For professionals in the consumer goods space, a broadly accepted definition of value goes something like this: “Value refers to the perception of what a product or service is worth in relation to alternatives.” Old paradigms defining value fit well with economist-driven models and tend to reflect a reductionist language of cost vs. benefit. The result of these older paradigms is a tendency to view value as a formulaic equation in which the dimension of "price" is king, positioned as the ultimate denominator beneath dimensions like quality, convenience and quantity.

And yet with all the changes wrought by the pandemic, new visions of value that extend beyond old paradigms are necessary, since consumers have expanded their consideration set in their assessment of goods and services, impacting not only their willingness to pull the “purchase lever” but how they form relationships with products and brands. New dimensions relating to value today include expanded consumer definitions of quality, experience and relevance.

An upcoming webinar, Value in the Time of COVID-19 Report Highlights, presented by Hartman Group Vice President of Strategic Insights Tamara Barnett, will provide a refreshed perspective on value. Tamara will discuss how COVID-19 has surfaced a number of new attitudes, behaviors and considerations that consumers are bringing to their calculus of value. The webinar will identify key questions and strategic implications that those in the food business must address as they pursue growth post-COVID-19, including: 

  • What is the consumer-driven understanding of value today?
  • How have notions of value evolved over time?
  • How has the recent COVID-19 disruption shifted or accelerated notions of value that emerged during the Great Recession?
  • What key questions should marketers consider as they brace for life post-COVID-19?

Registration for the webinar is available here.