The Soul of The New Consumer
By: Gul Zeynep Genc
Tags: Marketing, Branding, Consumerism, Food, Consumer Behavior

I read “The Soul of The New Consumer” by David Lewis & Darren Bridger couple of weeks ago and liked it. Here are some highlights from the book.

A photo that I took in London, before my sister started her Master’s Degree in LSE. We were having lunch in LEON- a healthy fast food restaurant. Its mission is to make it easy for everyone to eat well.

Who are the new consumers?

Independent minded

Individualistic

Well informed

Cash rich & time poor

Moving from abundance to authenticity

The new scarcities, as we have been talking for more than some years as marketers remain the same:

Time Attention Trust

Stress levels are rising, consumers desire to save time and they are willing to pay for additional help. They are also prepared to pay for privilege.

One way to success is to have a fanatical customer service as the standards are going higher each day- as well as dissatisfaction. The new consumers demand quality that fascinates because quality that is expected is the accepted minimum now.

Beginning with Freud, small differences in experiences at most of the times feed the “narcissist”… So if companies are willing to differentiate among others, it is a sure and easy way to seek ways for demonstrating individuality and making consumers feel as part of a “selected” group. Nowadays, we see thousands of brands moving into this direction. However sometimes this method fails as the companies do this for the sake of doing and in the meantime thinking that it is an easy win. It is not.

Value-driven companies

Moving on a new direction that is more authentic & credible is having the sets of values that the new consumers care for as a company. An example is LUSH cosmetics. As a company, they have ecological concerns and they care greatly for communities. They also allow their consumers to become involved in the retail experience. This method that they put in their DNA makes them a brand that the new consumers really value and want to be part of.

Being a story owner

The new consumers are also looking forward to being a story-owner rather than simply a product-owner. They would like to connect, see real people in branded-media. That is also why the new era of TV programs are moving on in the authenticity direction and programs like Survivor are getting more and more ratings.

Consumerism is still in the picture unfortunately, especially in under developed and developing countries. However this is also changing because the consumers are getting more connected, automated, consistent and informationally empowered.

Buzz & Hype

The new consumers are looking to get their info from someone who is UNBIASED. Buzz & Hype are two important things we need to consider. Buzz is infectious chatter, created & spread at street level and tells the truth. Buzz comes from the friend & family circle most of the time. However Hype is created in corporate level and it targets the consumers directly and intents to promote. The new consumers understand which is which. Even lots of companies are still putting their budgets on creating “hype”, in long term it will not be creating any sustainable revenue for them.

Ways to get the attention of the “new consumer”

It is not always easy to get the attention that your brand needs. However if you have in your DNA some values that the consumers care about, if you are sincere and you have an unconditional love for people, world and its resources and if you are not in the market “just for the money”, then you have a better chance to increase your long term consumer base.

Here are some methods to grow with your consumers:

Give control to new consumers in every aspect of transaction. Listen to them. Care for them.

Establish authenticity. Have decent set of values for business & for future.

Involve consumers. Make them taste the experience that you give.

All in all, “THE SOUL is the new MARKETPLACE”.