DIY – Allowing Consumers to Create is here to stay

We all know that Generation X and Generation “Why” as some refer to them are coming into the work force with new expectations and desires. One big one is the work life balance – many don’t feel the need to have to ‘climb the corporate ladder’ because they would rather be with their partners, spouses or families.

Another big trend is individualization. While these generations are brand loyal to some degree, they prefer the opportunity to individualize their products; just look at Scion and Mini Cooper and you will see that they have grasped this need and are super-serving the market.

On a smaller scale, creating custom dresses, duvets and lingerie are just of few of the newer DIY businesses that have taken off. I just read an article on a new designer who has launched a website where you can customize your own purse from dozens of different styles and even more fabrics, snaps and other accessories.

From a product marketing perspective this is genius, it allows the customer to really have what they want so the chances of returns or refunds (if you even take them) are eliminated. Add to that the viral effect that this will have for if you see a dress or a purse that you like and you ask someone where they got it, the ability to say you made it yourself and it is unique is a key sales driver for this target. What a great way to advertise!

Social Media Impact – Thoughts?

The ongoing conversation. I would love to hear from others on this topic. I believe that, while difficult in some respects, social media when done right can have a big impact on brand, sales and revenue over the long term. Certainly being able to track traffic – UVs and PVs on a site are one way to see the impact if you have an existing benchmark, and the viral aspect is trackable as well.

The trick with social media is that is is constantly changing. Its not something that can be ‘turned on’ and left to run on its own. The marketplace itself is about thinking outside of the box and understanding what potential is right around the corner. Its about keeping an ear to the ground and a voice in the conversation. It is about new possibilities.

The social media industry is about understanding that anyone, even some geeky college intern can invent the next YouTube or Facebook or Google. There is no barrier to entry and there is no “on-going consistency” in the online world. It is fluid, changing, and amazingly imaginative, which makes it easier for someone to breakthrough.

Its a difficult conversation to have with some companies who don’t necessarily know what social media is let alone how to implement it. Add on top of that the desire to see results immediately and its an interesting conversation.

I still see social media as part of the overall media mix and, just like TV in some instances, while you can’t measure its direct impact, you know it has a significant impact when done righ. However, since this particular medium is constantly changing, you need to flex your measurement and conclusions as a result.

1 Interesting Recycling Business Idea

I am sure we’ve all been there, you have just broken up with your boy/girl friend (or been broken up with) and you need to move on….what do you do with all the stuff they gave you? You certainly don’t want it anymore (well, unless its present worth keeping like a nice Maserati or a big Diamond Ring), what do you do with all of it?

Well now you can sell it! Classic idea. Sell all the stuff your ex gave you that you don’t want anymore. Although this site focuses just on jewelry and more specifically jewelry from ex boyfriends (I still wouldn’t give up that bid diamond!). In addition, it provides a place for users to share the stories behind the gifts. Along with basic description details including “for good karma give away” option, users are asked to provide the story behind the gift, such as whether the breakup was a bad or amicable one. They are also asked to rate the gift. There is also a blog section that features thoughts from the team behind the site. The blog will be expanded to allow users to blog as well.

Another added benefit albeit to advertisers — good place to advertise your female-focused goods and services!

The End of the Technology “Early Adopter”?

We do a lot of segmentation work, and one of the tried and true target segments for new technology products has always been the Technology Early Adopter. You know, the geeky guys with a lot of money who always seem to have the latest technology craze. And what’s more, they are smart enough to know how to make it work.

But I think the days of this species are numbered. In the coming generations, everyone will be a technology early adopter. Kids today are growing up under the new wave of user friendly, intuitive technology, like the Mac and the Ipod. The ease of use of these new devices is a given, and is setting expectations that all other manufacturers must follow. Add to that the fact that these kids grow up online, perceiving and using technology as a practical enabler, not as a luxury or something that has to be figured out.

So what does this mean for marketers, especially when it comes to segmentation? There’s a new key segment in town..the influencer..stay tuned for more…

The Holy Grail of Marketing-Understanding Your Target Market

Why do some campaigns fail and others become the stuff of legend? The key is identifying and understanding your target market. You get that right and you’re well on your way to a highly successful campaign. Unfortunately, “getting it right” is one of the most difficult tasks facing the marketer. Market segmentation models can certainly help, but only if they are done right. Market segmentation models should have the following attributes in order to support your marketing efforts.

1. Segments should be sizable. This means that individual segments must be large enough to warrant segment based campaigns.

2. Segments should be locatable. This means you should be able to identify individuals within the segment so that you can reach them. Generally segmentation models that use demographic variables give you what you need to identify individual segment members.

3. Segments should be predictive. You should be able to predict purchase behavior based on the segment designation. This is one criteria that is particularly difficult to achieve.

4. Segments should be actionable. Segments need to capture the types of information needed to support marketing decisions. For example, high value/low value designation, i.e. which segments have the greatest tendency to be receptive to your brand and are likely to spend the most on your product.

5. Segments should be homogenous and distinctive. This means that individuals within the segment should have similar characteristics and that individuals within different segments should have different characteristics.

6. Segments should be stable over time. This simply means that the segment designation doesn’t change frequently.

Generally, segmentation models that combine demographic, actual consumption patterns and psychographics deliver the best results.