The Modern Consumer

Friday Lecture - The Modern Consumer

Pre-Digital Consumers

• Limited choice/information/price/negotiation
• Limited supply/dialogue/redress
• Relatively powerless
• Old marketing methods

Modern Consumer - The 'Smartphone' Influence

• Connected
• Active
• Engaged
• Mobile
• Open
• Impatient
• Demanding
• Powerful
• Access to Information - brand/peer/structured/real time
• Choice - greater supply/global market/faster manufacturing/improved logistics

The New Market

• Two-way
• Targeted 
• Interactive
• Reactive
• Effective
• Mobile
• Fluid
• Efficient

New Marketing Methods

• Creating a dialogue
• Informing not selling
• Informed by consumers not marketers
• Shared values - trust/integrity/authenticity/involvement/respect/community

Consumercentic Marketing

• Social media
• Art of the trench - Burberry - Photo sharing/brand ambassadors/set up in 2009/ http://artofthetrench.com
• Mass Customisation
• Democratic
• Supportive

Principles

• Facilitate conversation
• Provide a platform
• Offer access
• Encourage participation
• Enable storytelling
• Provide information
• Share learning
• Reward involvement

Brand Objectives

• Lead
• Validate
• Engage
• Nudge
• Support

5 Key Trends

• Mobile
• Video
• Upgrade
• Image
• Social

BIG DATA

• Wants
• Needs
• Profile
• History
• Time
• Location
• Connections
• Incentive
• Privacy

The Future Consumer

• Technology - 3D printing/Nano
• Authenticity
• Immediacy 
• Customisation
• Resourced - sustainability/sharing
• Ethics

Market Research and Trends

Friday Lecture - Market Research and Trends

fcp research methods from Michelle Hughes on Vimeo.

• Primary Research - original/own findings
• Secondary Research - existing research

“Fashion used to come from one source at a time, be it the street, the runways or the entertainment business. The interesting thing about today is that influences come from high and low- everything from couture to Target.” - Michael Kors

TREND RESEARCH ANALYSIS

• Short Term - Brand/Consumer/Competition/Media/Product
• Long Term (PESTLED) - Political/Economy/Sociocultural/Legal/Technology/Environment/Demographics
• Who uses Trend Research? - Product Designers/Managers/Graphic Designers/Buyers/Merchandiser/Marketing/Retail

TREND TIMESCALES

• Megatrends - 10-50 years
• Socio-Cultural Trends - 5-10 years
• Consumer Trends - 2-5 years
• Behavioural Trends - Months to 1 year

TRENDS FRAMEWORK

• Megatrend - Impacts of Climate Change
• Socio-Cultural - Environmental and Social Awakening due to Climate Change
• Consumer - Urban and Educated Youths re-thinking Consumption 
• Behavioural - Green Practices

DOMINANT TRENDS

• Megatrends - Globalisation/Digital/Environment/Health and Wellbeing
• Socio-Cultural - Ageless Society/Body Perfection/Networked Society/Personalisation/Globalisation

"Going around museums and galleries, seeing films, talking to people, seeing new shops, looking at silly magazines, taking an interest in the activities of people in the street, looking at art, travelling: all these things are not useful, all these things do not help me, do not give me any direct stimulation to help my search for something new. And neither does fashion history. The reason for that is that all these things above already exist." - Rei Kawakubo 2013