Consumers Consider More than Price

A while back I came across an article in Adweek that talked about how despite the economy, consumers look at more than price.

It talks about that even in penny pinching times, consumers will still rely on their perception of value when choosing brands to purchase. Make no mistake, price matters ... but so does value. And that's the lesson in this article. Case in point, Allstate Insurance. Within the last few years, Allstate surpassed Geico to take the #1 spot. Despite Geico's emphasis on always providing low quotes, Allstate rose to the top on service and value. The article references Allstate's 'Accident Forgiveness Program' - no rate increases even for people with multiple accidents.

The lesson in all of this - while the economic environment makes it easy to focus on price, never forget that value and brand loyalty still matter.