An onrush of new experiences is modifying consumers' outlook on the world in which they live, and in what they value. And, by extension, new experiences are altering the perspective consumers bring to brands and the qualities they value in brands.
More specifically, the change in social dynamics is causing consumers to cast an increasingly critical eye on brands, but, at the same time, consumers are prepared to reward brands that offer certain qualities.
In a keynote address at last week's Food Marketing Institute convention in Chicago, Jack L. Stahl spoke of seven bedrock qualities for which consumer search -- no doubt unconsciously -- as they make their buying decisions. As president of Coca-Cola USA, Jack Stahl was speaking mostly about packaged goods, but his ideas apply just as well to retail banners as brands. Here's a quick look at the seven qualities.
Trust: People have had more than their fair share of demonstrations of untrustworthiness from government officials, sports organizations and even charitable institutions. They're ready for a brand that states a promise and delivers on it.
Heroism: Few people can identify heroes, and there's a great need for them. This means consumers will respond well to touches of heroism in everyday life, such as those manifested by superior customer service. Consumers see those delivering good service as "micro-heroes."
Honor: Consumers value messages delivered consistently and honestly. These are quality-of-life issues that brands can project favorably into consumers' lives.
Substance: Many people now eschew the scramble up the corporate ladder and the attendant acquisition of possessions. Taking their place is a new emphasis on personal and family values. As consumers adjust how they spend their time, marketing opportunities open.
Time juxtaposition: The past, present and future are melding. This means people are seeking the assurance of the past, but still want to think of a future with promise. The latter is especially the case as new-millennium nervousness builds. So winning brands would be those that suggest the reliability of the past -- without seeming stodgy -- and which simultaneously project the hope of better days to come.
Control: Consumers seek something that's "all about me." As a result, interactive marketing such as that found on the Internet or by means of one-to-one marketing, permission marketing and collaborative marketing will prosper. But such marketing raises sticky privacy issues.
Consistency: The market is flooded with some 13,000 new products annually. One way to retain customers is to stick with the quality, price and features that build brand equity. Brand equity increases the chance of being heard amid the cacophony of marketing messages.
You'll see more about the keynote presentation, plus a retail view from Gary Michael of Albertson's, on Page 4 of this week's post-FMI issue.
