The results of a survey into value perceptions of some of New Zealand's leading brands were released yesterday at Westfield's Retail Breakfast Seminar in Auckland. And Pak 'N' Save was deemed to be the best value brand in the country, followed by TradeMe, Bunnings and Mitre 10.
The online survey, which was conduced by Big Picture, an independent research and insight agency, listed 44 well-known brands and asked 300 New Zealanders whether they were 1) expensive and not worth it 2) expensive but worth it 3) good value. And 4) cheap but not good value. It also asked whether each brand was 1) not as good value these days as it used to be 2) better value these days than it used to be and 3) about the same value as it has always been.
95 percent of New Zealanders rated Pak 'N Save as good value, while 67 percent thought The Warehouse was good value, making it just number 33 on the list (see below) with 32 percent saying it was cheap but not good value. However, 32 percent said The Warehouse was better value than it used to be.
House brands also represented value for New Zealanders: Signature Range and Pams were high on the list. But one of New Zealand’s best known food brands, Maggi, topped the FMCG brands in the survey.
Regular travellers probably won't be surprised to learn that one of the brands that offered the least value was Jetstar, with 47 percent of those surveyed saying it was cheap but not good value. In comparison, 80 percent thought Air New Zealand was good value. So, as Jon Bird, a speaker at the event and chief executive officer of brand strategy firm Idea Works in Sydney, said when he revealed the findings, value is clearly more than just a cheap price.
He said in a story on Stuff the response to the huge challenges currently being faced in retail, like a spluttering local economy and local stores now competing against global online providers, has been to discount heavily. But consumers aren't responding as they once did to these offers, so the industry has got to move on from that.
"73 percent of those surveyed said good value was more than just price and 58 percent said sales have less effect today they're so common," he said.
So for him, winning that battle is about "delivering good value and a great experience", what he calls the two unchanging deliverables".