Jan 27

The proof is in the pudding

Posted in Uncategorized

I like watching cooking competitions on the Food Network. I think I know who will win before it’s announced. I’m very often right. How? I obviously can’t taste the food.

It’s by watching the chefs’ behaviors. When you see how they perform under pressure, when you see how they treat competitors and judges, you can get a sense of who can deliver. You can see who has confidence and who has bravado. You can tell who cares, who has attention to detail, who knows what he’s doing, who has good instincts, who rises to the challenge, who panics, who is haphazard and just trying to beat the clock. You can tell who has done their homework on how they will be judged, and then those who choose to honor it or ignore it.

These non-cooking behaviors are indicative of their skill level, talent and performance. Think about that when selling. You need to exude confidence and authority so others feel safe dealing with you.  But you also have to do the work to be great and improve on what nature gave you.

 

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Jan 26

Substance Over Style

Posted in Affluent market, Marketing

Tiffany just reported a dip in its 2011 holiday sales, despite energetic and creative marketing that incorporated exceptional digital and social media campaigns.  At the end of the day, companies have to sell what consumers want. And this holiday, fewer than expected said “yes” to the ionic blue box.

So, what do these sale figures mean and can we make any guess as to whether a trend is in motion? Much of  Tiffany jewelry is recognizable, almost as much as Louis Vuitton bags are. So, if affluent consumers aren’t buying blue, and given the discord between the rich and the poor the likes of which we haven’t seen since 1932, it may be that the affluent are looking for substantive and subdued luxury rather than conspicuous style. The only exceptions seem to be the celebrities and the ultra wealthy – are they immune? – many of whom continue to be exceedingly ostentatious: think a $1 million hospital suite for Beyonce and her new baby and $88 million sale price for a NYC apartment paid by Russian billionaire Dmitriy Rybolovlev for his 22-year-old daughter.

Marketers beware. This may be the time to soft pedal “style” and speak volumes on “value.”

-Emily

 

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Jan 25

The Perception of the Rich in America: A New Wrinkle For Marketers?

Posted in Affluent market, Marketing

A new Pew Research study reports that 66% of Americans believe there are “strong” or “very strong” conflicts between rich and poor in the U.S., an increase of 19 percentage points since 2009. Furthermore, 46% of Americans believe the wealthy got wealthy “because they were born with money or they knew the right people.” Perhaps this misperception is no surprise given the true stories of the sons and daughter of Sam Walton collectively having more wealth than the bottom 30% of all American households.

But, the Waltons are not typical of the affluent. In reality, more than two-thirds are self-made. They became wealthy due to hard work, passion and determination. It should also be noted that, on a global basis, Americans represent the 1%. The average American has more wealth than 99% of the world. We have it better than we think we do.

Regardless of right or wrong perceptions, marketers selling to the affluent may have to take this conflict between rich and poor into consideration. We don’t know what the full effect of this backlash will be on how the affluent spend. Some may continue to be reserved, sensitive to those who have less, while others may choose to flaunt it in attempt to show they are proud of their success and the workings of a free-market economy.

Will your brand have to pick a side? Free market or socialistic? Flashy or reserved? Is there a middle road? This conflict bears watching, and no surprise, it will likely improve or get worse with the economy.

-Emily

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Jan 24

What’s your ROI?

Posted in Uncategorized

Do you really know your return on investment when it comes to promoting your business? Too often we fall into the trap of doing the same things over and over again to increase sales just because that’s the way we’ve done things in the past. Granted, certain efforts are hard to gauge, like print advertising. Larger publishing companies like Time Inc. are starting to help advertisers gauge their ROI from advertising in their publications and on their websites by using extensive research programs. While you may not be advertising in mega-title publications, there may be ways to track the effectiveness of your other marketing efforts. It never hurts to ask if your efforts are giving you the return on investment you should be getting.

 

 

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Jan 23

The hare

Posted in Uncategorized

Some people are on the fast-track to success. Every two or three years they are at a new job with more money and a more impressive title.

Job hopping does not mean you are so great you are getting snatched up by everyone else. Often, it means you quit rather than work out a problem. It means you can only stay somewhere a couple of years before your shortcomings are uncovered. They are only experienced in being the new guy. These people are the ones who think they’ll quit before they get fired.

Sage advice: hang in there. There is a mindset among some people that you have got to take what you can and get out. If a company had the faith in you to hire you, then have faith that they realize we are all human, and together you can work through things and become better for it. Show the same loyalty you would show to your friends. You don’t have one disagreement with your friends or family and disown them, after all.

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Jan 20

R-E-S-P-E-C-T

Posted in Uncategorized

If you show respect to your coworkers:

They will defend you to the end

They will do great work

They will be a valuable member of your team

They will show respect to you

 

If you show respect to your customers:

They will hand over their hard-earned dollars to buy from you

They will come back and buy again

They will refer their friends

They will show respect to you

If you do not show respect to these groups, just add, “not” to every point. Simple.

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Jan 19

Perceived vs. Actual Wealth: Changing Affluent Spending Behavior

Posted in Affluent market, Communication, Marketing

Before the Great Recession, when housing prices and the stock market seemed to be on a never-ending upward climb, the affluent were spending their perceived wealth: what they had on paper, not necessarily what they had in their bank accounts. Times were great, why worry?

Now, with home values down as much as 50% in some markets with no bottom is sight and the stock market on a perpetual rollercoaster, the affluent are much more aware of what they actually have… as well as what the can realistically spend. Capital preservation is more top-of-mind than growth. The affluent no longer look at their purchases as whimsical transactions; they want more. The smart money is being spent on things that last. An African safari may seem capricious, but the experience is priceless and the memories everlasting.

In order to capture their share-of-wallet, marketers have to work a lot harder to show the distinctive value of their products. Buyers are looking for long-term gain versus just short-term frivolity.

- Emily

 

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Jan 18

Luxury Online vs. In-Store Experience: Polar Opposites?

Posted in Affluent market, Customer relations, Marketing

On the surface, luxury online and in-store retailing are polar opposites of the customer experience. Online, the best luxury marketers are making great strides to adapt to, and work with, new technologies to create the best self-help environment possible. In-store, these same luxury marketers expect their salespeople to create relationships, provide the best possible service and, above all else, be reliable.

The two experiences are not, in the end, running in two different directions. They are both about making the customer experience as easy as possible. Can these tactics ever merge? We think so. In fact, the movement is well underway.

Apple stores have merged the two worlds by bringing digital checkout to the retail experience. With the exception of hardware, a customer can literally walk in, pick a product off the shelf, scan it to pay for it and walk right out. This hybrid online in-store experience is fast, easy and very cool. Nordstrom still provides personal service, but they have added digital checkout in the form of iPod Touches.

Being easy to do business with is imperative for luxury marketers, no matter the channel.

-Emily

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Jan 17

Facial recognition is either creepy or brilliant

Posted in Uncategorized

In the continual quest to engage brands with customers and prospects, some companies are turning to facial recognition—a technology that can detect things like gender and age bracket to target a brand’s message. If you saw the futuristic thriller, Minority Report, then you’ve seen the concept of facial recognition in action. Or if you’ve visited The Venetian in Las Vegas, you may have seen it in person. The resort uses digital displays to recommend restaurants and entertainment activities based on facial recognition technology. While it may be a little creepy to think of technology that takes into account your appearance before deciding what message to give you, it could be an incredibly effective marketing tool.

 

 

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Jan 16

You may have sold it to me, but will I ever come back?

Posted in Clients, Communication, Customer loyalty, Customer relations, Dealer communications, Sales

I was shopping for a major purchase last week and the salesperson must have been new or incompetent. He only knew about his brand. There is a possibility he knew and played dumb so he didn’t  have to let his brand suffer from the comparison, but I think he was new.

If I am an informed consumer, if I’m going to buy from you, you had better well know as much, or more, than I do about the products available. You can only sell me what you have, but I can buy anything anywhere.

If I am an uninformed consumer, you had better know enough to sell me what I need and want–to make me feel good about my ownership experience.  Consumers often are more informed about products after the sale, and that has a great impact on future purchases and how they feel about the product during ownership. If you don’t know enough to do this, I won’t be back and everyone I know will know about it.

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