Queensland Learns Brand Value Is Not Relate to Cost
International brand expert BrandStrategy Founder and Chairmain, Duane Knapp recently spoke to the 2014 Destination Q Forum. This destination branding conference in Queensland, Australia is an annual event bringing together stakeholders from business and government throughout the Australian State of Queensland who are dedicated to building the region’s brand.
Did you know that FedEx® charges 173 times the postal rate? Why is it able to do this?
FedEx® can do this because its speed is perceived as valuable to today’s consumers.
Brand Value is Not Monetary
The English language has created the perception that the words Value and Cost are closely related because of how many people commonly use them. In this useful video excerpt, Duane takes us step by step through a proof that Value is actual the sum of a consumers use of Time and their Emotional Response to an experience. In the mind’s of most consumers, value is not actually as linked to the amount that we pay for any particular good or service. Rather, value is the result of how we perceive our experience with a good or service. The two keys to creating a positive perception are speed and emotional response.
Creating a Valuable Destination Brands
When Duane works with Destination Brands he helps them understand that the equity of their brand is not related to how competitive they they price, but rather how pleasant and responsive their brand experience is for the consumer. If consumers believe that their experience of a brand was valuable, regardless of cost, they are very likely to recommend that experience to others or even repeat that experience themselves.
Brand Value Exercise
Does your brand create Value using time and emotion? How do consumers value your brand experience?
Take a few moments and ask a handful of your guests or clients this question. We expect you’ll be intrigued by the answers you receive.
Both of Duane’s 2 presentations, as well as resources from each of the other speakers, can be seen on the Destination Q website by clicking here.