Article by Ron Young in www.marketingprofs.com
Wednesday, November 19, 2008
Wednesday, November 05, 2008
The Obamarketer: Obama Wins the US Presidency
Saturday, November 01, 2008
2 for 3 or 2 for 1?
"Two for the price of three". Sounds absurd? Perhaps you mentally translated it as "Two for the price of one" which is a far more common phrase. But 2 for 3 describes luxury branding at its simplest. The additional value is intangible - trust, pride, reliability. Intangible, but valuable. to the consumer.
You may be wondering why I am discussing luxury brands when the economy is pinching even these creamy layer products. (Though the really, really rich may decide that it's a good time to splurge on a second slightly-used mega-yacht for the family!) Well, that's because I think the philosophy of luxury brands - the personalization, reliability, predictability - can be replicated even for brands that aspire to address a broader audience. Everyone wants to be special.
I recently attended a case-study based training program organized by Dominion which had Professor David Bell from Harvard Business School speak on Strategic Marketing. It was more tuned towards products, but there was one big take-away for me - you are loyal to brands you are grateful to. And you are grateful to brands that deliver more than you expect or do something for you. For example, he cited the example of alumni contributing to their alma maters because they were grateful for what the education (or brand stamp) had done for their careers. I remember certain restaurants and coffee shops not because of what they sell but because of what they give free with the food. If a retailer takes back stuff even if you have lost the bill, you are grateful to them. Using a Mont Blanc pen renders a certain cache to the writer - you are grateful to the brand for establishing your credentials. Ditto luxury cars or green products or alternative clothing brands or where you live.
I think this is what lies at the heart of all classy brands, lux or otherwise. Going beyond the ordinary and baking that into the customer experience in a sustainable, scaleable way. And loyalty is a good thing to have when the world is uncertain.
PS: I have my husband to thank for the phrase "2 for 3"