BuzzBack Webinar: Unpacking The Meaning of VALUE

‘Unpacking’ Value exploring what value means to consumers

‘Hot Theme’ – Your Choice…

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Question: Please look at the themes below and vote for the three in rank order that interest you the most. Base size n=71

‘Hot’ Countries – Your Choice…

UK 77%

US 43%

China 33%

Brazil 23%

Germany 19%

India 19%

France 17%

Australia 16%

Sweden 13%

Russia 11%

Question: Now finally, vote for three countries in rank order that most interest you. Base size n=70

Japan 10%

Argentina 9%

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4

Price is what you pay.

Value is what you get.

Warren Buffett

2.

The research

Logistics

UK n=500

US n=500

China n=500

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All respondents are aged 18+ , with an even split of males/females

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We Will Help You Understand

• Visual associations

• Words and ‘personality’ traits

• Prompted attribute importance

• Projective exercises

HOW:

eCollage™

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“When something is of value to you it

makes you feel free, it makes you

sparkle, you feel like you can take on

the world and all because you've

taken a chance.”

US, Female, Age 49

Please create a personal collage that expresses what the word Value means to you when buying a product or service. Try to think broadly – you can use the pictures and images provided to illustrate what comes to mind when you hear Value.

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Extensive And Varied Image Library

Images available to U.S., U.K., and Chinese respondents.

eCollage – Image Frequencies

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US /UK consumers focus on emotions and material dimensions

and strive for a balance of elements, Chinese have stronger

focus on emotions and inner value - e.g. family and

environment

Identifying A Visual Lexicon Through Factor Analysis

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• Factor Analysis is a statistical technique to explore

interrelationships among variables to identify common

underlying dimensions (factors).

• Pictures limited to those selected > 5% of respondents.

• Conducted common factor analysis to get initial factor

solution.

• Regression used to calculate factor scores for each

respondent.

• Unlike segmentation, a respondent can exist in multiple

factors and have greater / lesser tendencies within a factor.

Important Dimensions Of Value (US)

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Measured Value

• Finding a balance between

quality and price

• Spending time searching

and weighing options

• Research – “Doing your

homework”

• Happiness

• Success in finding good

value

• Joy and excitement

• Wishing and hoping to get a

good deal

Emotions

Important Dimensions Of Value (US)

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Family

• Value family

• Providing quality products

for your family at low

prices

• Shared joy among your

family when you get

something of good value

I value…

• Nature and the environment

• Eco-friendly products

• Being outdoors

Nature

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“I chose these images because they are

what I think value is when buying anything. I

always read reviews before I make a

decision to buy. The item has to be

reasonably priced and be of good quality.

Most important I have to feel comfortable

with the item in order to buy it. “

US, Female, Age 32

eCollage Examples (US)

“I start with questioning and balancing

hence the scales and question markers. I

add the plus of the product and its cost

(value) to make sure I am getting the best

deal. And all of this makes me happy when

I find good value and get a good deal and I

want to share with others.”

US, Female, Age 56

Important Dimensions Of Value (UK)

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Luxury

• Happy

• Spiritually balanced and

centered

• Products with good value bring

happiness

• Feeling of success at finding a

great deal – everything coming

together

• Want products that provide

strong value regardless of

price

• Examples of products that

bring and communicate value

• Achievement at obtaining this

value

Emotions/happy

balance

Important Dimensions Of Value (UK)

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Frugal Balance

• Balance between price and

quality

• Searching for the best deals

• Getting a lot for your money

Inner Values

• Value family above all else

• Nature and the environment

• General quality of life

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eCollage Examples (UK)

“Shows the humility of companies and caring

for consumers on a 'personal' level.”

UK, Female, Age 20

“Were all to do with whether something is

worth what is being paid for it. Some things in

life may cost hardly anything yet be worth a

lot due to personal value. Other products can

cost a lot but do a lot so are worth it. There

can be substitutes which are cheaper.”

UK, Female, Age 18

Important Dimensions Of Value (China)

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Measured Value

Inner Value

• Balance/combination of quality,

service, and reliability

• Value = price fairness

• Experience and quality above

price

• Value family (and things

important to them)

• Value the environment and

natural things

• Value time

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Achievement

Emotions

Important Dimensions Of Value (China)

• Acquiring value items gives a

sense of accomplishment or

power

• Striving for value

• Happiness/ Joy

• Positive impact on life and/or

finances

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eCollage Examples (China)

“It indicates that the values of products

depends on individual needs. Regardless of

the product, values are only provided when

needs are satisfied, and they will be nothing

without satisfying those needs.”

China, Female, Age 21

“The diamond represents valuable products;

the trophy and command represent the

pursuit of high quality; the question mark,

scale, calculator and magnifier represent the

pursuit and questioning of value.”

China, Female, Age 29

Word Associations (US and UK) M

ost

Asso

cia

ted

L

east

Asso

cia

ted

Word Associations (China) M

ost

Asso

cia

ted

L

east

Asso

cia

ted

Key Words Mostly Associated With Value

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Quality

Durability

Worth

Quantity

Bargain

Service

Practical

Security

Environmentally friendly

Performance

After-sale service

Stylish

Customer

Affordable Deal

Usefulness

What Would Value’s Personality Be Like?

*Words shown were selected by at least 20% of respondents within each country

Blob Frequency

1%

2%

7%

2%

3%

1%

1%

2% 1%

1%

3%

1% 1%

1%

1%

1% 7%

14%

9% 36%

10%

Thinking about the last time you experienced good value when acquiring a product or service. Which of

these characters best describes how it made you feel?

Last Time I Experienced Good Value, I Felt …

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• Happiness

• Excitement

• Dancing for joy

36% 7%

• Can relax

• Enjoy

• Don’t have to

worry

• Satisfied 14%

• Happiness

• Family/ couple

decision

• Confidence

• Partnership

• Excited to share

with loved ones

7%

“I was with my husband when I

bought my smart phone and

actually did a little jump up because

I was so excited and my husband,

being rather embarrassed, tried to

make me stop jumping.”

Female, 55, US

“This character represents the positive

feeling you have when you purchase an

item or service that you feel provides the

exact value you expected at a reasonable

price.” Male, 64, US

• Excitement

• Jump for joy

• Happiness

• Feeling uplifted

“Lying look very comfortable on

behalf of the expression of this

product is easy to use, brings

convenient and comfortable.”

Male, 35, China

• So happy wanted

to tell others

• Share the

knowledge

10% each

“Safe and secure feeling that I am

looking after my family by seeking

out good deals.” Female, 39, UK

“When you get a good deal, or

discover a good product of good

value, you want to 'shout about it'

and tell everyone you know who is

after a similar thing all about it.”

Female, 21 UK

Attribute Importance

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Is durable

Is long lasting

Is high quality

Is consistent

Is a product I will

use often

Has multiple uses

Is innovative

Will remain in style

Offers rewards through

a loyalty program

Ability to personalize it

Is long lasting

Is durable

Is high quality

Is a product I will use

often

Is consistent

Has multiple uses

Is innovative

Will remain in style

Offers rewards through

a loyalty program

Ability to personalize it

Is high quality

Is durable

Offers a warranty

Good service in ongoing

support

Good service at time of

sale

Will remain in style

Has multiple uses

Ability to personalize it

Offers rewards through a

loyalty program

Lower price

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Brands Associated With Value Overall

Top Brands Associated With Value

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VALUE

Well made, fair price,

reliable, excellent

customer service, durable,

safe, long-lasting, great

performance

High quality and

performance, long-lasting,

well-known brand name,

high-tech, durable

Customer care, long

established brand, safe,

trustworthy, reliable, built to

last, efficient

Best in class, innovative,

well-designed products,

aesthetically appealing,

functionality, dependable

VALUE

Top Brands Associated With Value

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Deals on branded

items, smart price

ranges, lower prices

everyday, quality,

reliable

High quality products,

history of innovation,

long-lasting, price

guarantees, reliable

and dependable,

trusted brand

Consistently cheap,

reasonable quality, club

card awards, larger

quantities, “value”

ranges

Best in class, innovative,

well-designed products,

aesthetically appealing,

functionality, dependable

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In What Category Is Value Most Important?

Automobiles

Electronics

Insurance

Services

Shoes and

Apparel

Insurance

Services

Automobiles

Electronics

Cell phone

service

Automobiles

Electronics

Insurance

Services

Jewelry

Shoes and

Apparel

Cell phone

service

Shoes and

Apparel

Most Important Value Category: Automobiles

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You need to feel safe in the

quality of what you're buying.

UK, Female, Age 50

42% say Value is

most important

in Automobiles

Automobiles are probably the

second most expensive item

most people buy. Getting the

best price and quality makes

a big difference.

US, Male, Age 52

19% say Value is

most important

in Automobiles

Most Important Value Category: Electronics

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For electronics to be of good

value they need to last for

years and be durable as

they will be used a lot (if not

everyday).

UK, Female, Age 45

17% say Value is

most important

in Electronics

Value is so important when

buying electronics because

you want the product to last

without any problems but

with best price. There is a lot

of competition out there so

value can help with your

choice.

US, Female, Age 44

27% say Value is

most important

in Electronics

It's important to get your

money’s worth. It may not be

the cheapest but it’s a more

reliable company and

provide a better service.

UK, Female, Age 29

The cost is important but

remember that quality of

services and reliability is

equally, if not more, important.

Cheap service may not be

worth the price, no matter

what it costs.

US, Female, Age 31

Most Important Value Category: Insurance Services

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11% say Value is

most important

in Insurance

Services

16% say Value is

most important

in Insurance

Services

Most Important Value Category: Shoes & Apparel

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6% say Value is

most important

in Shoes &

Apparel

6% say Value is

most important

in Shoes &

Apparel

So many clothes now are not

made to last, they are made to

be worn for a season and then

next season you have to buy

more... I'd like to see a

company value their product

and create something that is

high quality and durable.

US, Female, Age 26

I'd rather pay a little more

for a pair of good quality

shoes that will last me

many years than pay next

to nothing for something

that will fall apart quickly.

That is what value is.

UK, Female, Age 28

Most Important Value Category: Beauty & Personal Care

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5% say Value is

most important

in Beauty and

Personal Care

5% say Value is

most important

in Beauty and

Personal Care

There are a hundred kinds

of the same product on the

shelf for a good price, but if

it doesn't do the job i need

it to, then it's of no value to

me.

US, Female, Age 34

It's important to take good

care of your body and

use the best quality

products that you can

afford.

UK, Female, Age 56

Summary

Taste

Efficacy

Durability

Service

Quality

Reliability

Quality…Durability

Things that Have Value

Pursuit for Reward

Things I Value

How Does Your Brand Achieve Value?

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Things that

Have Value

Pursuit for

Reward

Things I

Value

• Intrinsic loyalty

How do you become something they value (versus having

value)?

• Emotional link

Is the emotion strong enough? How do you connect to

those higher level, more abstract emotions?

• Capture the insight

What is the need you fill? Have you identified the gap?

• Clear communication of functional benefits

Do I have the right positioning?

Quality…

Durability

Acknowledgements

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We would like to thank our partners in helping to put together this study:

www.lionbridge.com

http://www.datawise.org

www.usamp.com

Coming soon!

Healthy & Sustainability

To learn more or for a copy of this

study, or one of our other positioning

papers, email

[email protected]

Value

Natural

Luxury

Quality

Indulgence

Thank You