Marketing Mondays

Your Gateway to Weekly Marketing Mastery

IN THIS
EDITION
—----➜ BRAND VALUE
Brand value refers to the perceived worth of a brand in the
eyes and minds of its customers. It is a combination of
tangible and intangible elements that contribute to the
overall strength and pull that a brand has in the marketplace.
Today, we’re unraveling the concept of value creation in the
fragrance industry… but, these concepts are very much
applicable across any industry. Let’s dig in!

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 Value is More Than a Price Tag

Benefits Costs
+V Emotions
+ Buyer Effort
Cost Savings +

- Value
+ Time Sacrifice
+
=
Met Expectations
+ Selling Price
Social Status +
+ Friction in
+V Shopping Purchase
Experience Process

When customers evaluate a product or service, they often weigh its

perceived value/benefits against the total cost of acquisition (for
which price is only one part of the equation). Value is the blend of
benefits a customer gains from a product or service, less the costs
incurred to get it. The cost isn't just the money spent; it includes
time, effort, and any potential frustrations in the acquisition process.

www.okinyomark.co.ke
Value -Vs- Customer Segments

Mr. Luxury Mr. Nature Mr. Budget

Even within the same product or service category, the motivation to purchase will always
be different per individual customer based on what benefits they desire the most. In the
perfume industry for example, the choice of fragrance might be influenced by a desire for
social status, boost in confidence, saving some money, or even nostalgia.

Understanding customer segments is the first step in creating the right mix of benefits for
them outside of price. These intangible benefits add layers to a product's perceived value.

Consider the "Luxury Seeker" who values prestige, the "Nature Lover" preferring organic
scents, and the "Budget Conscious" opting for affordable yet quality fragrances. You can
tailor your approach to meet the distinct needs of each customer profile. Let’s explore…

Price Utility Emotion Availability Choice Quality

www.okinyomark.co.ke
Customer Persona: Luxury Seeker

Customer’s Pain Key Influencers

● Limited Availability: You ● Sven Raphael Schneider
sometimes don't get your (Gentleman's Gazette)
fragrance when you want ● Justin Copeland
● Inconsistencies in Quality:
It can be hard to maintain
DNA in different batches Decision Triggers
● Exclusivity Challenges: As
Name Mr. Luxury a brands become popular
more people start to buy
Age 30 - 40 Yrs
Key Considerations
Gender Male
Price/Cost
Occupation Consultant

Income $350,000 Longevity

10% Craftsmanship

Customer Values 35% Limited Availability

Silage
Actively seeks and values 35% Exclusive Ingredients
high-quality, exclusive,
Gender 25% Elegant Presentation
rare, and prestigious M F
products and experiences.

www.okinyomark.co.ke
Customer Persona: Nature Lover

Customer’s Pain Key Influencers

● Worry on environmental ● The Fragrance Apprentice
impact of fragrance ● Justin Copeland
production & packaging. ● The Scentinel
● Limited transparency on
the sourcing of ingredients
by perfumers Decision Triggers
● Desire for brands that
Name Mr. Nature actively contribute to
nature conservation.
Age 27 - 33 Yrs
Key Considerations
Gender Male
Price/Cost
Occupation Tour Guide

Income $75,000 Longevity

10% Organic Ingredients

Customer Values 35% Brand Values

Silage
Has a deep affinity for the 35% Woody/Floral Blends
natural world and a strong
Gender 25% Eco-Friendly Packing
appreciation for its beauty, M F
serenity, and importance.

www.okinyomark.co.ke
Customer Persona: Cost-Conscious

Customer’s Pain Key Influencers

● Worry of not getting ● Jeremy Fragrance
sufficient value for money ● Simply Put Scents
spent on a fragrance ● Real Men Real Style
● Feeling that affordable
fragrances may not
convey same social status Decision Triggers
as higher-priced options.
Name Mr. Budget ● Limited options of quality
available at lower prices
Age 27 - 33 Yrs
Key Considerations
Gender Male
Price/Cost
Occupation Consultant

Income $85,000 Longevity

60% Affordable Price
Points
Customer Values
Silage 20% Versatility and
Maximizes utility of money Everyday Wear
by spending on products /
20% Transparent Pricing
services that offer quality Gender M F
& Value Proposition
without excessive cost.

www.okinyomark.co.ke
 Value Creation in Fragrances

EXPECTED FEATURES FOR ANY PERFUME (i.e. KEY CONSIDERATIONS)

LONGEVITY: SILLAGE: GENDER:

The duration of time How far and wide Perfumes are
that a fragrance the fragrance marketed as either
remains detectable projects and is masculine or
on the skin or noticed by others feminine depending
clothing after around the person on their scent
application wearing it. profiles.
PRICE

NOTE*** By understanding customer segments, measuring value, and fostering

long-term relationships, businesses can create sustainable value that goes beyond
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the initial purchase.

INGREDIENTS USED: APPLICATION NEEDS: SCENT FORMULA:

The quality of the The time of day and Perfumes can have
ingredients used in weather season in scent profiles that
a fragrance can addition to the can be floral, fruity,
impact its overall setting (casual or spicy, aquatic,
performance, formal) often woody, or musky,
including longevity determine how to which determine
and sillage. blend ingredients. how they are made.

KEY INPUTS THAT AFFECT A PERFUME’S VALUE ELEMENTS (FEATURES)

Brands The 3 Might Value and Shop From

Mr. Luxury

Mr. Nature

Mr. Budget

www.okinyomark.co.ke
“ Hi, my name is Okinyo Mark.
I help African founders and entrepreneurs
locate ‘the winning-zone’ in their markets
through skillful brand and product
positioning, interim executive leadership,
and operational capacity building.
”
Book a free discovery call:
hello@okinyomark.co.ke
www.okinyomark.co.ke