’t figured out who your audience is, it is important to find that out first. Creating a Buyer Persona is a great start. We have created an article about Buyer Personas that you can read here.
However, if you do know your audience we recommend the following methods of creating an effective Value Based marketing approach.
- Simple and inspiring message – Use a simple hashtag or handle
- Great visuals – people only read around 20% of a webpage. Use imagery and/or videos
- A physical element or exhibit – Make context in the real world.
- Emphasise social sharing and Earned Media - This helps to increase your reach and helps you target multiple audiences
- Focus on a Big Issue, ask for a small favor – by focusing on a big problem you are really helping the chances of getting a small favor
Charities often use these methods as well. A lot of charities follow the principle of focusing on a big issue and requesting a small favor in return. Because of this, charities do succeed in getting a big reach and a lot of donations.
If you are looking for advice on how to best position your brand with Inbound Marketing and want to incorporate Value Based Marketing. Don’t hesitate to book a meeting today!
