For my final Mumbrella 360 takeaway, I am staying on the topic of the cost of living crisis and how brands can retain and promote value in a cost-conscious environment. This challenge is the number #1 threat in every brand plan process I have guided over the last six months, so I am giving you a double-header on the topic.
The Lab Behavioural Science team ran a fast but furious 20-minute masterclass called How To Uncover the Secrets of Communicating Value for Money. I found it so helpful I wish they had been allocated an entire 45-minute session on one of the main conference tracks. Here are my key takeaways.
Value Perception rather than Reality.
The Lab started the session by reminding us about the principles of relativity and that the points of reference and the context will help a consumer decide what is good value. When it comes to value, perception is reality.
So with that in mind, the masterclass then stepped us through three ways to use behavioural science to unlock and increase value for money perceptions.
There is a high perceived value found in simplicity and ease.
One of the a-has for me sat in point 2: Make it Easier for Me. When trying to add value beyond price, we often consider adding more benefits to justify a price premium. Instead, the presenters challenged us to think about how we might subtract layers from the offer or steps in the CX to make it easier for consumers to reach their goals and therefore find better value.
This notion reminded me of a talk by Roger Dooley at the Neuromarketing World Forum in Berlin last year. Roger talked about the Law of Least Effort and the need to create frictionless customer experiences, given consumers would much rather take the easiest option. He used this example of a simple gate where consumers can’t even be bothered to push it open. Instead, they walk around it.
Removing the friction points along the customer experience makes it much easier and faster to slide down the metaphorical slide.
Here is a video of Roger Dooley’s talk at the conference, which I think is worth watching. He has also written a book on the topic called Friction.
Develop shortcuts to signify value.
The other a-ha I took from the session was to create fast-acting associations for value. This approach can apply not only to services but also to consumer goods. The Lab referenced one of my clients, Uber and the successful value tactic they have used to encourage consumers to sign up for their Uber One membership.
For my CPG/FMCG clients, how could you use your packaging and communications to show the value your consumers could extract from your product? e.g., the number of breakfast or lunch occasions you can achieve from a cereal or small goods pack. The number of applications from a home improvement product or the doses or days supply from a supplement powder or pill?
Finally, The Lab team wrapped the session by gifting us another five bonus tactical ways to increase value perceptions.
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