As I mentioned earlier today, this is the season that trend watchers and futurists offer their forecasts for the coming year. Many are hyperbole. But some are consistently reliable. Here’s the trend set from Trendwatching.com… which I put in to the “well thought out, fairly reliable” category.
Click here to enjoy the full story/series.
Mike Anderson
Wednesday, December 8, 2010
Is "not losing" the new "gaining?"
A story in the New York Times last week inspired the question in the above headline; interest rates on most savings accounts and investment instruments are very low. Click here to read the full story.
Implications: I’m certainly not the only person whose IRA took a beating throughout the recession. But now, I’m wondering whether that pounding has created a different paradigm in folks like me: Do we feel really good… just because we’re not getting punched?
That seems to be plausible, given the fact that folks are prepared to tolerate such low rates on their savings instruments these days. But even if I don’t make a dime this year on my savings accounts…
It will be more profit than I’ve made in the past three years.
Can completely different options—different from stocks, bonds, CDs and other investment options—be terribly far away? (Will individuals be tempted to invest in small enterprises, rather than public companies? Will we see more peer-to-peer lending? What other options could pose a threat to conventional banking, savings and lending relationships?)
Mike Anderson
Implications: I’m certainly not the only person whose IRA took a beating throughout the recession. But now, I’m wondering whether that pounding has created a different paradigm in folks like me: Do we feel really good… just because we’re not getting punched?
That seems to be plausible, given the fact that folks are prepared to tolerate such low rates on their savings instruments these days. But even if I don’t make a dime this year on my savings accounts…
It will be more profit than I’ve made in the past three years.
Can completely different options—different from stocks, bonds, CDs and other investment options—be terribly far away? (Will individuals be tempted to invest in small enterprises, rather than public companies? Will we see more peer-to-peer lending? What other options could pose a threat to conventional banking, savings and lending relationships?)
Mike Anderson
Tis' the season for consumer trends and 2011 predictions
I’ve long evaded the description of “futurist.” Someone who watches trends (like myself) is quite different that someone who predicts the future, in my opinion, especially in the wake of the Great Recession (which precious few futurists saw in their future).
That having been said, I do enjoy glancing at the work of various futurists, from time to time... especially when they are founded in trend watching, like this piece from a recent Marketing Daily newsletter. It offers the annual forecast of events from JWT. Click here to enjoy.
Mike Anderson
That having been said, I do enjoy glancing at the work of various futurists, from time to time... especially when they are founded in trend watching, like this piece from a recent Marketing Daily newsletter. It offers the annual forecast of events from JWT. Click here to enjoy.
Mike Anderson
Tuesday, December 7, 2010
UPDATE: More on the motives behind gift giving
Earlier this evening, I shared a Research Brief on this topic. Well here’s another story, this time from the newsletter at Iconoculture. Click here to read the full posting from Josh Kimball.
Implications: Why do people want to open the package holding your product or service this holiday season? (I can always count on at least one golden nugget every time I read that newsletter. If you like these kinds of postings, too, click here to subscribe to the Iconoculture newsletter.)
Mike Anderson
Implications: Why do people want to open the package holding your product or service this holiday season? (I can always count on at least one golden nugget every time I read that newsletter. If you like these kinds of postings, too, click here to subscribe to the Iconoculture newsletter.)
Mike Anderson
No fee unless we win your case... to be offered by divorce lawyers?
Last Friday, a story in the New York Times explained how one California law firm was prepared to “invest” in the name of their client, much the way a personal injury law firm takes-on a case with nothing down, and the promise of no fee unless they win the case.
The twist in this story: It was about a new breed of family law firms handling big-ticket divorces. Click here to read the piece.
Implications: It was only a matter of time, I guess. But watch for this trend to spread quickly, as law firms on the east coast, too, are entering their markets with this kind of contingency fee-for-service pricing.
Mike Anderson
The twist in this story: It was about a new breed of family law firms handling big-ticket divorces. Click here to read the piece.
Implications: It was only a matter of time, I guess. But watch for this trend to spread quickly, as law firms on the east coast, too, are entering their markets with this kind of contingency fee-for-service pricing.
Mike Anderson
The deeper motives and mentality of gift giving
Today’s Research Brief highlighted results of the Liberty Mutual "2010 Responsible Giving Survey," and sheds light on the how and why… behind the way people buy gifts. Click here to read the full story.
Implications: I smiled at the finding that 49% of men say their spouse handles the gift-buying responsibilities, but women answered that question with 75%. (Still, it seems, she is not getting the credit she thinks she deserves!)
Some gifts are given out of obligation, others out of love, others out of appreciation, and others out of tradition. The truth is, reasons for giving could be virutally infininte. But, why would someone presented the gift of your product or service (if it would make an appropriate or logical gift)? Does your messaging speak to that motive… and satisfy the benefits sought by a gift buyer?
If it truly is better to give than receive… why should people want to give what you offer?
Mike Anderson
Implications: I smiled at the finding that 49% of men say their spouse handles the gift-buying responsibilities, but women answered that question with 75%. (Still, it seems, she is not getting the credit she thinks she deserves!)
Some gifts are given out of obligation, others out of love, others out of appreciation, and others out of tradition. The truth is, reasons for giving could be virutally infininte. But, why would someone presented the gift of your product or service (if it would make an appropriate or logical gift)? Does your messaging speak to that motive… and satisfy the benefits sought by a gift buyer?
If it truly is better to give than receive… why should people want to give what you offer?
Mike Anderson
Monday, December 6, 2010
Will your product or service be left behind?
An interesting story from the New York Times last Friday pointed-out what many of us already knew: More sophisticated mobile phones (smart phones with cameras, more specifically) are causing folks to leave their point-and-shoot cameras in a drawer. Click here to read the story.
Implications: The casual-use digital camera is about to fall victim to technology, just as they made their film-photo predecessors obsolete just a few years ago. But the consumer driver was quite predictable: If I can carry fewer devices, and still enjoy the functions, why not!?
One must wonder whether ever more sophisticated hand-held devices (like Androids and i-Phones) might render less critical the need to carry along a small laptop. Or whether the i-Pad or similar devices might render a larger laptop less critical… especially with so many options in cloud computing coming into the market.
How are you reaching customers, digitally speaking? Is your presence as friendly on a phone as it is on a desktop? The answer to that question could dictate whether the consumer brings your message along for the ride.
Mike Anderson
Implications: The casual-use digital camera is about to fall victim to technology, just as they made their film-photo predecessors obsolete just a few years ago. But the consumer driver was quite predictable: If I can carry fewer devices, and still enjoy the functions, why not!?
One must wonder whether ever more sophisticated hand-held devices (like Androids and i-Phones) might render less critical the need to carry along a small laptop. Or whether the i-Pad or similar devices might render a larger laptop less critical… especially with so many options in cloud computing coming into the market.
How are you reaching customers, digitally speaking? Is your presence as friendly on a phone as it is on a desktop? The answer to that question could dictate whether the consumer brings your message along for the ride.
Mike Anderson
Friday, December 3, 2010
Consumers have a plan. Do you know what it is?
More consumers are arriving at the grocery store with a plan in hand, according to data from NPD and featured in a Marketing Daily article just yesterday. (Click here to see the story.)
Implications: From cars to gifts to groceries, many consumers have held-on to the recession-inspired habit of planning for more purchases, and making fewer purchases “spontaneously.”
In your category, what does that buying cycle look like? Will they replace the vehicle when they hit a certain mileage point? Or are they waiting for the first major repair, and then ready to dump the vehicle they have now? How thin or dated must their wardrobe become before they’ll replenish the closet?
A grocery shopping list is not just a logical, tangible example of planned purchasing. It is emblematic of a new way of life for lots of folks. Is your product or service category impacted by this practice?
Mike Anderson
Implications: From cars to gifts to groceries, many consumers have held-on to the recession-inspired habit of planning for more purchases, and making fewer purchases “spontaneously.”
In your category, what does that buying cycle look like? Will they replace the vehicle when they hit a certain mileage point? Or are they waiting for the first major repair, and then ready to dump the vehicle they have now? How thin or dated must their wardrobe become before they’ll replenish the closet?
A grocery shopping list is not just a logical, tangible example of planned purchasing. It is emblematic of a new way of life for lots of folks. Is your product or service category impacted by this practice?
Mike Anderson
We've got some good news and some bad news
First, the bad news: The labor market did not expand as much as we had hoped in November, according to this report from the Washington Post. 39,000 jobs were added, but the increase in job seekers led the unemployment rate higher to 9.8%. Click here for the story.
Then, the good news: Retail sales were up more than expected last month, too… reaching a 6% increase in same store sales compared to November last year. That’s according to this article from Media Post Marketing Daily (click to link).
Implications: For some, the recovery is going strong. For some, it is just beginning. For others, it is still something they are waiting for… and will not see until they or members of their household are more fully employed.
One might ask: Which of my consumers are gainfully into recovery? Which have begun their recovery, but are still in a state of caution? Should my marketing message—or my sales floor conversation—be the same for each of these differing targets?
Mike Anderson
Then, the good news: Retail sales were up more than expected last month, too… reaching a 6% increase in same store sales compared to November last year. That’s according to this article from Media Post Marketing Daily (click to link).
Implications: For some, the recovery is going strong. For some, it is just beginning. For others, it is still something they are waiting for… and will not see until they or members of their household are more fully employed.
One might ask: Which of my consumers are gainfully into recovery? Which have begun their recovery, but are still in a state of caution? Should my marketing message—or my sales floor conversation—be the same for each of these differing targets?
Mike Anderson
Thursday, December 2, 2010
Auto industry on the road to recovery
For November, sales at GM were up 22% over last year, and Ford was up 24%, according to many accounts, including this story from today’s Marketing Daily (click to link).
In other goods news from the auto industry, Hyundai reported a unit-sales increase of 45% compared to last year, according to this article from yesterday’s USA Today (click to link).
Implications: These sales figures might imply that the recovery is gaining momentum in the automotive category, or that pent-up-demand has finally reached a tipping-point for many drivers, or that manufacturers have brought more exciting values to the market... or all of the above.
What other reasons could explain why this category seems to be gaining momentum?
Mike Anderson
In other goods news from the auto industry, Hyundai reported a unit-sales increase of 45% compared to last year, according to this article from yesterday’s USA Today (click to link).
Implications: These sales figures might imply that the recovery is gaining momentum in the automotive category, or that pent-up-demand has finally reached a tipping-point for many drivers, or that manufacturers have brought more exciting values to the market... or all of the above.
What other reasons could explain why this category seems to be gaining momentum?
Mike Anderson
Consumers are operating on a need-to-know basis
This morning’s Research Brief features a Pew Research report about People and the Press. The study was designed to examine how much—or how little—people know about the balance of power in their own government and other high-profile topics, such as the recession, TARP, and more.
Click here to read the full article.
Implications: After first reading this report, it would be easy (and a bit unnerving) to assume that a lot of people are generally idiots. But thankfully, I don’t think that is the case, and I don’t think that’s what this data implies. In my humble opinion, the report might indicate that people are operating on a need-to-know basis.
They’re very busy trying to get or keep a job, raise families, make payments, catch-up on retirement, go to PTA meetings, take care of aging parents… et al. Political rhetoric has turned government into something that would often be more compatible with Entertainment Tonight than C-SPAN, and people don’t have time for it. Bailouts and recovery plans seem like out-of-reach topics that are decided behind closed doors and topics over which the consumer (voter) has little influence… so why pay attention? They have plenty of other things to worry about.
Certainly, ignorance about how our country works is a fundamental problem, and it needs to be addressed. But lack of education is only one cause; a greater cause might be lack of interest.
When it comes to your business, how complicated has life become for the consumer? Is you marketing message focused on things you want people to know? Or does it focus on what consumers need to know?
An important question to ask… when so many consumers are operating on a need-to-know basis.
Mike Anderson
Click here to read the full article.
Implications: After first reading this report, it would be easy (and a bit unnerving) to assume that a lot of people are generally idiots. But thankfully, I don’t think that is the case, and I don’t think that’s what this data implies. In my humble opinion, the report might indicate that people are operating on a need-to-know basis.
They’re very busy trying to get or keep a job, raise families, make payments, catch-up on retirement, go to PTA meetings, take care of aging parents… et al. Political rhetoric has turned government into something that would often be more compatible with Entertainment Tonight than C-SPAN, and people don’t have time for it. Bailouts and recovery plans seem like out-of-reach topics that are decided behind closed doors and topics over which the consumer (voter) has little influence… so why pay attention? They have plenty of other things to worry about.
Certainly, ignorance about how our country works is a fundamental problem, and it needs to be addressed. But lack of education is only one cause; a greater cause might be lack of interest.
When it comes to your business, how complicated has life become for the consumer? Is you marketing message focused on things you want people to know? Or does it focus on what consumers need to know?
An important question to ask… when so many consumers are operating on a need-to-know basis.
Mike Anderson
Wednesday, December 1, 2010
Does your product focus blur the customer experience?
Okay, this posting is a little different, because it is based purely on personal observation and experience rather than an issue I found from some web site, trade publication or news organization.
My wife and I had stopped at a JC Penney store to pick-up a gift item we had ordered online. While walking to the catalog pick-up area, we passed a rack of nice sport coats that were just my size… so I tried one on. Then, wanting to see how it looked, I scanned the men’s department for a simple mirror.
There weren’t any.
Really? In the area of the store that sells sport coats, suits, tuxedos, pants, shirts and ties... no mirror? Thus, I placed the coat back on the rack, and didn’t even pick-up the other two that I thought might be nice. So the opportunity to make a perfect add-on sale was lost. (I say “perfect” because a spontaneous purchase like this involves no additional-overhead for the retailer; they already had me in the store on another mission.)
Implications:
Dear local clothing provider (and other small businesses),
Do you study these nuances to notice your competitive advantages? Companies so focused on the type or volume of the product they sell can easily overlook the other, more important part of the transaction: Their shoppers.
I really prefer buying clothes in-person, rather than online, for the simple reason that I can try-on an item to see what it will look like on me. (I don’t care what it looks like on the male model at the website or in a catalog.) But in this particular store, that advantage has been squandered… as the retailer had squashed so much inventory into the department that they did not leave space for even a single mirror outside of those in the dressing rooms down the hall (which nixes getting second opinion from my wife.)
How do you help people consider the product you sell? Has that that device or assistance been overlooked, in recent years, as you try to keep up with warehouse stores, big discounters, department stores or other competitors?
Mike Anderson
My wife and I had stopped at a JC Penney store to pick-up a gift item we had ordered online. While walking to the catalog pick-up area, we passed a rack of nice sport coats that were just my size… so I tried one on. Then, wanting to see how it looked, I scanned the men’s department for a simple mirror.
There weren’t any.
Really? In the area of the store that sells sport coats, suits, tuxedos, pants, shirts and ties... no mirror? Thus, I placed the coat back on the rack, and didn’t even pick-up the other two that I thought might be nice. So the opportunity to make a perfect add-on sale was lost. (I say “perfect” because a spontaneous purchase like this involves no additional-overhead for the retailer; they already had me in the store on another mission.)
Implications:
Dear local clothing provider (and other small businesses),
Do you study these nuances to notice your competitive advantages? Companies so focused on the type or volume of the product they sell can easily overlook the other, more important part of the transaction: Their shoppers.
I really prefer buying clothes in-person, rather than online, for the simple reason that I can try-on an item to see what it will look like on me. (I don’t care what it looks like on the male model at the website or in a catalog.) But in this particular store, that advantage has been squandered… as the retailer had squashed so much inventory into the department that they did not leave space for even a single mirror outside of those in the dressing rooms down the hall (which nixes getting second opinion from my wife.)
How do you help people consider the product you sell? Has that that device or assistance been overlooked, in recent years, as you try to keep up with warehouse stores, big discounters, department stores or other competitors?
Mike Anderson
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