Recently, we attended a meeting with a digital marketing consulting firm which specializes in teaching the value of a product or service to the consumer. This is an interesting concept, as historically, quantifying value is a daunting idea to attempt and explain. It’s especially challenging during a time of recession, where the general public is pinching their pennies and adopting money-saving behaviors which border on the miserly. It’s definitely not a bad strategy; we’re struggling as a country to recover from a seemingly interminable financial crisis.
But this meeting caused me to see things in an entirely new light: what if, by quantifying value, we emerge financially wiser? Is there such a thing as educating the consumer to be a brand advocate, regardless of the price tag attached to the product?
The answer is yes – if quality backs up the quantified value.
When you scrimp on price to obtain the necessary everyday essentials, you throw away money. Consider the ages-old philosophy of brand-name product vs. generic label product. Sure, the generic item is waaaaay cheaper thus far more appealing in the short term. But have you ever noticed this item doesn’t last? I think of the cheap toilet paper in this case. Yeah, spending $2 on toilet paper frees up extra money for your piggy bank, beer budget or summer vacation fund – until you find yourself pillaging that proverbial piggy bank because that $2 TP disintegrated in your hand before you even used it; this forced you to use half a roll in one sitting. No pun intended, folks.
What if there’s a way to educate consumers on the value behind brand name? I say this can be applied to ANY product or service. When you buy the $10 brand name toilet paper, sure, you’re out some additional upfront cost. It’s the REWARD of spending more that pays off in the long run. You can use one square of TP. It lasts twice or three times as long. You’re not buying the cheap stuff every other day. More money for the beer fun! Hashtag, winning.
When we understand the intrinsic and extrinsic principles of value, we become loyal to something regardless of price. How many of you purchase high-end sportswear, outerwear, jeans, shoes, etc. How many of you salivate over the prospect of owning a high-end item? Are you still wearing the same pair of premium denim you invested in five years ago? Chances are, you very well might be. There’s value in investment. You know the premium product will not only look great, wash well and resist fading – it will last.
The same concept can be applied to video production. When you “selfie” your product or service’s promotional video, you end up with something that works temporarily and cuts costs drastically – but it doesn’t last. It’s not an investment. This is a challenge our industry faces daily, and one we feel empowered to change. While video production costs have fallen over the last few years, they are still nevertheless an investment.
But a healthy one. Consider the initial investment you made when you decided to open your business. You put it all on the line, hoping your products would speak for themselves and accrue their own band of brand loyalists. The entire operation was a risk. Oftentimes when we take risks, we do so because we believe in the underlying quality and passion behind our wares. We know there’s a place for them in the world. We see value.
Investing in a professional promotional video for your website is lending additional value to what’s already there. Your startup deserves this quality spotlight. And your discerning audience does, too. Who knows how many of them are buying the cheap alternative because they aren’t yet educated in what makes the decadent one a better choice. They have yet to be enlightened. When you provide them with a valuable tutorial they are more likely to try it out. More likely to become invested, too. More likely to become your advocate. That’s when we all win!