In the post holiday rush, value often times becomes synonymous with price. And while price is a big factor, I think there is more to consider when assessing a brand’s value, like quality, service and what I like to call “social consciousness,” which refers to an organization’s charity giving, environmental responsibility and how they treat their employees. In the latest edition of Retail Rap, I discuss this value matrix and what retailers can do to improve their brand identity.
What can retailers do with this framework? At its most basic level, it’s about branding. Ultimately, who you are as a brand rests on how you express value to consumers — and where you fall on the value matrix is a huge part of your brand. But I also think that viewing the success, failure, and evolution of different brands though this more nuanced and expansive definition of value sheds some light on why some retailers have thrived, others have failed, and why evolving as a brand and changing consumer perceptions can be such a challenge.
Check out the full article from my recurring column, Retail Rap, at Chain Store Age.