Maximizing Digital Engagement with Functional, Personal, and Catalytic Value

Digital engagement is complex, and getting more sophisticated by the day. According to Gartner's 2023 Multichannel Marketing Survey, marketers manage nine channels on average, with 80% of digital marketing leaders planning to add more channels in the year ahead. However, the amount of work that goes into generating content across channels, ensuring consistency and cohesiveness, and targeting customers is a major part of marketing success.

Content needs to be valuable to customers, or else it will become lost in the noise. Most marketers focus on providing value, believing that if they offer more value, their brands will get more attention and engagement, leading to more purchases, increased purchase frequency, and customer advocacy. Gartner found that 73% of customers who recall a recent digital interaction say it was valuable, but only a small fraction remember any of the recent digital interactions they’ve had with brands.

The answer lies in the type of value a marketer’s content communicates. Value falls into two categories: “framing” value and “affirming” value. “Framing” value helps customers understand the value of a solution, product, goal, or decision. “Affirming” value helps customers feel confident and satisfied with the decisions they’ve made. The three further value levels are functional, personal, and catalytic.

Functional value is product-focused, helping customers to understand how a brand’s products and solutions solve a problem. Personal value helps customers relate to others and makes them feel confident about their choice. Finally, catalytic value expands beyond the single customer choice or task, to target the overarching customer goal and path to goal. It also helps customers identify new needs and goals, feel in control of their decision, and validate their choice.

Catalytic value is the most powerful, doubling the likelihood of commercial outcomes. But functional and personal value are also important. For example, a running shoe brand recently launched a quiz to help customers select shoes based on their goals. It delivers catalytic value through self-reflection, personal value by helping customers learn what other runners use or consider, and functional value by educating customers about road and trail shoes.

In order to be successful, marketers should assess the balance of value they provide across digital engagements, and focus on delivering functional, personal and catalytic value in order to fuel customer learning and confidence, and drive digital revenue growth.

Originally reported by Martech: https://martech.org/the-three-types-of-digital-value-that-get-customers-to-buy/
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