Tuesday, October 6, 2009

Priceless Value

Today’s a biggie –speaking at HSM World Business Forum at Radio City Music Hall in New York. I’m onstage immediately before George Lucas, and as much as I’d love to stay I have the week from hell with speeches and meetings over the following three days in Miami, Washington DC, and Chicago.

In the lead up to the event I recently gave a webinar where I gave a preview of what I’ll cover in my presentation, and I answered about 20 questions which poured in from all parts of the world.

In my opening remarks I focused (again!) on Winning Ugly, which has been my mantra at Saatchi & Saatchi since the recession. There are a bunch of ways to win ugly, but one constant in the list is reframing your beliefs about value. With more choice, more connectivity, and less spend, consumer power is reframing the notion of value.

In this time of “new frugality” everyone is wanting more for less. People are evaluating more (71% of Americans shop online before buying a car), trying more, comparing more, and contemplating switching more. Online themselves, and online through others.

Here are the ways consumers are thinking about value; they’re saying:

“I’m sorting true value from false economies.”
People want smart abundance, not rubbish

“I’m not cutting back on luxuries, I’ve just redefined what luxuries are.”
People still treat themselves, just not in the same way.

“I’m into the challenge of finding creative solutions.”
Ingenuity is the new innovation.

Companies must jump-shift their value comparisons.

P&G invites consumers to compare Tide Total Care with the costs of dry cleaning.

Prius invites drivers to enjoy exhilarating motoring while at the same time refreshing the environment.

Tylenol shifted the goal posts in an admirably non-self-serving way: their advice for a headache? Drink a glass of water, wait 20 minutes - and if you still have one then take Tylenol.

Even a private jet company - Flexjet - reframed its private jets from a luxury item to a valuable business tool, from status-oriented cost center to commonsense transport investment.

Each of these examples represents an “emotional bonus”. They check the rational value boxes but also deliver emotional value by improving your world.

I call this Priceless Value… uplifting life solutions tuned to how people are feeling, living, spending – and sharing.

I’ll be talking again about reframing value, and creating priceless value, at Radio City. Now this, for me, is Priceless.


Andrew Gadomski said...

Brillant comments and presentation at WBF Kevin. There is so much that can be translated to human capital planning (Aspen's expertise) and I posted some quick points for our readers on Fireside Chats (our blog).

Andrew Gadomski, Aspen Advisor


Dez Fragge said...

Really cool post.... should be initiating a metanoia for people who are listening.