Posts Tagged marketers
In the midst of the past 18 months events; an historic Presidential race, ravaging recession, global terrorism, advances in technology and general unease and concern in the markets, nothing has changed more than the consumer. In an article in US News on January 15, 2010 Rick Newman highlighted the changes in the consumer. Here are the some of the more prominent changes:
1. Less credit, more cash
2. Greater suspicion
3. Less brand loyalty
4. Smaller is bigger
7. Less waste
8. More negotiating
9. Redefining success
There are others but these raise interesting and provocative challenges for brands in the new world economy. As consumers retract, spend less, downsize, look for quality of life, marketers have to redefine what they do.
It used to be that a brand could sample anything and that was cool. Swag and premiums would translate to brand favorability. It really didn’t matter what was given away, as long as it was given away that was enough.
The new currency with the changed consumer is VALUE. We need to challenge ourselves with each new strategy, tactic and objective to find the core value in the exchange in order to win the loyalty of this new consumer.
What is VALUE? Traditionally it is defined by the worth, importance or appreciation that a person places on a product, service or experience. Did the exchange improve my life? Did I learn something? Will this help my life and allow me to reach my goals?
Topshop, a store in New York has a professional photographer on site that photographs its customers and posts it immediately on FACEBOOK. They have taken the shopping experience and immediately found VALUE by combining it with its customers desire to share with friends in real time. It isn’t just about the clothes anymore, but the experience and the immediacy of sharing.
Ultimate Medical Academy, a fast growing health education organization, teaches each of its students’ important life skills as part of its curriculum. It’s Learn, Build, Success course provides students with life skills that not only enhance job placement but also betters their lives in appreciable ways thereby furthering the reputation of the school.
As we create experiential activities both on and offline, we must be cognizant of where the VALUE is everything we do. What are we bringing to the table that wasn’t there previously? Are we part of our consumer’s redefined definition of success? If not, why not? More importantly, what can be done to do so? It is critical, as our consumers will demand it and success will come to those that heed this call.
Sister Agency to Centra Marketing & Communications, llc.