Recession Proofing Added-Value Brands
Why Should You Reframe?
It's pretty clear that conspicuous consumption is dead. Even if you can still afford it ... there seems to be a cultural shift towards people trying to "out-thrift" one another.
A significant percentage of purchase decisions were always made at the point of purchase. But now, the average time consumers spend in aisle has gone up by 20% as shoppers read labels and consider purchases ever more carefully.
Even more worrying, a higher than ever percentage of those purchases are being discarded later in the shopping journey in other parts of the store. “They are trading out, or experiencing buyer’s remorse.” According to the retail guru Paco Underhill.
This leaves any brand with a premium or added-value positioning facing the dilemma of how to sustain it ... when everyone else is resorting to discounting.
Added-value brands have limited choices ...
Should You Cut Prices, Reduce Value ... or Reframe?
You've got three choices ...
• Reduce the price
• Offer lower-priced line-extensions
• Use consumer communications, packaging and POP activity, to reframe value perceptions.
Price reductions are fraught with risk, range extensions need to be handled carefully, but reframing offers significant opportunties. The answer lies in reinforcing (or rediscovering) the good old fashioned "reason-to-believe" that underpins every successful premium brand. Making sure it is relevant, appropriately expressed and clearly stated on every pack and in every piece of communication
We’ve been tracking developments in the US and talking to our contacts. Through this, we’ve identified ten ways in which added-value brands can strengthen the reasons-to-believe and reframe to make a real difference.
We've also got best practice examples drawn from brands as diverse as L'Oreal, Michelin and P&G; Patek Philippe, Rolex and Lexus; and even Aquafresh, McDonalds and Nestle.
We Can Help You Reframe ... Fast!
We’ve created an interactive programme of one and two-day workshops that:
- Will help refocus your brand positioning to make it more recession proof, without causing consumers culture shock.
- Unlock under-exploited or overlooked reasons-to-believe that will underpin your added-value positioning.
- Provide consumers with powerful ‘functional alibis’ to help justify what they might otherwise perceive as unjustifiable wants and vices.
- Identify on-pack and point-of-purchase strategies that will underpin your sale and eliminate buyer remorse.
We start each workshop by sharing the 10 the best-practice themes; move on to explore the target product or brand to identify its visible and hidden assets; and then use workshop techniques to creatively explore how the brand positioning and reason-to-believe could be optimised.
If you would like more information about the workshops, please contact David, or Jo, or click on the link below and complete the contact us form below ...