Marketing the New ‘Terms’ of Endearment
Over the years, tried and oft used terms in the world of business and marketing have transcended convention. We seem to be in a perennial state of having to come to terms with these terms. Here is the term sheet on that.
Brand Owners, Advertisers and Marketers were once cosy with ‘ Mass Market ‘. Try and reach the maximum audience numbers through mass media. A lot of the times it was about Spray and Pray. Mass Market transitioned to ‘ Mass Customisation ‘ which went beyond one size fits all to one size fitting some. With the advent of Artificial Intelligence, Machine Learning and Data Science, we are now in an era of the ‘ Customer Segment of One ‘, where one individual as an audience is targeted with high degree of precision and success.
The disclaimers have been turned on its head as well. What used to be common place was a term going as ‘ Caveat Emptor ‘ which essentially was to say buyers beware. The entire onus and risk on buying a product or service was all on the buyer/end user. Now, in an over commoditised world, where we have moved on from push and control to pull and engage, where top down has given way to bottom up marketing, what is evident is ‘ Caveat Venditor ‘, where the accountability and responsibility rests fully on the seller. The wheel has gone a full circle.
Not until long ago, brands and their marketing plans were etched out keeping demographic groups in mind. A pre decided age group with a certain buyer persona was carved out and communication was created to influence and impact that community. The universe has changed dramatically. Brand marketers have now started addressing mindsets which throws conventional wisdom out of the window. As they have now begun to chant, RIP Demographics!
Consumer aspirations have taken a twist as well. Yesteryears we had all marketing and communication created to induce brand ownership. With so much millennial consumption happening, the entire paradigm has now shifted to owning experiences. The new brand mantra for marketers is CeX(Customer Experience) and the City. Ownership is passe, experience is the new aspiration.
Remember those days when the quintessential manna from heaven was ‘ brand loyalty ‘. Coveted, treasured, revered. Loyalty was royalty. In an era of surplus of goods, information, choices, services and a deficit of trust, attention and resources, ‘ customer infidelity ‘ has replaced loyalty. Cheaper, better, faster? Here we shift loyalties!
We were just coming to terms with the ‘ knowledge economy ‘ as it moved on from the ‘ Industrial Economy ‘and before we knew it we were bang in the middle of the ‘sharing/collaborative economy‘. The dust had hardly settled on that and now the entire attention is rooted on the ‘ attention economy ‘. In an age of perennial distraction, attention is the new premium.
Since advent of marketing, and the quest for differentiation, the narrative has revolved around a USP(Unique Selling Proposition). That feature or benefit which makes your brand distinct or unique from other competitors in the eco system.Then came the not so holy communion onslaught- the SOS- Sea of Sameness. Nothing unique, nothing distinct, the herd mentality, the also ran, the me too. Which prompted our research at ISD Global to discover what we have come to label as UFP- Unique Feelings Proposition– where state of the heart is what brands are appealing to win trust, loyalty, mind and wallet space.
Am sure we will have more to chew on as the intersection of consumer behaviour, rapid evolution of technology and the ever changing socio economic landscape will throw up more perspectives that we have to come to terms with. Till then, au revoir.
It’s the weekend (in this part of the world) and I want to let you in on a Secret..
We are all looking for self help advise(at least I am) and it tends to reflect the beliefs and priorities of the era that spawns it. A decade ago, the reigning champion of the genre was “The Secret,” published by Rhonda Byrne. All of us would recall that book being the rage of the age. Byrne combined a literal interpretation of select verses from the Christian Bible—notably Matthew 21:22, “Whatsoever ye shall ask in prayer, ye shall receive”—with the acquisitive gospel of positive thinking.
In our current era of non-stop technological innovation, fuzzy wishful thinking has yielded to the hard doctrine of personal optimisation.What self help gurus are selling is metrics. It’s no longer enough to imagine our way to a better state of body or mind. We must now chart our progress, count our steps, log our sleep rhythms, tweak our diets, record our negative thoughts—then analyse the data, recalibrate, and repeat.
With so much for us mortals to do,it’s no secret that AI and Machine Learning are calling the shots…
Being Human is getting difficult? The Law of Attraction is being re written..