... convenient, efficacious or suifficiently high-quality to command a premium price.
Opines Maureen Morrison, writing in today's Advertising Age: "Brands can no longer bide their time, fending off store's own-brand options while waiting and hoping for consumers' wallets to fatten.
"About 40% of the US population is still downtrodden, concerned or otherwise worried about their financial futures, according to IRI [Information Resources Inc] research.
"In addition to convincing consumers, brands may need to perform an even tougher trick: redefining their own definition of value to one that's additive.
"When not reduced to the question of price, value speaks directly to what benefits a product or service adds to a customer's life. Some smart brands get this and are using packaging, design, sourcing strategies and technologies to entice consumers to get them to open their wallet a bit more, even in these tough times."
Conversely, however, the classic example of a recessionary innovation that gets consumers to pay more, not less, is P&G's Tide Pods.
The repackaging of its detergent into one-pack-per-load pellets is a clear boon to the consumer because it eliminates messy measuring.
Research consducted by IRI concluded that P&G's Tide Pods been a breakout hit that rocketed to $500m in stateside sales in about one year.
Better yet, from P&G's viewpoint, the bundle of individual laundry detergent packages comes at a significant premium to liquid Tide - $18.99 for a 66-load container of Pods on Walgreens.com.
Read the original unabridged AdAge article.