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It's About Emotion, Not Necessarily Price (1 viewing) (1) Guest

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TOPIC: It's About Emotion, Not Necessarily Price
#1550
It's About Emotion, Not Necessarily Price 5 Years, 3 Months ago Karma: 0  
Do not be deceived. Value-focused brands may do better than premium brands in times like these, and it's hard to argue with the results companies like like Hyundai, Wal-Mart and McDonald's are having right now. But, don't be too fast to reposition your brand around value and price.

According to the Marketing Leadership Council, this is a losing strategy because you risk eroding the source of your differentiation. In fact, the MLC's research shows, across categories, brands supported by a tight focus on emotional connections are more likely to avoid market share erosion. Such brands enjoy 14% higher repurchase rates, 23% greater share of wallet, and 22% greater consumer advocacy.

While some consumers may run for bargains, emotional connections count too.
 
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#1567
Re:It's About Emotion, Not Necessarily Price 5 Years, 3 Months ago Karma: 2  
As a rule, no matter what the price point, emotional connections to a brand are required for success. At the moment, the brand that combines the two is going to do the best. But, of course, you can't just cut your prices and turn yourself into a low-cost alternative if that hasn't been your positioning before. And, once the economy recovers, then what do you do? Say, ok, now we're going back to our old positioning, so we can completely muddle our message?
 
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Re:It's About Emotion, Not Necessarily Price 3 Years, 2 Months ago Karma: 0  
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