As I sipped my morning coffee, I came across an interesting article; how do marketers cope with consumers' new found frugality? It essentially talks about where the 4Ps are right now in this economic crisis. Avi Dan explains that the recession is not a reflection of the usual business cycle, but rather represents a complete social and economic reset. Check it out:
Rethink product: As consumers learn to live within their means and frugality replaces an abundantly wasteful consumerism, sustainability will become an essential benefit to your customers. Customers will uncompromisingly penalize products and brands that are perceived as wasteful of scarce resources and harmful to the environment, from SUVs to bottled water. Indeed, marketers need to recognize that sustainability has moved beyond a trend. It is no longer a sidebar of traditional marketing strategies but rather the very DNA of their product offering.
Rethink promotion. As markets become more tribal, they must recalibrate from broadcasting to narrowcasting and reach targets more efficiently and more effectively through tools such as behavioral targeting and addressable TV. They must also adopt a more granular view of customers by making analytics the cornerstone of any marketing effort. Most marketers are still committed to traditional communication vehicles, primarily TV. But the lesson from the rapid rise of social networking is that people prefer to have a conversation and dialogue within their networks, not an interruptive, one-way communication through TV commercials. Marketers must learn to adapt if they want their communication to maintain its effectiveness with a suddenly harder to please consumer.
Rethink price. As we've seen with the automobile industry, most companies, certainly in the manufacturing sector, operate at overcapacity, which makes them inefficient and diminishes their ability to raise price. How do you compete in such an environment, where top-line growth is a challenge? Rethink your bias, and instead of raising prices, appeal to a broader audience. Most marketers focus on Gen X and Gen Y, with a combined buying power of $1 trillion, but ignore African-Americans, with buying power in excess of $1.5 trillion, and baby boomers, with $2.1 trillion. Hispanic buying power is growing at three times the national average and will reach $1 trillion in 2011; Asian-Americans spend three times as much as Gen Yers; and gay Americans clock in at $800 billion. Ignoring these segments will put undue pressure on your profitability in an environment resistant to price increases.
Rethink place. Increasing distribution in a shrinking market is a loser's game -- merely trying to stay put as the treadmill goes faster and faster. It is likely that for the foreseeable future, the U.S. market, while still the world's biggest economy, will become less important as growth flattens. Thus, marketers must pursue growth in other markets. Most marketers are already focused on the BRIC countries -- Brazil, Russia, India and China -- as growth markets, and wisely so. These are fast-growing countries with large populations and appetites for imported goods. But now also may be a good time to explore what Goldman Sachs calls the N-11, or the Next Eleven, the big countries behind the BRICs: Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam.
...by Steve Jobs.I watched this back in April 2008. Here's the summary.
1) Set the theme – make clear and consistent them. Create a headline that sets the direction of the meeting
2) Provide an outline – Open and close each section with a clear transition. “So that’s a, b and now c”
3) Make it easy for your listeners to follow your story
4) Demonstrate enthusiasm and show it “It’s extraordinary, amazing, cool.”
5) WOW your audiences – have fun and be excited
6) Sell an experience – make numbers and statics meaningful, analogies help connect the dots for your audience. “It has 12G of music, that means you can travel to the moon and back.”
7) Make easy on the eye and be visually pleasing, little text
8) Paint a simple picture that doesn’t overwhelm
9) Treat like a show
10) Identify your memorable moment and build up to it
11) Rehearse, rehearse, rehearse and spend the time
12) And one last thing…. Give you audiences an added bonus to walk away with a band, a new product or features. This heightens the excitement.
Approach as an event production with a strong opening, product demo in the middle an encore.
1) Be natural and know your own style
2) Humor works – make it warm
4) Believe in the idea – be passionate – have lots of reasons why
5) Drum roll… Build up to it! Before you reveal, repeat insights one more time.
6) Put it on a pedestal – board it up
7) Give it some context and explain it.
8) Don’t oversell it
9) Open with a few positives before delivering the negatives
10) Don’t lie
11) Figure out comments and their possible responses
It's no longer a set of channels, (i.e mobile, computers, DOOH) rather a method of consuming all platforms. It's changing our ability to interact with other traditional media and essentially extending the dialogue. The mode of communication is changing from a one-way form of communication to a two-way model. This fertilizes new conversations and ignites connections between brands and consumers. In a world where everything is digital. What does this mean? Consumers are integrating digital, seamlessly into their online and offline words. And… really It’s all about understanding our consumer.