I’ve been very interested in the emerging trend of collaborative consumption, where people share goods and services collectively rather than buying them individually. This has huge implications for standard business models, which assume that you can sell more stuff because everyone wants one (or even multiple versions) of their own. What if our economic preferences are shifting from ownership to access? How does that change that way that we think about business models, innovation, and customers? Read more…
I’ve been reading all of the predictions and prognostications for 2012 with interest. Futures folks like me love this time of year, scanning the range of predictions from the inane to the insightful. For futurists, most of the “10 things to watch for” lists have already happened. But this year is especially interesting as there is so much uncertainty in the world economy, leading to a very broad range of potential scenarios that might play out. Read more…
There were lots of examples at Advertising Week demonstrating how to shoot from the hip. On the one hand by advertising agencies, many of whom are executing based on insights that are derived from a sample of “n=1-3 creatives.” Furthermore, by companies such as Chartbeat.com (who’s CEO was literally wearing cowboy boots) and Tickr that aggregate lots of information, but don’t analyze it. Overall, my impression from the panels I’ve attended is that strategic planning, analysis, and a deep understanding of the marketplace are being- intentionally or unintentionally- overlooked.
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At the fictional Sterling Cooper ad agency in “Mad Men,” Pete Campbell urges a client to “take a look at the Negro market.” In the TV show the year is 1961. It’s a reminder that the push to understand and target consumers on the basis of their ethnic identity goes back decades.
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Let’s consider unintended consequences and the growing Hispanic market: Laws and regulations that start out with the very best intentions for Hispanics may now actually be impeded their progress. Take for example, a recent meeting I was in with a major financial services company. I was with a group of execs going through a presentation of market data, competitor reviews and overall Hispanic consumer category attitudes and usage behavior. At the end of the meeting, one exec came up to me and said “we have the same problem as I had in my last company, it’s hard to make the business case with CRA regulations limiting our ability to measure the market”. What did he mean?
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Hispanics and immigration reached its apex of visibility during the 2006 street protests, where a coordinated, national series of street marches occurred with Hispanic participants estimated in the millions. These events were facilitated and amplified by Spanish-language media outlets, in particular Univision, Telemundo, Azteca America and various Spanish-language radio stations across the country and demonstrated to the American populace for the first time that Hispanic voices could coalesce in a powerful chorus.
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In the past decade or so I’ve had the opportunity to be a part of several Hispanic market opportunity assessments. The purpose of these studies has mainly been to determine how pre-existing (general market inspired) brands can enter the Hispanic market. Every case has been different, and all have been highly complex. However, I believe the strategic decisions for entering the market can be simplified and categorized. To explain this I created a fictitious case study called “DreamWaters” which I shared at last week’s Hispanic Retail 360 Conference.
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Gigya published an excellent white paper a year ago on the intersection of Social and Search. It is still worth reading, which is unusual in this fast-changing tech space. Some of the most interesting insights:
A majority of the referral traffic for some sites like USA Today and ESPN come from social networks.
The rapid growth of Hispanic, African American, and Asian American populations is driving a shift not just in the demographic composition of the U.S., but in the very culture—the look, feel, flavors, and sounds of the country. The idea of minority segments leading cultural transformations is not new. The African American community has led trends in music, fashion, dance, language, and political activism. Latino foods, music, and even TV genres like the Telenovela are growing in popularity among non-Hispanic consumers. Similarly, LGBT consumers have continued to grow in visibility and cultural influence, often nurturing major pop artists such as Madonna or Lady Gaga.
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Elizabeth Taylor was a powerful cultural force for over 50 years. Her beauty and presence captivated many over the span of her career. She won two Oscars (nominated for 3 others), was the first actress to command $1 million dollars for her role as Cleopatra, married eight times to seven men (and was at the center of celebrity social scandal and gossip), made herself synonymous with fine (and extravagant) jewelry. With a career and personality like that, Elizabeth Taylor became more than just a person—she created a brand that stood for brashness, glamour, and sensuality. Later in her career Elizabeth Taylor was able to leverage the brashness, glamour, and sensuality associated with her brand to create a fragrance line that includes White Diamonds, Black Pearl, and Passion. White Diamonds continues to be the best selling celebrity fragrance some 25 years after it was launched.
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