marketing to consumers in a post-abundance economy

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Marketing to Consumers in a Post-Abundance Economy

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Acknowledgment

This presentation was based almost entirely on J. Walker Smith’s article in the November 2008 issue of Media titled

“Enough of Too Much.” J.Walker Smith is president of Yankelovich Inc.

and the coauthor of three critically acclaimed best-sellers. His new book, with

Ann Clurman, is Generation Ageless.

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“People don’t buy products. They buy

solutions to problems.”

-- Ted Levitt, Harvard B-School Marketing Guru

“People don’t buy products. They buy

solutions to problems.”

-- Ted Levitt, Harvard B-School Marketing Guru

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Levitt’s Insight: A Keystone Idea in Marketing

Identifying problems (needs) and solving them is what business is about.

Begs a more basic question: What is a need?

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What is a Need

Our society’s idea of “needs” shaped by scarcity of 1930s and 1940s.

“Post-scarcity” period filled our driveways, garages, closets and drawers to overflowing.

The massive expansion of consumer debt was central to this.

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Post-Scarcity

Our needs became more sophisticated and more removed from basic requirements.

• No longer about performance, it was about experience.

• No longer about value, it was about empowerment.

• No longer about quality, it was about celebrity.

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We are now moving from post-scarcity to

post-abundance.

We are now moving from post-scarcity to

post-abundance.

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Post-Abundance

Post-abundance will still be marked by scarcity.

But scarcity in the future will be rooted in abundance, not deprivation.

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Post-Abundance

Too much creates no less a dearth than too little.

• Too much to do creates a paucity of time. • Too much to view creates a shortage of

attention. • Too much to know piles up against limits in

processing capacity.Instead of too little to do, view, know —

or own, buy, rent, manage, etc. — we now have too much.

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“We have more than met the needs of

deprivation, and the ensuing riches of super-abundance have had the

paradoxical effect of creating a need for less.”

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Less, not more

• Learning to market to consumers who want less.

• New needs will have to be discovered• New solutions will have to be mastered and

delivered.• The biggest growth opportunities of

tomorrow will be those that address the needs of consumers who are overwhelmed by super-abundance.

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“It means thinking about how to give consumers

less in ways that deliver more value to their lives.”

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Giving consumers less

• Less to spend (save them money)• Less to do (save them time)• Less to worry about (make it convenient)• Less space to manage (make it compact)• Less waste (make it green)• Less to understand (keep it simple)

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Numantra is a very unique and results-driven advertising &

marketing agency that was started on the crest of a tidal wave of change that

ushered in the 21st Century.

Our founding partners recognized the coming of this change and purposefully created a

company shaped in the image of the unstoppable future. Find out what

Numantra can do for you.

Visit hire.numantra.com for more information.