Financial services Section: A generational thing- why we don’t understand money

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It’s interesting looking at the attitude of various generations towards money.

The War Generation was raised to be in debt to no-one for nothing.  Don’t take credit and, if you do have to borrow, pay it off as fast as possible.

The Boomer Generation was raised to borrow as much as possible from everyone.  The aim was to leverage as much as possible in youth years in order to create wealth and capital for the grey years.

Generation X was raised without understanding money at all.  Just spend and the bank will find a way to give you credit.  So they lived the life of Reilly and are now paying for it.

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On demand marketing. The future is evolving right before our eyes!

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The recent issue of McKinsey Quarterly explains how marketing needs to be ready for new kind of customers.

Meet Diane. The connected, always on, read-to-spend, 25 year old. She meets a friend in a cafe and is impressed by her new headset. She scans a QR code on the headset using her phone and is instantly connected to a website that lets her wear on a virtual version of the same headset. As she checks out the various colour options she is invited to share a picture of her wearing the headset on Facebook, for a small incentive. Once she gets a few likes from her friends she is ready to make a purchase.

She uses the location tab on her phone to look for the best price in the neighbourhood and heads out to make a purchase. As she starts to use the headset she is asked to register as a user and get some incentives for doing so.

The story goes on. How Diane can now be converted into a brand evangelist and become an influencer for the company.

The story lists out four key steps to how marketing is changing.

  1. Now (Most of our needs are triggered when there is really no traditional marketing medium in front of us)
  2. Can I (How new tools like virtual trial rooms are connecting the real and virtual worlds in an almost seamless way)
  3. For me (When I, as a uniquely identifiable individual, can receive special incentive for buying something I like)
  4. Simply (How everything is so simple and seamless that anyone with a smartphone can engage and experience products and services in ways that was never possible before.

Read and download the recent issue of Mckinsey Quarterly from this link

What consumers think about your health and beauty brand

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Beauty and Health manufacturers spend millions of dollars on marketing, attempting to create brand awareness, brand buyers, and ultimately, brand loyalists.  In the Summer 2012 Online Shopper Intelligence survey, we set out to gauge consumer attitudes for health and beauty brands.

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Fashion app to help shoppers tell and share

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Most often when shoppers do windown shopping, there is no way to know if others too like the product on display, what are the comments from people who have already bought, how many like or dislike the merchandize etc.

Snapette App just does that. Users can then search by brand, store, description and by what’s new, near or trending, as well as comment on photos, share tips and recommendations. Each user has a “virtual closet” on their profile page that displays photos of items they’ve posted, like and want, with the option share posts on Facebook and Tumblr. .

 

The top-end urban consumer – from Livemint

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Based on research conducted by Indicus Analytics:

In India, top-end of urban consumers – households earning more than 10 lakhs per annum which are around 6% of urban population account for a third of total urban consumer expenditure. That’s huge!

Top three items that account for the largest share of expenses are: travel and conveyance, consumer services and rent.

Maharashtra and Gujarat are home to maximum share of these rich household – with more than 10% urban rich Indians from these states

Read the entire article here


Contributed by Pratik Sawal