Page 107 - MYM 2016

it’s all about
building Trustworthy brand value
Marketing is all about creating value for customers; therefore, our understanding of how customers evaluate value must evolve with the times. Today, an important factor a ecting perceived value is the trustworthiness of the brand promise. Being the most trusted brand in a competitive set is a big advantage, and building Trustworthy Brand ValueTM is associated with lower price sensitivity. Marketing needs to change its mindset and its metrics to include trust.
bY larrY lighT & Joan kiddon
Marketing is about cre- ating value. Marketing creates value for cus- tomers, for employees, for shareholders, and
for the community. At its core, marketing begins with creating value for customers. If there is no value for customers, there can be no value for other stakeholders. Customer-perceived value is marketing’s connective tissue crossing geography and time.
ere is an underlying enduring de - nition of customer-perceived value: value is what you get and do get for what you pay. is has always been the customer’s mental model when evaluating the worth of a good or service. However, our under- standing of the customer’s mental model of perceived value needs to evolve.
In the early years of mass marketing, marketers focused on features for the money. Marketers promoted products by celebrating features. So, for example,
sPotlight oN braNDiNg
OCTOBEr 2016 MINd YOUr MarkETING | 107