Marketing to Consumers in a Post-Abundance Economy
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Marketing to Consumers in a Post-Abundance Economy

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Obviously, the rules have changed drastically. Thanks to a major shift in economics as well as the balance of social-political power in our culture, marketers are scrambling to connect with the......

Obviously, the rules have changed drastically. Thanks to a major shift in economics as well as the balance of social-political power in our culture, marketers are scrambling to connect with the unpredictable moving target of today's consumer.

J. Walker Smith presents some powerful insights into where we've come from and where we're headed as a consumer society living in a Post Abundance world. His article "Enough of Too Much" appeared in the November 2008 issue of Media. It has been summarized in the form of the following brief presentation.

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Transcript

  • 1. Marketing to Consumers in a Post-Abundance Economy
  • 2. Acknowledgment
    • This presentation was based almost entirely on J. Walker Smith’s article in the November 2008 issue of Media titled “Enough of Too Much .”
    • J.Walker Smith is president of Yankelovich Inc. and the coauthor of three critically acclaimed best-sellers. His new book, with Ann Clurman, is Generation Ageless .
  • 3. “ People don’t buy products. They buy solutions to problems.” -- Ted Levitt, Harvard B-School Marketing Guru “ People don’t buy products. They buy solutions to problems.” -- Ted Levitt, Harvard B-School Marketing Guru
  • 4. Levitt’s Insight: A Keystone Idea in Marketing
    • Identifying problems (needs) and solving them is what business is about.
    • Begs a more basic question: What is a need?
  • 5. What is a Need
    • Our society’s idea of “needs” shaped by scarcity of 1930s and 1940s.
    • “ Post-scarcity” period filled our driveways, garages, closets and drawers to overflowing.
    • The massive expansion of consumer debt was central to this.
  • 6. Post-Scarcity
    • Our needs became more sophisticated and more removed from basic requirements.
    • No longer about performance, it was about experience.
    • No longer about value, it was about empowerment.
    • No longer about quality, it was about celebrity.
  • 7. We are now moving from post-scarcity to post-abundance. We are now moving from post-scarcity to post-abundance.
  • 8. Post-Abundance
    • Post-abundance will still be marked by scarcity.
    • But scarcity in the future will be rooted in abundance, not deprivation.
  • 9. Post-Abundance
    • Too much creates no less a dearth than too little.
    • Too much to do creates a paucity of time.
    • Too much to view creates a shortage of attention.
    • Too much to know piles up against limits in processing capacity.
    • Instead of too little to do, view, know — or own, buy, rent, manage, etc. — we now have too much.
  • 10. “ We have more than met the needs of deprivation, and the ensuing riches of super-abundance have had the paradoxical effect of creating a need for less.”
  • 11. Less, not more
    • Learning to market to consumers who want less.
    • New needs will have to be discovered
    • New solutions will have to be mastered and delivered.
    • The biggest growth opportunities of tomorrow will be those that address the needs of consumers who are overwhelmed by super-abundance.
  • 12. “ It means thinking about how to give consumers less in ways that deliver more value to their lives.”
  • 13. Giving consumers less
    • Less to spend (save them money)
    • Less to do (save them time)
    • Less to worry about (make it convenient)
    • Less space to manage (make it compact)
    • Less waste (make it green)
    • Less to understand (keep it simple)
  • 14.
    • Numantra is a very unique and results-driven advertising & marketing agency that was started on the crest of a tidal wave of change that ushered in the 21st Century. Our founding partners recognized the coming of this change and purposefully created a company shaped in the image of the unstoppable future. Find out what Numantra can do for you. Visit hire.numantra.com for more information.