Spotlight prioritization

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Prioritization: 1

Transcript of Spotlight prioritization

Page 1: Spotlight prioritization

Prioritization:

1

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© 2010 The Futures Company

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2010: A New Definition of Value2010: A New Definition of Value

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© 2010 The Futures Company

• 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

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© 2010 The Futures Company

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

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© 2010 The Futures Company

Five Prioritization Strategies

1. Seek value for money2. Be careful3. Do your research4. Focus on style, design and performance5. Don’t buy on impulse

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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%

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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

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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

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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%

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34%

I am impulsive

5. Prioritization: Don’t Buy on Impulse

Self Descriptor Rating

Source: Yankelovic hGLOBAL MONITOR 2008/2009

I am cautious

20102010

22%

78%

22%

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Prioritization: Five Brand-Building Strategies

1. Give consumers permission to buy 2. Focus on brand performance3. Stimulate new user trial4. Reward brand loyalty5. Innovate, innovate, innovate

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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

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2. Focus on Brand Performance

• Talk about quality• Talk about craftsmanship• Talk about heritage• Provide product comparisons

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3. Stimulate new user trial

Starbucks VIA Ready Brew Free Trial, National Tour, and National Roll-Out (television); May 2010

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4. Reward Brand Loyalty

• Promote consistently• Reward your best customers

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Netbooks: Hit of 2009Netbooks: Hit of 2009SC Johnson Clip-On insect repellent: Hit of Summer 2009

SC Johnson Clip-On insect repellent: Hit of Summer 2009 e-readers: 2009

Christmas hit

e-readers: 2009 Christmas hit

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iPad: Hit of 2010iPad: Hit of 2010

5. Innovate

Meaningful innovation will connect with consumers

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© 2010 The Futures Company

• 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