Rethinking value communication: The key to revenue growth in the digital age

Wei Ke and Matthew Jackson

Journal of Digital Banking, 2018, vol. 3, issue 2, 114-125

Abstract: The dynamics that surround the decision-making process and the factors that influence purchases are dramatically different in the digital age. Consumers are more connected, digital channels have replaced the traditional sales dialogue, competition is stiffer and buying behaviours have changed. More than ever, the way a company approaches the design of systems intended to help a customer’s buying decision is a critical contributor to its success. It is important to avoid triggering irrational price responses, or failing to communicate the value of products and services properly, as these will increasingly be more costly. In the digital age, a consumer presented with product information that overwhelms, obfuscates or appears overpriced will simply move on to a competitor’s offering a few clicks away. This paper explores the principles that guide towards removing cognitive obstacles and converting a person from prospect to committed customer. It addresses the keys to success, including a noise-free visual medium wherein the value of an offer’s content and its relation to the price are rendered self-evident. Using the principles of clarity, coherence and calibration, it takes digital presentment towards a different direction: one that can ensure the full revenue potential is realised.

Keywords: buying behaviour; price sensitivity; digital offer presentment; digital channels; value communications; value pricing (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2018:v:3:i:2:p:114-125

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