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Compares perceived value in marketing consumer goods to actual value and how brands can use social marketing to build relationships with their customers.
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consumer marketing
Perceived Value offeringsTrue Need fulfillmentActual value offerings
Benefits of Social Marketing
Stacey Waldspurger
CARDBOARD BOX
A “MOVE-ME” UNIT
PERCEIVED VALUE
Nike spends $1.7 billion on advertising annually. (omg.)
Here’s a secret, They’re all more or less the same.
Hierarchy of NeedsMaslow
Self Actualizing Needs
12345 Self development and realization
Esteem NeedsSelf esteem, recognition, status
Social NeedsSense of belonging, Love
Safety NeedsSecurity and Protection
Physiological NeedsFood, water, shelter
2
18
Targeting Weakness!
12345 Self Actualizing Needs
Esteem Needs
Social Needs
Safety Needs
Physiological Needs
Self esteem, recognition, status
Sense of belonging, Love
2
18
Self development and realization
Security and Protection
Food, water, shelter
Target Fulfillment Needs
12345 Self Actualizing Needs
Self development and realization
Esteem Needs
Social Needs
Safety Needs
Physiological Needs
Attempting to
2
18
Self esteem, recognition, status
Sense of belonging, Love
Security and Protection
Food, water, shelter
345 Self Actualizing Needs
Self development and realization
Esteem Needs
Social Needs
Recycled bottles
Energy Savings
Shop Locally
“Feel good
by doing
good”
purchases
ACTUAL VALUE
MOISTURIZER EVANGELIST!
I told all my friends!
wow.
Of advertising is “word of mouth”
80%150%5xmoreUS adults in LOHAS market in 2000
30%Of sales comes from top 20%
Cost of a new customer vs existing
“The Power is with the Consumer”P&G Chairman, A.G. Lafley
Raise the stakes on low involvement purchasesAdd value buy connecting to a consumers values.
Seventh Generation Advertising: $99,000
Tide Advertising: $133.8 Million
So, what have you learned, brands?
#1. Pay attention. Get to know your customer’s needs. What fulfills them?
#2. Trust is paramount to connecting with a community.
#3. Practice Value Based Marketing:
Align your mission, vision and valuesto your customer’s mind, heart and spirit
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4. This is also your opportunity to give back. It’s a win win.
References:
Kotler, P., Lee, N. (2009). Up and Out of Poverty, The Social Marketing Solution. Wharton School Publishing, 1- 69.
Kotler, P., & Keller, K. (2008). Marketing Management (13th ed.). Prentice Hall. Patagonia polishes off the ‘magic bullet’ of word-of-mouth advertising - Internet Retailer. (n.d.). .
Retrieved February 23, 2011, from http://www.internetretailer.com/2004/02/18/patagonia-polishes-off-the-magic-bullet-of-word-of-mouth-a
Gatorade.com. (n.d.). . Retrieved February 23, 2011, from http://www.gatorade.com/default.aspx#home
Nike's star endorsements worry Wall Street - MSN Money. (n.d.). . Retrieved February 23, 2011, from http://articles.moneycentral.msn.com/Investing/CNBC/TVReports/NikeStarEndorsements.aspx
Seventh Generation aims for green market growth | Reuters. (n.d.). . Retrieved February 23, 2011, from http://www.reuters.com/article/2009/08/08/us-seventhgeneration-interview-idUSTRE57710720090808?pageNumber=2
