Common Sense Marketing Key to Corporate Success

January 1, 2009

By Jane Han
Staff Reporter

The economy is headed south with consumption likely to contract throughout the world, but global trend leader and CEO of Trendwatching.com says marketers and companies simply need to stick to ``common sense marketing'' to ride out the bad times.

``They just need to think how customers' needs and wants are changing now that they have less spending power,'' said Reinier Evers, founder and head of Trendwatching.com, a Netherlands-based firm that monitors the latest consumer trends around the world.

Dozens of top firms including Gucci, Toyota, Sony, T Mobile, LG Electronics and SK Telecom are subscribers of the firm's periodic trend reports.

``This is a great opportunity for marketers to go the extra mile for their customers: surprise them, care for them and look after them,'' said Evers in a New Year interview with The Korea Times.

He stressed companies should not lose track of long term trends because, although the downturn will temporarily change consumer behavior, they will hold in the long run.

So what are the big trends?

Evers highlighted three main consumer keywords for 2009: information transparency, online lifestyles and eco-everything.

He explained that the ongoing consumer power by word of mouth will fan ever greater transparency of prices and opinions.

With regards to online lifestyles, Evers says more cash-strapped people are going to turn to enjoying leisure, entertainment and learning in the online world.

``It's cheaper than the real world, so people are going to look for ways to spend less money online,'' he added.

Last year was all about ``going green,'' but the trend spotter said that eco-frenzy will continue to dominate in 2009.

He explained, ``Saving money will become even more closely associated with using less power, less fuel, less electricity and in general, buying less stuff.''

Evers said that the bottom line is that consumption will change in the same way that it has always changed during downturns in the past: consumers will take a close look at what they really need and want.

``Shoppers will find that they `need' surprisingly little, as most consumption-mature consumer societies like South Korea consist of `wants,''' he said. ``This is stuff we enjoy but don't need to survive.''

Such changes make it easy to cut back on things like holidays or a new car, which are the expenses that take up a big chunk of people's income, said Evers, who added that knowing and understanding spending patterns offers a good starting point for marketers.

``Seriously, who today owns a car that truly needs to be replaced?'' he said, challenging companies to create and market goods that shoppers would die for, though they don't need, to survive.

 

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