Monday, January 8, 2018
What Do People Need Most?
People with plenty of money often do not have a lot of time, while people with a lot of time frequently do not have a lot of money. And many people do not have enough of either. It is the lucky few who have plenty of time and money.
Time and money are the scarce resources built into our BrandInsistence brand equity measurement system. They are built into two of the five drivers of customer brand insistence, value and accessibility. Value has a numerator and a denominator. The numerator is comprised of the bundle of benefits that the customer receives, while the denominator represents how much time and money it takes to receive those benefits. Accessibility also relates to time and money as both of these make anything more accessible.
But there is a third dimension that I don't often talk about and that is health/energy. You might have ample time and money, but if you do not have good health or adequate energy, the time and money are a moot point.
In many surveys, when asked what they value most, people will indicate good health.
So, if one is able to reduce the money, time or energy required to purchase and use the brand, the brand becomes more valuable. Conversely, if that brand itself can give people more time, money or health, it is adding significant value.
So, when thinking about how you can increase your brand's value, consider how it can increase people's time, money or health/energy or how it can be acquired or used with less time, money or health/energy.
And, as an interesting note, research suggests that people who value time over money are much happier.