Things are starting to get back to normal so I wanted to share some of the notes I took at the 2007 National Arts Marketing Project Conference in Miami. Below are my notes from the Keynote Speech from J. Walker Smith:
Keynote Address: J. Walker Smith
President, Yankelovich, Inc.
Chapel Hill, NC
- Check out http://www.gethuman.com/
- Marketing is now shifting to the intangibles—you can’t market the product, you have to market the experience. Loews theatres has a program for moms and children to see a movie in a movie theatre. They lower the volume and keep the lights on because its not about the movie, it is about the mother/child experience.
- ¾ of Americans say that they are time starved and the average consumer says their time is worth $1.25 per minute. If you keep them on hold, they will get upset and expect to be compensated. If you keep them on hold, then give them something worth a $1.25 per minute. Try to make all interactions “zero time interactions” with instant gratification. Telemarketing calls better be worth their time otherwise just the act of hanging up the phone on the caller will be deemed as 60 cents worth of wasted time.
- We live in a world where everyone is different. Being different is “cool” because there is no longer anything to conform to. By 2030, 40% of our population will either be Asian, African-American or Hispanic. White people are going away because their birth rates are lower than their death rates. Everyone will be different.
- The control has now shifted to the consumer. If you try to force them into something they don’t like, they will just fix it and then post the solution on the internet. A great example is 20 year old George Hott who figured out how to modify the iPhone to work on platforms other than AT&T, all because his family had a T-mobile family plan and didn’t want to spend more money. He then posted his solution on several websites.
- In 1960, ¾ of people by age 30 had left home, finished school, married, had children and were financially independent. By 2000, only 30% of the population had done these things by age 30. Difference is the only common value today. People want to be treated like individuals and differently. People want intangibles (the experience) to be tailored to them in the marketing and execution. People now expect to be treated as differently as they are.
Put your consumers in the loop—in 2006, 56% of consumers spent more than 2 hours researching purchases over $100. They want to know all the behind the scenes information.
- One of the reasons that traditional print newspapers are declining is that you can’t get a customized newspaper tailored only to you. But with RSS feeds, you can set up interests and only get information you want and it is sent to you. Put your consumers in total control (chad’s note—is this why subscriptions are failing?). The car manufacturer Scion now manufactures cars that are built to individual and unique specs that consumers send to them via the internet. They will build you a car like none other. Their tagline—“we relinquish all power to you.”
- Meyer Gas sends their consumers a text message to their phones alerting them when gas prices are going to go up so that they can drive down to the station and purchase before the prices increase.