The What, Why, And How Of Values-Driven Marketing
In the upcoming CX APAC 2023, I’m going to present on How To Embed Values-Driven Marketing In Customer Journeys. I’m excited to lay out the key concept of values-driven marketing and share a sneak peek of the new model and framework.
But before we talk about values-driven marketing, let’s start with values-motivated consumers.
Values-motivated consumers act on their professed values by aligning their purchase decision with these values. In APAC, nearly half or more consumers (46% in Australia, 72% in metro China, and 74% in metro India) regularly purchase from brands or companies that align with their personal values. The numbers are even higher among high-income and Generation Z consumers. These top values include giving back to the local community, commitment to consumer data privacy, and environmental protection.
What Is Values-Driven Marketing?
With values-driven marketing practices, companies focus not only on how their products and services benefit customers, but also how they benefit social or environmental causes.
Why Does Values-Driven Marketing Matter?
There are four dimensions of consumer buying decision factors: economic (e.g., price and discounts), functional (e.g., product features and quality), experience (e.g., convenience and emotion) and symbolic (e.g., values including social and environmental impacts). The first three are important, but the last one captures the key difference between values-motivated consumers and general consumers when they make purchase decisions. Compared to general consumers, values-motivated consumers are likely to be younger, better educated, have a higher household income, and spend more. A values-driven marketing practice aims to attract these values-motivated consumers. Our 2023 research shows that 68% of B2C marketing decision-makers in APAC consciously infuse values into the customer experience throughout the customer lifecycle.
So, How Can You Implement Values-Driven Marketing?
To give B2C marketers step-by-step guidance on how to embed values-driven marketing in customer journeys, we’re introducing the values-driven marketing customer lifecycle model and the values-driven marketing framework. For each stage of the customer life cycle, marketers should consider four elements of values-driven marketing: objectives, initiatives, tactics, and ownership. They should also incorporate collaboration/partnership and measurement and governance throughout. Here’s a snapshot of the values-driven marketing framework that you can download and put it into practice.
I look forward to sharing more details in CX APAC 2023.