Summary: Trends represent change, even for business. Product lines survive (or die) on them.
Trends, for many of us, are just styles we avidly follow when we’re young - like wearing loud colours in earlier times, and electro sound activated t-shirts today - and heartily disapprove of as we age.
Just ignore them?
Like soap bubbles they start, swell and burst. Their existence is momentary and will soon pass, we believe. They capture the imagination for a while, and then all interest is lost. So, we say, it’s best to just ignore them.
Nike did. Their shoe ad campaign content emphasizing image and celebrity was a hit with the boomer generation. It built customer loyalty to the brand.
The company assumed that some things don’t change and carried the same focus forward to Generation Y.
Ready to change
And Nike suffered. Within two generations, the strategy bombed. The new consumer trend is a search for the uncommon and unusual. It may wax and wane, but it also heralds a complete change.
It turns out the Millennials’ youthful change of consumer taste isn’t about to evaporate. They’re unimpressed with the celebrity image that earlier generations aspired to.
Demand unpredictable
Trends are important even for business, as many product lines survive (or die) on them. Cars, clothing styles, games, toys or furniture companies need to be alert always since demand is essentially unpredictable.
For example, Benetton’s ad campaigns keep track of and highlight sensitive issues of diversity packaged in their ‘united colours’. These invite controversy, and also attract much public attention.
But the company remains alert and sensitive to change. In addition, to match shifts in customer needs and choices as and when they arise, the clothing company has efficient but flexible factory processes to change or modify colours week by week.
Research awareness
Marketing research is important for product sales. The point for many companies is to increase chances of success and avoid wastage of resources.
They create awareness of the product before its launch, and collect critical feedback from the targeted populations about possible consumer trends even in the future.
Cont’d 2… population influences
No comments:
Post a Comment