The document provides marketing advice for companies during an economic recession, suggesting that brands should maintain or increase advertising, avoid cutting prices, and focus on innovation. It also examines changing consumer behavior, finding that many consumers are anxious about the future and actively hunting for bargains and value. The research indicates that consumers now associate value more with quality, trustworthiness, and customer service rather than just low price.

1. Value:
Eternal Truths/Emerging Surprises
Advice & Implications From Euro RSCG - January 2008
1

2. Agenda
Part 1. Marketing Through a Recession: Time-Tested Tips
Part 2. A Snapshot of Today’s Consumer
Part 3. The Value Relationship: What Consumers Need
Part 4. Communicating Value: A Semiotic Analysis
2

3. The Worst Economic Crisis Since
the Great Depression
3

4. Traditional Marketing Advice
4

5. Playing Offense
1. Don’t Cut Advertising
5

6. Playing Offense
1. Don’t Cut Advertising
Brands that maintain or increase advertising during recessions
increase sales 3x those of brands that cut their budgets
300 400 375
350
250
300 283
200
250
195
150 200 159
` 137 `
150 106 119
100 100 100 96 89
100 88
50
50
0 0
1972 1973 1974 1975 1976 1977 1980 1981 1982 1983 1984 1985
Did not cut in Cut in 1974 Cut in both Cut in 1975 Eliminated or decreased Eliminated or decreased
1974 or 1975 but not 1975 1974 or 1975 but not 1974 advertising in both 1981 and 1982 advertising in both 1981 and 1982
Source: Rosberg & American Business Press Study (B. Ryan); McGraw-Hill Research Laboratory
6

7. Playing Offense
1. Don’t Cut Advertising
2. Don’t Cut Prices
7

8. Playing Offense
1. Don’t Cut Advertising
2. Don’t Cut Prices
“More Likely To Damage Profits Than Maintain Sales”*
• dilutes brand’s positioning/value
• squeezes bottom line
• “difficult to escape downward trend”
• offers new entrants a foothold
Source: * Ehrenberg-Bass Institute (B. Sharp); Ananda Roy
8

9. Playing Offense
1. Don’t Cut Advertising
2. Don’t Cut Prices
3. Innovate, Innovate, Innovate
9

10. Playing Offense
1. Don’t Cut Advertising
2. Don’t Cut Prices
3. Innovate, Innovate, Innovate
“Categories that grow the most [during recessions] are those that
show the highest level of product introduction”*
1930s 1970s
Source: * Ehrenberg-Bass Institute (B. Sharp)
10

11. Playing Offense
1. Don’t Cut Advertising
2. Don’t Cut Prices
3. Innovate, Innovate, Innovate
“Categories that grow the most [during recessions] are those that
show the highest level of product introduction”*
1930s 1970s
During the 1970s, 50% of supermarket
categories grew more than 15%.
Source: * Ehrenberg-Bass Institute (B. Sharp)
11

12. It’s Right to Play Offense
Don’t Cut Advertising
Don’t Cut Prices
Innovate, Innovate, Innovate
12

13. It’s Right to Play Offense
Don’t Cut Advertising
“The best approach is a version
Don’t Cut Prices
of business as usual.”
Innovate, Innovate, Innovate
13

14. But…
14

15. What We Did
500-person quantitative study
in 3 markets (U.S., U.K., France)
Subsets of Prosumers & women
(Grocery Shoppers)
A real-time snapshot of Analysis of case studies and
academic research
the anxious consumer
Shop-a-long ethnographies
(supermarkets and malls)
Semiotic analysis of changing
codes of value
15

16. This Recession Isn’t Exactly
Like Previous Ones
1929–33 1973–75 1980–82 2008
GDP -13.0% -0.5% -1.9% +1.2%
S&P 500 -86.0% -48.0% -26.0% -38.0%
Inflation -10.0% 11.0% 13.5% 3.8%
Real disposable income has
not decreased as much as in
previous recessions
16

17. a crisis of money

18. Make No Mistake, Consumers Are Afraid
1 No Anxiety Severe Anxiety 5
72%
(equal anxiety across age, gender, and HHI)
18

19. And 52% Believe the Crisis Will Get Worse
1 No Anxiety Severe Anxiety 5
19

20. And 52% Believe the Crisis Will Get Worse
1 No Anxiety Severe Anxiety 5
Anxiety Driven By …
1. rising unemployment
2. decreasing property values
3. lower consumer spending
20

21. How Worried Are You About the Following?
5
money to retire
Severe Anxiety
keeping up with cost of living
paying my bills
getting out of debt
funding my kids’ educations (30- to 44-year-olds)
putting food on the table
putting gas in the car
losing my job
1 No Anxiety
21

22. How Worried Are You About the Following?
5
money to retire
Severe Anxiety
keeping up with cost of living Much Consumer
Anxiety Is Future-
paying my bills
Focused
getting out of debt
funding my kids’ educations (30- to 44-year-olds)
putting food on the table
putting gas in the car
losing my job
1No Anxiety
22

23. But That Future-Focused Anxiety Is
Changing Their Behavior Today
23

24. Changing Consumer Behavior
How Are You Reducing Expenses?
5
Severe Anxiety
staying home more (62%)
putting off major purchases
using coupons
lowering the heat
reducing travel
buying more store brands (42%)
searching for bargains online
making meals from scratch
conserving household goods
driving less
1No Anxiety
24

25. Changing Consumer Behavior
How Are You Reducing Expenses?
5
Severe Anxiety
staying home more (62%) A “Homing” Instinct
putting off major purchases
66% would rather spend time at home
using coupons than go out—a 7% increase since 2007
lowering the heat
75% agreed this past holiday was more
reducing travel about “family and simple pleasures”
than gifts
buying more store brands (42%)
searching for bargains online
making meals from scratch
conserving household goods
driving less
1No Anxiety
25

26. 26

27. 58%
less likely to go to a restaurant
58%
more likely to go to Wal-Mart
27

28. Active Bargain Hunting
28

29. Active Bargain Hunting
I am consumed with getting the best deal for a
service or product I purchase:
29

30. Active Bargain Hunting
I am consumed with getting the best deal for a
service or product I purchase:
70%
agree
30

31. Active Bargain Hunting
I am consumed with getting the best deal for a
service or product I purchase:
70%
agree
80% Prosumers agree; many hunting
online (overstock.com, eBay)
women increasing visits to garage sales,
thrift stores
less “impulse” buying; more time at
shelf
31

32. And Despite Their Anxiety, There’s Still
Some Joy in the Hunt
Women Prosumers
Shopping makes me feel great. 42% 52%
I enjoy shopping. It’s recreation. 57% 65%
Shopping is more fun than other activities. 48% 65%
32

33. The Satisfaction of the Hunt
I looked everywhere for the perfect cashmere
sweater for my husband until I found it at
Bloomingdales for 50% off.
You have to sort through all the crap until you
find what’s really good.
I checked eBay every day, waiting to find a new
Kindle—and I did.
33

34. The Satisfaction of the Hunt
I looked everywhere for the perfect cashmere
sweater for my husband until I found it at
Bloomingdales n 50% off.
o
for
ti
Implica
. V aluable
is covered ing.
. It is d
f sort through all fo noth
e
You have istoound en awaythercrap until you
R eal valu aren’t giv
things find what’s really good.
I checked eBay every day, waiting to find a new
Kindle—and I did.
34

35. Defining Value
(The Hunt for a “Good Deal”)
35

36. What Do You Associate with Value?
lowest price
more for the same price/added value
multi-uses
quality
long-lasting
great service
guarantee/warranty
36

37. What Do You Associate with Value?
quality (135)
more for the same price/added value (122)
long-lasting (115)
index
100
lowest price (94)
great service (52)
guarantee/warranty (44)
multi-uses (33)
37

38. What Do You Associate with Value?
quality (135)
more for the same price/added value (122)
long-lasting (115)
index
100
lowest price (94)
great service (52)
guarantee/warranty (44)
multi-uses (33)
38

39. What Do You Associate with Value?
quality (135)
more for the same price/added value (122)
long-lasting (115)
index
100
lowest price (94)
Which seems obvious, but …
great service (52)
guarantee/warranty (44)
multi-uses (33)
39

40. A Surprising Trend
Feb 08 Today
Price is not the most important factor–getting
exactly what I want is
46% 58%
I buy based on quality, not price. 36% 60%
40

41. A Surprising Trend
Feb 08 Today
Price is not the most important factor – getting
exactly what I want is
46% 58%
I buy based on quality, not price. 36% 60%
41

42. Low-Price Skepticism
It seems like stores are saying, “Please take this
crap off my hands.”
—Megan McArdle, Financial Analyst, The Atlantic
In fact, the International Council of Shopping Centers blames
“heavy discounting” as one of the primary causes of the worst
holiday shopping season since 1970.
42

43. Low-Price Skepticism
It seems like stores are saying, “Please take this
crap off my hands.”
—Megan McArdle, Financial Analyst, The Atlantic
43

44. So If Price (Alone) Doesn’t Signal a
“Good Deal,” What Does?
44

45. Beyond price, how satisfying are the following
“added values” when you make a purchase?
Top 2 Box Summary
67% top-notch customer service
61% freebies (gifts with purchase, etc.)
58% made by a company I trust
45% made by a company I admire
44% scarce/hard to find
38% conscientious/making a difference
45

46. Rational Signals of Value
premium quality
low price
great customer service
added value/freebies
46

47. Value Is Quality
47

48. Rational Signals of Value
premium quality
low price
great customer service
added value/freebies
Digging Deeper…
48

49. How satisfying are the following “added
values” when you make a purchase?
Top 2 Box Summary
67% top-notch customer service
61% freebies (gifts with purchase, etc.)
58% made by a company I trust 68% Prosumers
45% made by a company I admire
44% scarce/hard to find
38% conscientious/making a difference
49

50. The companies I admire today are …
(49%) honest/trustworthy
(29%) friendly/approachable
ethical
efficient
(< 20%) competitive
Environmentally conscious
community-minded
innovative
(< 10%) creative
visionary
(4%) frugal
50

51. The Enormous Value of TRUST
in a Time of Anxiety
51

52. The Enormous Value of TRUST
in a Time of Anxiety
We’ve been betrayed by the institutions we trusted the most
a palpable need to be “taken care of”
by trustworthy, decent brands
52

53. The Enormous Value of Trust
in a Time of Anxiety
I want companies to show a more human face. 82%
quality products at affordable prices
fair compensation to its employees
great customer service
providing employees a good work/life balance
products that are safe and reliable
doing all it can to protect the environment
giving back to the community
letting employees share profits
53

54. So What Does All This Mean?
54

55. The Emerging Picture
a consumer very worried about the future
hunting for value today
(and sometimes even enjoying it)
she’s not persuaded by price
but looking for “human” companies she knows she can trust
to deliver quality goods and an “honest” experience
55

56. Value Isn’t a Message
Value Is an Experience
56

57. The “Value Experience” Satisfies …
need for discovery need for trust
“Look What I Found!” “This is really good.”
57

58. The Value Experience
HUNTING GATHERING
need for discovery need for trust
58

59. The Value Experience
HUNTING GATHERING
need for discovery Value Experience need for trust
The
59

60. Satisfying
THE HUNTER
60

61. Satisfying
THE HUNTER
a time for new news—not just new products,
but new stories and associations
61

62. Satisfying
THE HUNTER
a time for new news—not just new products,
but new stories and associations
62

63. Satisfying
THE HUNTER
make the most of the Internet—empower consumers (esp.
Prosumers) to evangelize your brand in the digital world
63

64. Satisfying
THE HUNTER
make the most of the Internet—empower consumers (esp.
Prosumers) to evangelize your brand in the digital world
All Prosumers
The Internet is a very important part of my
78% 90%
“shopping”—even if I don’t make purchases online.
I’d like to be part of an online community to share
60% 87%
opinions and information about brands.
64

65. Satisfying
THE HUNTER
make the most of the Internet—empower consumers (esp.
Prosumers) to evangelize your brand in the digital world
65

66. Satisfying
THE HUNTER
invent promotions that give consumers a sense of discovery
or require a little effort (contests, tell-a-friends, etc.)
66

67. Satisfying
THE HUNTER
invent promotions that give consumers a sense of discovery
or require a little effort (contests, tell-a-friends, etc.)
67

68. Satisfying
THE HUNTER
invent promotions that give consumers a sense of discovery
or require a little effort (contests, tell-a-friends, etc.)
Consider online
promotions that
reward consumers for
their effort.
68

69. Satisfying
THE HUNTER
invent promotions that give consumers a sense of discovery
or require a little effort (contests, tell-a-friends, etc.)
promos that help
consumers feel like
“insiders”
69

70. Satisfying
THE HUNTER
new news
digital discovery
promos that help you hunt
Let Them DISCOVER Your Value
70

71. Satisfying
THE GATHERER
71

72. Satisfying
THE GATHERER
promise a better real life; avoid the untrustworthy
fantasyland of aspiration
72

73. Satisfying
THE GATHERER
promise a better real life; avoid the untrustworthy
fantasyland of aspiration
73

74. Satisfying
THE GATHERER
promise a better real life; avoid the untrustworthy
fantasyland of aspiration
Value Score Value Score
+ 40 + 15
74

75. Satisfying
THE GATHERER
promise a better real life; avoid the untrustworthy
fantasyland of aspiration
even traditionally “aspirational”
brands must get real
75

76. Satisfying
THE GATHERER
celebrate time-tested values; be nostalgic without
being old-fashioned
76

77. Satisfying
THE GATHERER
celebrate time-tested values; be nostalgic without
being old-fashioned
77

78. Satisfying
THE GATHERER
celebrate time-tested values; be nostalgic without
being old-fashioned
A Puritan Revival
good clean family fun
78

79. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
79

80. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
80

81. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
81

82. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
82

83. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
83

84. Satisfying
THE GATHERER
demonstrate a commitment to all; be a brand for the
interdependent “us”
84

85. Satisfying
THE GATHERER
embrace corporate transparency; admit to your
objectives; don’t pretend you’re not hurting as well
85

86. Satisfying
THE GATHERER
embrace corporate transparency; admit to your
objectives; don’t pretend you’re not hurting as well
1932 GM Advertisement:
“There is nothing altruistic about GM research. We expect it to broaden
our goodwill. We expect it to help us sell more automobiles.”
86

87. Satisfying
THE GATHERER
embrace corporate transparency; admit to your
objectives; don’t pretend you’re not hurting as well
1932 GM Advertisement: ur
ht of o
ugresearch.’tWe ed aluyit to broaden
l
“There is nothing altruistic abouto
h ne expect ?
A
our goodwill. We expect Tit toGMey dsellnmore ey b
d
help us i es th automobiles.”
h
um ers t s the on
d cons much a
e tol or as
if w —
W hat roducts
p
87

88. Satisfying
THE GATHERER
embrace corporate transparency; admit to your
objectives; don’t pretend you’re not hurting as well
1932 GM Advertisement:
“There is nothing altruistic about GM research. We expect it to broaden
our goodwill. We expect it to help us sell more automobiles.”
88

89. Satisfying
THE GATHERER
customer service! it’s never mattered more!
89

90. Satisfying
THE GATHERER
customer service! it’s never mattered more!
Beyond price, how satisfying are the following “added values” when
you make a purchase?
Top 2 Box Summary
67% top-notch customer service
top-notch customer service
61% freebies (gifts with purchase, etc.)
58% made by a company I trust
45% made by a company I admire
44% scarce/hard to find
38% conscientious/making a difference
90

91. Satisfying
THE GATHERER
customer service! it’s never mattered more!
91

92. Satisfying
THE GATHERER
customer service! it’s never mattered more!
Shipping and return shipping are free; most repeat customers get upgrades to free overnight or second-day delivery.
92

93. Satisfying
THE GATHERER
customer service! it’s never mattered more!
Beyond price, how satisfying are the following “added values” when
you make a purchase?
Top 2 Box Summary
67% top-notch customer service
top-notch customer service
61% freebies (gifts with purchase, etc.)
58% made by a company I trust
45% made by a company I admire
44% scarce/hard to find
38% conscientious/making a difference
93

94. Satisfying
THE GATHERER
promise a better real life; avoid the untrustworthy
fantasyland of aspiration
celebrate time-tested values; be nostalgic without being
old-fashioned
demonstrate a commitment to all; be a brand for the
interdependent “us”
embrace corporate transparency; admit to your objectives;
don’t pretend you’re not hurting as well
customer service! it’s never mattered more
Build a Genuine BOND OF TRUST
94

95. The Gold Standard
HUNTING GATHERING
need for discovery need for trust
95

96. Moved Away from Explicit Price Message
pursued new partnerships: Apple real family life
new emphasis: food political involvement/
community activism
a variety of tones: fun, for all: America’s store
eco-conscious
revamped website with indispensable greeters
community feature
96

97. Communicating Value:
A Semiotic Analysis
97

98. Semiotics Trajectory
RESIDUAL DOMINANT EMERGENT
98

99. Semiotics Trajectory
RESIDUAL DOMINANT EMERGENT
99

100. RESIDUAL
PRICE!
quantity
necessity
generic
100

101. RESIDUAL
More Bang for
Your Buck
Quantity
Necessity
Generic
101

102. RESIDUAL DOMINANT EMERGENT
More Bang for
right price > right product
Your Buck
more is always better
quantity
(“Depression Mentality”)
necessity
“brands” scream: sunbursts!
generic
low prices: a democratic right
102

103. RESIDUAL DOMINANT
More Bang for Better Bang for
Your Buck Your Buck
quantity quality
necessity “masstige”
generic smart/savvy
103

104. RESIDUAL DOMINANT
Better Bang for
Your Buck
quality
“masstige”
smart/savvy
104

105. DOMINANT
Better Bang for
Your Buck
quality
“masstige”
smart/savvy
105

106. DOMINANT
Better Bang for
Your Buck
quality
“masstige”
smart/savvy
106

107. imitate premium codes (style > price)
107

108. (celebrity-endorsed) quality for less
108

109. appeal to “trendy” values (value/values)
109

110. a smart choice, not a cheap choice
110

111. DOMINANT
Better Bang for
Your Buck
premium codes
quality
popular values
“masstige”
smart/savvy
smart/savvy
111

112. RESIDUAL DOMINANT
More Bang for Better Bang for
Your Buck Your Buck
You can buy cheap things. You can maintain a great life.
Generic and informational. Stylish and playful.
Save because you have to. Save because you’re smart.
112

113. RESIDUAL DOMINANT
More Bang for Better Bang for
Your Buck Your Buck
113

114. RESIDUAL DOMINANT
More Bang for Better Bang for
Your Buck Your Buck
A Formula for Success,
but …
114

115. RESIDUAL DOMINANT EMERGENT
More Bang for Better Bang for Right Bang for
Your Buck Your Buck Your Buck
You can buy cheap things. You can maintain a great life. Have BETTER EXPERIENCES.
Generic and informational. Stylish and playful. REBOOT TRADITIONAL VALUES
Save because you have to. Save because you’re smart. Save because it’s THE WISE
THING TO DO
115

116. RESIDUAL DOMINANT EMERGENT
More Bang for Better Bang for Right Bang for
Your Buck Your Buck Your Buck
consumption EXPERIENCE
(explicit communication of value) (implicit communication of values)
116

117. Value Values
117

118. EMERGENT VALUE CODES 118
Experience Good Enough Revivalist Wisdom
(vs. Consumption)
• brand as resource or tool • less about getting one
• voluntary simplicity, • concern with responsible
for richer experience over on the big brands
conscious consumerism choices, relationships,
than about getting to
• forgoing ownership and community
• transparent brand what’s important
accumulation
personality, real product • can be about looking to
• project a more plural,
• eBay, auction culture, story, simple packaging future instead of past,
inclusive, humble, well-
Craigslist taking the old and
• magazines celebrating adjusted outlook
making it new
• rent a car, not an RV; cool self-reliance,
• YAWN (Young,
charming hotel, not a pragmatism, DIY • Obama’s Inaugural; Ann
Wealthy, and Normal);
resort Hathaway, Norah Jones
• Craftster, Make, Craft Obama, Bjork
118

119. EXPERIENCE vs. CONSUMPTION 119
• Point is that money can’t buy you love, and the best
things in life are free. Or, as MasterCard prefers to
put it, they are priceless.
• Consumption should always be a fun adventure
(e.g., shopping in new places, experimenting with
new sorts of things); or an opportunity for
conviviality (with family, friends, romantic
interest); or an invigorating competition or
challenge (auction, haggling, eBay, Craigslist).
• Consumption can be a creative act, involving your
imagination, generosity, sense of daring.
119

120. GOOD ENOUGH vs. MORE/BETTER 120
• 33% more is only better if you really need to eat
that much cereal, drink that much juice. Value
isn’t only about more, it’s about more of the
right thing, cheaper price for the right amount,
paying a fair price for something fit for
purpose—instead of cheaply made, one-size-
fits-all product or service.
• Making more considered, responsible choices
generally; this doesn’t necessarily mean
choosing a value brand, but it can.
• Responsible people don’t overreach, don’t
greedily, instinctively go for the most/best
bang for your buck…but the right bang.
• Notion that austerity isn’t only/always a
burden, but can be a means to becoming a
better person, deciding what really matters,
living lightly on the earth, not being wasteful.
• RIGHT-SIZER: Paying less for something big
and wasteful, trendy and pointless, is not
saving money. It’s OK to spend more on
something that lasts.
120

121. REVIVALIST vs. NOSTALGIA
• We don’t need to retreat back into old-fashioned
values (moderation, doing-it-yourself, taking
responsibility for choices, concern with
community and family). Instead, we can reboot
these values, make them our own; make them
new, for now. It’s forward-looking revivalism.
• We admire austerity, pluck, resourcefulness,
cheerfulness in the face of hard times when we
think of our ancestors, so let’s also admire it in
ourselves: Value brands can encourage
intergenerational, historical, American pride in
value-for-money.
• Instead of aping the codes of the latest, trendiest
brands, value brands should reference the good
old days—but without slavishly replicating the
color palettes, design styles, typefaces, and so
forth, of those times. Always make it new.
121

122. WISDOM vs. SMART/SAVVY
• “Get smart” is a pejorative, these days: By always
trying to outsmart the other guy, get the
most/best bang for your buck, you’ve only
outsmarted yourself. Because you ended up
buying things you didn’t need, aping a lifestyle
you never wanted to live, paying less for things
that were too expensive in the first place.
• Value brands can tap into emergent Wisdom
coding by avoiding “smart” messages (you-can-
have-it-both-ways, e.g., cheap and
luxurious/stylish/plentiful) and instead
emphasizing “wise” messages (eating locally,
buying local products is not only cheaper but
better for the community/environment; spending
less on the things you need and avoiding things
you don’t need gives you more time and money
to do the things you want).
• Value brands can tap into emergent Wisdom
coding by educating consumers that paying more
for something that lasts, vs. buying cheap and
disposable items, is not only better for your wallet
in the long run but better, period.
122

123. Learning from “Ethical” Brands
community/movement
handcrafted/under-designed
quality above all else
develop a personality (use humor)
123

124. COMMUNICATION OPPORTUNITIES
Owning an Emergent Value Space
124

125. “NEW DEAL” GENERICS
A populist proposition—excellence for everyone. A world in which there are no
“second class citizens”—inclusive, pragmatic, and genuinely simple. The best of
what democracy has to offer. The “no logo movement.”
125

126. GENUINE MEANING
A new hopefulness with a strong desire to focus on that which is “meaningful.”
Increased appeal around participative experiences (versus things that are simply
acquired). A secular way of finding meaningfulness. New respect around public
service i.e., teachers, nurses, cops, etc. (versus decreased respect for businessmen).
Value not as the need to cut out or give up, but as an opportunity to find real meaning.
126

127. ENLIGHTENED MALE
The desire for strong, confident, male leadership—a new idea of the well-adjusted
male outlook on the world that is neither aggressive nor self-conscious.
127

128. NEW RESPECT
A new sense of respect and decorum in which humility, and trustworthiness is
valued above extravagance. Prudence, moderation, and appropriateness. Decency,
civility, and respect. Emulating the Greatest Generation, while looking to the future.
128

129. Media Inquiries
For inquiries regarding Euro RSCG Worldwide’s studies, please
contact:
Lisa Gruber
Global Communications Manager
Euro RSCG Worldwide
T +1 212.886.2018
E lisa.gruber@eurorscg.com
129
129

130. For more insights from Euro RSCG research,
visit www.Prosumer-report.com
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