Warning. This report from Bain is not something to embark upon if you only have a couple of mins. It is long and detailed and it makes you think. Those words aren't code for saying it is boring. It is anything but that. It is terrifying.
Often , when we are asked to make a decision or to choose between two things, we tend to trust our gut, which has some unconscious drawbacks. As logical human beings, we think we know what we want, but, can we really trust ourselves? Unfortunately, the answer is no. Trendhim, a men accessories brand, curious to discover the differences between what people say and what they actually do, went a step further and carried out a neuromarketing challenge using a EEG scanner.
At the Masters of Marketing Conference (it could only be in the US to have such a title) a senior marketer at Harley Davidson was talking about brands must not neglect the "growth market" of older consumers to focus solely on youthful audiences.
Now that we’re starting to see the first class of major brand CMOs who embraced the inanity of non-marketing marketing via social media bite the dust, their former employers are acknowledging the fundamentals of smart marketing…albeit with new twists and technologies.
JC Penney announced a no-sale strategy last year, along with an intention to replace sales with “everyday low prices” and a more respectful approach to its customers (instead of perpetuating the inane high pricing, constant discounts, and other detritus that have all but destroyed brick & mortar retailing).
The other week someone asked me what an agency such as Rabbit (where I work) should be focusing on going forward.
My reply, was previously organisations have been talking about a digital first approach. In other words, concentrate on online channels and content 1st, which then filters into the offline world. However now the priority has to be mobile first, you cater in the 1st instance for people who may be consuming your content via their smartphones.
Sounds obvious enough, but some recent stats demonstrate the need to move from theory to practice:
Movement marketing has proved it isn’t just a passing fad. It’s become a necessity. Shouting at customers, through traditional advertising and marketing routes such as TV, radio and magazines, just doesn’t work.
The coming marketing decade will be about common sense. Most of the tools we need to develop relevant, engaging and reputable brands exist. It’s just a matter of using them. So rather than tell you about the next new thing to use, I encourage you to double-check whether your 2011 marketing plan takes into account the following items.
The content creation business is thriving these days, especially now that the Conventional Wisdom has all but freed it from having any direct connection or relevance to actually selling anything. Instead, one of the new deliverables of today's marketing is often a contest of some sort, which I think is even worse than not saying anything meaningful about a brand.
Book Review – The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands by J. N. Kapferer and V. Bastien
Neuromarketing and luxury brands go together. After all, to a large measure luxury is a psychological construct – is a $600 purse ten times better than one that costs $60. Indeed, without brand labels, could the average person even distinguish them? It’s not surprising that early adopters of neuromarketing include luxury brands like BMW.