The Boston Red Sox recently announced that for the first time in more than a decade they will not be raising ticket prices next year. Now that's what I call value (not). That's called "framing," where the intention is to selectively influence the perception of value. The reality is that the Bosox average ticket price of $48.80 in 2008 was the highest in the majors. And let's not even talk about the hot dogs.
Contrast that news with news from the Bronx Bombers. A brand new Yankee Stadium will open in April 2009 with a strategic focus on adding value to the fan experience (my assessment). Here are just a few of the changes as they relate to one of the ten specific value components outlined in my new book:
As someone once smartly remarked, "What you see depends on what you're looking for." When you have a model for understanding - and delivering - customer value, it opens your mind to endless possibilities. For example, why not allow the fans to vote via cell phone for game MVP, best play, etc.? Why not have some retired Yankees Twitter their commentary during the game and stream it on the bottom of the screens? Oh, you won today's game trivia contest? Great! Shoot a photo of yourself with your cell phone and upload it to the big screen. And on, and on, and on.
Now please don't misinterpret this post as advocating for technological advancements in the grand old game, or in any other business for that matter. What I'm advocating for is the delivery of value vs. the communication of value as a strategic imperative for 2009 and beyond (although technologies like RFID, location-based cell phones, social networking platforms, digital video, etc. can be powerful strategic enablers and differentiators).
Sure, reframing value may get you a sale, but it is unlikely to get you the holy grail of marketing . . . word-of-mouth. That requires "real" value. So ask yourself (and your team), What's stopping us from adding value to our customers' experience with our . . . software startup, consulting firm, hotel, publishing company, apartment complex, bank, restaurant, supermarket, gym, library, radio station, pub, CPG company, NGO, hospital, dental practice, speakers bureau, etc.
I'd love to know some of the answers that you receive. Really, I would.
Posted November 24, 2008
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I really agree that adding real value rather than getting people to perceive value should be the focus of all marketers. One place where I consistently feel like I'm getting tremendous value is Costco. They have so many great products at good prices. They are so good at delivering value to their customers that they don't have to spend money on advertising to tell a story of why Costco is valuable.
Posted by: Charles | November 26, 2008 at 04:05 AM
I love your quote, "What you see depends on what you're looking for."
Not only is this applicable to branding, business, but it's also applicable to life. It circles back to the old proverb "is the glass half empty or half full."
Great article.
Posted by: Derek | November 28, 2008 at 10:22 PM
Perceived value is always the highest value... I never heard it called framing before but that is a perfect decription of the process.
Posted by: Chris Mueller | December 01, 2008 at 03:22 PM
All in all what it comes down to is that it doesn't matter what an organization or company puts into itself to make a better campaign, it all depends on word of mouth like you said. They are simply benefits that people may or may not find necessary or like and will ultimately dictate what they say.
Posted by: Rachel Stelmach | December 02, 2008 at 05:01 PM