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"Value for Money" Product Strategy

In the 1930's P&G and Kellogg's invented the value for money concept. They've continued to develop their product strategies around the only three possible B2B or B2C behavioral market segments that exist:

1. Effectiveness shoppers who want to do more with the same resources
2. Efficiency shoppers who want to do the same with fewer resources
3. Economizers who want to do less with far fewer resources
   

Since then America's economy has had so many growth niches, that many companies have been able to thrive with a variety of self-centered pricing strategies i.e. skimming, penetration, customary, etc. This economy has changed all that. Companies that do not directly address one of the three value-for-money behaviors are failing.

As we evolve to the next economic upturn, all buyers will be fully entrenched into one of these behaviors - but on an opportunity by opportunity basis, not for all of their purchases.

So, if a company is not able to address buying opportunities in this fashion, it will not be ready for the different colored light that is now visible at the end of the tunnel.

Marketing Sets The Standard for Your Company to Follow

Your marketing process should yield many advantages through implementation excellence.

One benefit from your marketing investment is often overlooked. It has to do with the fact that your marketing environment should set a high and consistent standard for all aspiring employees and partners. [Those that aren't aspiring should be on a short list.]

Think about the time you spend creating marketing plans, programs, messages, campaigns, website content, etc. How many of your employees and partners take the time to commit these promises to muscle memory? This internal marketing should be a requirement and managers should continuously test their employees on their ability to state and explain the meaning of each marketing message you create.

Without a full understanding and commitment by everyone, how can you expect complete alignment between the promisers and deliverers?

This by itself makes your marketing investment worthwhile.

Every industry has its own version of WalMart

Every company has a WalMart type competitor, regardless of its industry.

These competitors cause a continuous "down economy" for marketing lazy companies that rely on low hanging fruit for their livelihood. They make the excuse that this competitor "gives it away", which erodes the value [overhead] that their higher priced products offer.

Actually, this type of competitor helps companies who differentiate themselves through solid marketing principles. These companies thrive while others fall by the wayside.

The Second Step to Navigating a Down Economy

After Having Eliminated "It's the Economy" as Your Excuse:

Define your own economy, which is different from the macro economy that gets the negative headlines.

Work to retain your existing customers and ensure sufficient prospecting activity for continually acquiring a few new buyers each month. Make contact early, at lunch, late in the day, and use social networks. Befriend gatekeepers.

Invest daily team time trying to imagine ways to make price not your only differentiator. For example, figure out a way to lower the customer's risk rather than your price.

Let a goal statement influence each day as a pop up on your calendar.

Monitor month-to-month sales funnel status as your leading indicator. This includes close rate, deal size, length of sales cycle, average discount rate, # products per deal and the # of leads required to find a winnable opportunity.

If you have channel partners, coach them on the best closing tactics.

Add recurring revenue sources to your product line.