Spotlight prioritization

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Spotlight prioritization

  1. 1. Prioritization:
  2. 2. <ul><li>V = R V R P + N </li></ul>2010: A New Definition of Value
  3. 3. <ul><li>Consumers want better prices, but have not become frugal </li></ul><ul><li>Instead, consumers are redefining what is worth paying more for </li></ul><ul><li>The new dynamic is prioritization </li></ul><ul><li>Prioritization is replacing accumulation as the defining passion of consumption </li></ul>The New Definition of Value
  4. 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. 5. Five Prioritization Strategies <ul><li>Seek value for money </li></ul><ul><li>Be careful </li></ul><ul><li>Do your research </li></ul><ul><li>Focus on style, design and performance </li></ul><ul><li>Don’t buy on impulse </li></ul>
  6. 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. 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. 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. 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. 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 <ul><li>Give consumers permission to buy </li></ul><ul><li>Focus on brand performance </li></ul><ul><li>Stimulate new user trial </li></ul><ul><li>Reward brand loyalty </li></ul><ul><li>Innovate, innovate, innovate </li></ul>
  12. 13. 1. Give Consumers Permission to Buy <ul><li>Now is not the time for complexity; clarify as much as possible </li></ul><ul><ul><li>Don’t ignore the basics; in fact, consider playing them up </li></ul></ul><ul><ul><li>Do you need to reprioritize your benefit story? </li></ul></ul><ul><ul><li>What about simply saying what the brand does…and doesn’t do? </li></ul></ul><ul><ul><li>Rational, deliberative motivators </li></ul></ul>
  13. 14. 2. Focus on Brand Performance <ul><li>Talk about quality </li></ul><ul><li>Talk about craftsmanship </li></ul><ul><li>Talk about heritage </li></ul><ul><li>Provide product comparisons </li></ul>
  14. 15. 3. Stimulate new user trial Starbucks VIA Ready Brew Free Trial, National Tour, and National Roll-Out (television); May 2010
  15. 16. 4. Reward Brand Loyalty <ul><li>Promote consistently </li></ul><ul><li>Reward your best customers </li></ul>
  16. 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
  17. 18. <ul><li>Consumers want better prices, but have not become frugal </li></ul><ul><li>Instead, consumers are redefining what is worth paying more for </li></ul><ul><li>The new dynamic is prioritization </li></ul><ul><li>Prioritization is replacing accumulation as the defining passion of consumption </li></ul>Prioritization & The New Definition of Value

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