While attending the DTC Wine Symposium a few weeks ago, two words appeared to weave a thread throughout the seminars. Those two words are value and experience. I kept thinking about those two words all day and on the way home I remembered a theory on social transactions called the “Exchange Theory” that could really shed some light on the DTC marketing efforts. The exchange theory was developed by Psychology and Sociology researchers to synthesize the classic principle of economics and with the principles of behaviorism. Long explanation short, the exchange theory highlights the interaction between two parties and how (in this case consumers) use value as the key unit of analysis before entering an exchange relationship or a series of transactions over time. Simply stated, people enter into relationships in order to meet certain needs and acquire rewards from that relationship.
It seems pretty straightforward, but this theory deserves a further attention as it applies the DTC sales channel. We all know wineries constantly seek out new ways to create a value in their brand experience that differentiates them from all the other brands. The wineries that understand the exchange theory develop their brand experience to correlate with their customer’s concept of value. They know this correlation plays a major part in developing meaningful (and profitable) long-term relationships with their consumers.
Does your brand experience correlate with your customer’s concept of value?
If you haven’t thought about this correlation, it might be the reason you are not achieving the DTC results you seek. If you need some assistance in uncovering your customer’s concept of value or how to correlate this information into your brand experience, messaging and DTC digital strategy, give us a call. We can help you achieve the DTC sales and digital strategy you seek. Contact [email protected] to schedule a complimentary call.