How should be 'Value Based Marketing' done??

 Always pay attention to current market trends. local occurrences. fads. economic periods of plenty and poverty. etc. An informed. up-to-date marketing strategy will never fail to compensate for any shifts in customer expectations. needs. and desires. Make sure your product or service is exactly what customers want and need at that exact time and place. and convince them to utilize your business again for future purchases.

thus, by proper adaptation one can deliver more value to its customers.

Value based marketing needs to offer some sense of 'identity' to the consumer for the consumer to feel valued. It is a very surreal form of communication which cannot be mixed with on ground activity or promotional activity at all.

we are talking about the communiation that adapts the comnsumer fetish, habits, identity and utility value. If communications that are sensitive to these issues of a consumer are showcased on the electronic and digital media then I feel that the value offering in MARKETING would increase per say. In short a RESULT oriented advertisement can and would always work wonders in making the product/service/brand value based!!

Thanks for the referral Meena! :)

A functioning value-based marketing system is critical to the economic well-being of the beef industry. Producers must be paid for producing what the consumers demand. Clear signals must come from the consumer to the marketing chain to the producer. The US beef industry has agreed upon eight consensus points that need to the resolved before a functioning value-based marketing system can become a reality. Following the agreement on these consensus points, the US beef industry has declared ‘War on Fat’. The consensus points and the industry's ‘war’ plans are discussed.PART I Principles of Value Creation
1      Marketing and Shareholder Value  
2      The Shareholder Value Approach    
3      The Marketing Value Driver    
4       The Growth Imperative    

PART II Developing High-Value Strategies
5       Strategic Position Assessment
6       Value-Based Marketing Strategy  

PART III Implementing High-Value Strategies
7      Building Brands  
8       Pricing for Value  
9       Value-Based Communications 
10     Value-Based Marketing in the Digital Age

Thanks Ms.Meena Deshmukh for the referral.

Value based marketing means the words itself suggesting that one should follow the business ethics while carrying out business practices.

The products and services attract customers and retain their loyalty and deliver better overall performance or lower prices than their competitors. Hence these will win by delivering better customer perceived values.

The objective of value based marketing is to sell the right products to the right customers at the right price to maximize profits and growth. The simple logic is that if we understand customers need and satisfy them better than the competitors, our business will be successful.

Value Based Marketing involves the following factors.

1] To understand your competitive strengths and weaknesses.

2] To identify the opportunities to improve your products and services and set priorities for improvements based on your customer needs.

3] To set prices that consistent with your strengths and weaknesses.

4] To sharpen your marketing messages to highlight your strengths and correct customers' misconception.

It is tried and a time tested strategy that holds for the longer run. Invest in building a brand and keep enhancing it through better product quality and if needed invest in cross branding with like minded brands. To explain the above, i would take the example of Sony. Even though Sony products are costly they have endeared themselves to a loyal following even in this market through investment on the branding front and R&D. Today quality and design conscious customers would still reach across to a SONY more than a korean brand even though the korean brands are not far behind. Sony has also invested in co-branding and associations with like minded brands whenever it found the going to be tough.

For such products co-branding is a far better strategy to adopt rather than go in for value based marketing. Value based marketing sometimes dilute the brand identity because what is on offer might be perceived to be cheap. One has to ensure that co-branding is done with equal if not higher status brands.

Is it not good to carry out a product survey in the initial time at the launching? Survey, nowadays , is being carried out online also. Better to find out the mood through survey. Is it satisfaction a customer look for or value for what he wanted? value is estimated through customer base. So create a baseline.

Segmentation is based on the idea that markets can be divided into groups of customers with homogeneous needs and value drivers. Segmenting helps us to understand customer value, It is the basis for choosing target customers and the building block of our customer-value commitment. It allows us to concentrate our strength against our competitors' weaknesses.

Thus, once we are able to discover the needs we should act on it & try to give the best solutions posibble. And this help in creating value to the customers.

Sales can always be increased by a two way communication between the Service Provider(Manufacturer) & Consumer. Imagining a scenario where the consumer is given an option to buy a) 500gm detergent powder with a free 75g body soap worth Rs. 30 or 1kg detergent powder for Rs.25.

Just imagine the proud the consumer will feel in participating & being a loyal customer as they are given so much of importance.

I think Value Based Marketing can only be done if marketer understand the consumer's mind. By just adding value to offering can't do the work. Now the scenario has been changed. Now the consumer wants extra attention. It is very necessary to act accordingly. What exactly customer want. Marketers have to think from customer point of view.Emphasis is needed to be given on Consumer Behaviour. Buying decision of customer is based on LISTEN,THINK,REACT,EVALUATE. Hence delivery of the value must be based on it.