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Spotlight prioritization

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Transcript

  • 1. Prioritization:
  • 2.
    • V = R V R P + N
    2010: A New Definition of Value
  • 3.
    • Consumers want better prices, but have not become frugal
    • Instead, consumers are redefining what is worth paying more for
    • The new dynamic is prioritization
    • Prioritization is replacing accumulation as the defining passion of consumption
    The New Definition of Value
  • 4. 2010 Agree: ‘I’ll never spend my money as freely as before the recession.” Impact of the Great Recession: The Future Will Be Different Source: Yankelovich MONITOR 2008/2009 69% 63% Total Agree
  • 5. Five Prioritization Strategies
    • Seek value for money
    • Be careful
    • Do your research
    • Focus on style, design and performance
    • Don’t buy on impulse
  • 6. 2009 Provides the best value for the money 1. Prioritization: Value for Money Important in choosing a brand to purchase: Source: Yankelovich MONITOR 2008/2009 63%
  • 7. 2010 Lately I've often regretted making purchases after I go shopping 2. Prioritization: Be Careful Source: Yankelovich MONITOR 2008/2009 69% 31% Total Agree
  • 8. 26% 74% 2010 3. Prioritization: Do Your Research Describes me : “I am increasingly likely to spend time researching a product before making a purchase.” Source: Yankelovich MONITOR, Finances and Spending Lens, fielded 4/12 through 4/27, 2010
  • 9. 29% 34% 2009 4. Prioritization: Focus on Style, Design and Performance “ When I buy any product, its style and design is as important as its performance” 32% Source: Yankelovich GLOBAL MONITOR 2010 2010 41%
  • 10. 34% I am impulsive 5. Prioritization: Don’t Buy on Impulse Self Descriptor Rating Source: Yankelovic hGLOBAL MONITOR 2008/2009 I am cautious 2010 2010 22% 78% 22%
  • 11.  
  • 12. Prioritization: Five Brand-Building Strategies
    • Give consumers permission to buy
    • Focus on brand performance
    • Stimulate new user trial
    • Reward brand loyalty
    • Innovate, innovate, innovate
  • 13. 1. Give Consumers Permission to Buy
    • Now is not the time for complexity; clarify as much as possible
      • Don’t ignore the basics; in fact, consider playing them up
      • Do you need to reprioritize your benefit story?
      • What about simply saying what the brand does…and doesn’t do?
      • Rational, deliberative motivators
  • 14. 2. Focus on Brand Performance
    • Talk about quality
    • Talk about craftsmanship
    • Talk about heritage
    • Provide product comparisons
  • 15. 3. Stimulate new user trial Starbucks VIA Ready Brew Free Trial, National Tour, and National Roll-Out (television); May 2010
  • 16. 4. Reward Brand Loyalty
    • Promote consistently
    • Reward your best customers
  • 17. Netbooks: Hit of 2009 SC Johnson Clip-On insect repellent: Hit of Summer 2009 e-readers: 2009 Christmas hit iPad: Hit of 2010 5. Innovate Meaningful innovation will connect with consumers
  • 18.
    • Consumers want better prices, but have not become frugal
    • Instead, consumers are redefining what is worth paying more for
    • The new dynamic is prioritization
    • Prioritization is replacing accumulation as the defining passion of consumption
    Prioritization & The New Definition of Value

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