Share of Wallet vs. Share of Heart
If there's one thing the recent recession will leave behind, it will be
a more battle scarred consumer. A consumer, skeptical and suspicious of
anyone attempting to 'market' to them. A consumer, emotional, injured
and let down. So if there's one thing a brand can do right is a healing
of any breach that may have been caused due to compromises necessitated
due to the recession. I believe some major brands have become cognizant
to this fact. WalMart and Kraft have both made a start by re-tooling
their logos to become friendlier and hopefully have revamped the way
they interact with their audiences.
Empathy has become the name of the game. Zig Ziglar once said, "People usually buy on emotion and then they justify it with logic. Therefore appeal to their emotions first". The traditional Ps of marketing have taken on a new dimension - to win over users by winning over their hearts. The new Rules of marketing are,
1) Socialize
2) Empathize
3) Protagonise
4) Fraternize
These concepts build on the earlier marketing mandates.
Socializing builds on the earlier premise of brand familiarity. By knowing sufficiently about the product, consumers lower their risk of trial. Products need to find entry into their audience's social circles. They need to get referred or hob nob with allied brands in order to get introduced to their prospect. The iPhone has integrated into the lifestyle of their user and has aligned itself with brand associations that the user patronizes.
Once there, it gains the prospect's attention and identifies itself with the league it's in. The product must demonstrate Empathy with the prospect or user's emotional lacuna. Within the lacuna lies the hot-buttons to which the brand must appeal and aim it's promise. Empathy is fulfilling the void in your prospect/user's heart. Volkswagen found a slot in hearts of drivers who love to drive (and cannot afford the expensive performance vehicles out there) and have continued to leverage that over many a successful decade. Ask any VW owner.
The consumer must then see the brand as their Protagonist. It must become their badge of honour and continue to advocate for it's user. It manifests outwardly what the user is inwardly. What does AXE say about it's users?
Finally, never break the promise you made at the engagement. It will break your consumer's heart and a divorce will come. Fraternizing is entanglement into your user's life. It's what your bank does with you. Starts with a simple savings account, where you need to put your paper route pennies during school, but ends with your mortgage, investments, retirement savings, insurances, etc. They call it 'lifetime value', I call it lifestyle value. A good bank (if there is one out there) wins not share-of-wallet, but rather share-of-heart.
Follow these four 'ize's and you are on your way to winning the ultimate marketing prize, your consumer's heart.
Empathy has become the name of the game. Zig Ziglar once said, "People usually buy on emotion and then they justify it with logic. Therefore appeal to their emotions first". The traditional Ps of marketing have taken on a new dimension - to win over users by winning over their hearts. The new Rules of marketing are,
1) Socialize
2) Empathize
3) Protagonise
4) Fraternize
These concepts build on the earlier marketing mandates.
Socializing builds on the earlier premise of brand familiarity. By knowing sufficiently about the product, consumers lower their risk of trial. Products need to find entry into their audience's social circles. They need to get referred or hob nob with allied brands in order to get introduced to their prospect. The iPhone has integrated into the lifestyle of their user and has aligned itself with brand associations that the user patronizes.
Once there, it gains the prospect's attention and identifies itself with the league it's in. The product must demonstrate Empathy with the prospect or user's emotional lacuna. Within the lacuna lies the hot-buttons to which the brand must appeal and aim it's promise. Empathy is fulfilling the void in your prospect/user's heart. Volkswagen found a slot in hearts of drivers who love to drive (and cannot afford the expensive performance vehicles out there) and have continued to leverage that over many a successful decade. Ask any VW owner.
The consumer must then see the brand as their Protagonist. It must become their badge of honour and continue to advocate for it's user. It manifests outwardly what the user is inwardly. What does AXE say about it's users?
Finally, never break the promise you made at the engagement. It will break your consumer's heart and a divorce will come. Fraternizing is entanglement into your user's life. It's what your bank does with you. Starts with a simple savings account, where you need to put your paper route pennies during school, but ends with your mortgage, investments, retirement savings, insurances, etc. They call it 'lifetime value', I call it lifestyle value. A good bank (if there is one out there) wins not share-of-wallet, but rather share-of-heart.
Follow these four 'ize's and you are on your way to winning the ultimate marketing prize, your consumer's heart.
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