The Goals of Values-Based Marketing
by Vanessa Cross, Demand Media
When selling products or services, values-based marketing is an appeal to a customer's values and ethics. It shifts marketing from a product-centric approach to a customer-centric one. A company's advertising and promotions to its customers express its values as part of its core brand message. Values-based marketing might also entail incorporating customers' values into the way products or services are marketed.
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Values-based marketing is sometimes initiated because of external changes in customer attitudes. For example, Kraft Foods, Inc,, changed its advertising when market research revealed a shift in consumer opinions related to direct promotions of junk food to children. Kraft's customer-centric marketing goals lead it to change its marketing strategy. “Our relationship with consumers is about trust. If you don’t align with society and you get out of step with that, then you’re going to destroy shareholder value," said Robert K. Deromedi, Kraft's CEO, in a CreditUnions.com article.
Social Responsibility
An organization's corporate statement might expressly include values-based goals. For example, Ben & Jerry's ice cream company expressed its corporate vision in one of its 2000 reports as follows: "within both our domestic and international trade, we continue to seek out progressive, values-driven strategies and corporate practices that can be integrated throughout the company's internal business operations as well as play a central role in our external relationships." Its targets included initiatives related to economic and social justice, eliminating negative environmental impact and increasing its generosity toward the communities in which it does business.
Related Reading: What Is the Meaning of Marketing Goals?
Business Alliances
A company might use business alliances to help it achieve its values-based objectives. This is particularly effective when alliances relate to delivering value to help communities. For example, WESTconsin Credit Union, a Wisconsin financial institution, developed a strategic business alliance with auto dealerships to develop an auto-assistance program that ultimately helped more than 100 low-income, single parents purchase vehicles.
Customer Values
An important part of developing values-based strategies is discovering what customers value. Attention should be paid to quantitative data that reports customer preferences. Qualitative research, such as surveys and focus groups, can also provide important insights on customer values. A company can then develop a values-based marketing strategy using the vision and mission statements as vehicles for articulating customer-centric goals and objectives.
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sysaid.com/the-right-ITSM-solutionAbout the Author
Vanessa Cross has practiced law in Tennessee and lectured as an adjunct professor on law and business topics. She has also contributed as a business writer to news publications, including the "Chicago Tribune," and published in peer-reviewed academic journals. Cross holds a B.A. in journalism, a Juris Doctor and an LL.M. in international business law.
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