UNLOCK 3 Ways to Deliver Value, the Target Way

 
Copyright, Target corporation.

Copyright, Target corporation.

Are you delivering the best value you can to your customers?

With economic turmoil in the air, many - if not most - businesses are re-evaluating their value proposition these days.

Whether you’re a skin care, wellness or specialty food brand, you may be asking yourself how to re-position your brand to better appeal to your audience.

 

Back in 2009-2012, I worked on a national rebrand for the queen of value, Target.

Yes, the “I went in for five things and left with twenty things” Target.

 

As an extension of this rebrand, I also worked on the launch of City Target and Grocery as a new category. Looking back, these were major milestones for the retailer.

For context, due to the 2007-2009 recession, Target was in a unique situation.  Previously perceived as the “fancy” discount store (with their high-profile design partnerships and all), Target was not perceived as the best value or rather, “cheapest” option. Target had to make a conscious shift in consumers’ minds, reminding them that while their shopping experience may be more elevated or design-centric, their pricing was on-par with Walmart.

 

At the heart of Target was, and still is, the concept of delivering value.
We had endless conversations about “value” as a multidimensional and ever-evolving concept.

We would ask ourselves…

  • How do you deliver “value”?

  • What is/isn’t good “value”?

  • How do you define “value”?

  • How do you articulate “value”?

 

One thing to understand here is that the price-based concept of value - a “good deal”, or something being a good price - was a given.

 

The question was always - pricing aside, how do you delight customer by over-delivering on value?

 

With that being said, here are THREE ways your brand can also deliver value, the Target way.

 

1. UNIQUE/EXCLUSIVE PRODUCT

Target was ahead of the curve when it came to designer collaborations. Since their first designer product (a simple tea kettle), Target has continued to evolve the concept of how to deliver exclusive products.

 

Today, their approach ranges from product and fashion design partnerships, to Target-exclusive product lines (for example, Levi’s and Osh Kosh both have lines exclusive to Target), exclusive brand launches (Method and Bliss both launched exclusively at Target), exclusive products (i.e. Kristin Ess haircare and Wine Cube) as well as a robust line of private label brands that span snack foods, personal care, apparel, stationary and more.

 

So as a wellness or beauty brand - ask yourself, how can you deliver unique or exclusive products?

Here are some key ideas:

  • Exclusive shades, scents, or sizes of top sellers

  • Early access to new launches

  • Exclusive product bundles

  • Unique gift with purchases

 

2. CONVENIENCE

One of the main drivers that motivate Target customers is that Target, more or less, is a one-stop-shop. They offer customers the convenience of being able to complete a lot - if not most of their shopping needs, from their frequent (grocery and staples) to occasional (home and gifts).

Convenience, of course, is subjective, and certainly depends on your business. One-stop-shop doesn’t exactly work for most brands – but as as a CPG brand, how often do you ask yourself “how can we deliver more convenience?”

 

Start by asking the customer in you - what drives me to click the “buy” button?

Here are some key ideas:

  • Free shipping/returns

  • Personalized product recommendations

  • Easy cross-channel navigation

  • Accessible customer service

 

 

3. SURPRISE & DELIGHT

One of the best things Target gets right is “discoverability.” They never fail to introduce you to a new item you didn’t know you couldn’t live without.

 

Their dollar store inspired concept, the “One Spot” is a perfect example. Front and center at every store, they disrupt your shopping plans as soon as you walk in the door. With a wide selection of knick knacks and seasonal items for $1-5 (all which change every time you shop), it becomes a must-stop for the treasure hunter in every customer.

 

We humans are easily swayed. Yes, we go shopping when we know what we want. But we often buy when we stumble across something that is new and speaks to us.

 

If you’re trying to figure out how to surprise and delight, here are some ideas.

  • Offer short-lived promotions customers don’t want to pass up

  • Invest in creative educational content to introduce surprising ways to use your products

  • Launch one-off products available for a limited time

  • Partner with public personalities or experts that your customers love. Could be a campaign, a product, a shade, a “favorites” bundle, or limited edition packaging

 

 

Have you applied any of these in your business in the past?

I want to hear about your experience - drop me a line and share your stories!

 
c okubo