So what do we mean by value exchange? It’s pretty straightforward: if you (the brand) want your consumers to have a relationship that is more than purely transactional, you need to give them something of value in return. Brands that do will thrive, brands that don’t will die.
The concept has been co-opted in recent years by digital marketers who believe that consumers should get some tangible benefit if they agree to provide marketers with their personal data. As a piece in AdAge published in September 2019 posited, “there has become a need to re-evaluate the relationship between brands and consumers and how marketers collect the data they use to power their campaigns. It’s time to embrace the value exchange economy.” We certainly agree with this sentiment but the concept of a “value exchange” is so much bigger than its fairly limited application to digital marketing and online consumer privacy. And that’s where we come in.
We use a very non-proprietary model that helps us define the value exchange for brands. It focuses on the intersection of content, audience and channel. Yes, “brand” plays a critical role in defining a credible and authentic value exchange but if you’re looking for our help, “brand” is probably something that you’ve already defined. If you haven’t, we have a number of partners that can help you — just let us know if you need an introduction.
The Value Exchange at Work
A great example of the value exchange involves a NYC locksmith named Jay. While Yelp likes to claim a lot of credit for Jay’s huge success, it’s what Jay does and how he does it that differentiates his company from other run-of-the-mill locksmiths.
Being there in times of need is one of those core differentiators. “Sometimes my job can get pretty scary. One of my scariest calls ever was from a woman whose crazy ex-husband had just gotten off the plane and was headed towards her location. They were going to be there in thirty minutes. I rode right over and was able to help.”
But how many locksmiths offer a free home security audit when they are called to a job? Or donates all of his tips to a local animal shelter? “When I stopped needing tips for my own income I started donating them. It took on a life of its own which was unintended. One small thing like that led to so many bigger things…”
Northampton Consulting 