As trust in media experts declines, consumers are listening to each other
From movies, to cars, to fashion. Consumers aren’t listening to experts. Smart marketers are helping customers listen to each other.
Just a few examples of the disconnect:
The Super Mario Bros. Movie (Universal Pictures):
- Metacritic: 46/100.
+15th biggest box office ever: $1.35B global.
Tesla:
-There’s so much newsmedia hate, Wikipedia aggregated some of it into a 10,000 word standalone page: “Criticism of Tesla, Inc.”
+Tesla US sales are booming, almost double BMW in 2023. Industry leader in brand loyalty.
Abercrombie & Fitch Co.:
-Fashion editor criticism was followed by last year’s Netflix harsh docu on A&F’s “Rise & Fall.”
+A&F stock is up 200% in 5 years. Revenue up in '23, to nearly $4B.
Why the disconnect?
Sinking trust in the corporate news media is just part of the story.
The larger problem is, the media experts don’t have the resources to be experts. Whether they’re at newspapers, magazines or at even at product researchers like JD Power or Consumer Reports.
The marketing world is moving too fast. Iterating constantly.
Accurate product reviews require a ton of work, all at once.
A media company business model --based on subscriptions or advertising-- just doesn't generate the revenue required to explore complicated products or categories like automotive.
For example, Consumer Reports took a year to conduct its recent review of advanced driver assistance systems for cars.
By the time they published the results a couple weeks ago, Mercedes-Benz AG’s and Tesla’s Over The Air updates had already made their reviews obsolete.
So how do consumers want to learn about brands?
As a market researcher in the Age of Amazon, I constantly hear the same story: People are most interested in what other real customers have to say. And post pandemic, people want to socialize more than ever.
So, smart marketers are providing the opportunity to do both.
Brand activations at sporting events, music festivals and conferences are a great way to get your customers talking with other customers.
Brand festivals are even better.
For example, Porsche’s Rennsport Reunion.
Last month I went to this 4-day brand festival. It’s held every 3-5 years, at the Laguna Seca Raceway in Monterey, California. It was like a Porsche AG auto show where people saw every model, from classics to concept cars, in the paddock and on the race track. Tons of merch, brand collaborations and a stage for music and panel discussions.
Everywhere you went, people were talking about the brand. Attendance soared past projections, to a record 91,000.
How can you get your customers talking with other customers?
#activations, #brandexperiences, #testimonials, #productresearch, #iteration, #agile, #marketing
Just a few examples of the disconnect:
The Super Mario Bros. Movie (Universal Pictures):
- Metacritic: 46/100.
+15th biggest box office ever: $1.35B global.
Tesla:
-There’s so much newsmedia hate, Wikipedia aggregated some of it into a 10,000 word standalone page: “Criticism of Tesla, Inc.”
+Tesla US sales are booming, almost double BMW in 2023. Industry leader in brand loyalty.
Abercrombie & Fitch Co.:
-Fashion editor criticism was followed by last year’s Netflix harsh docu on A&F’s “Rise & Fall.”
+A&F stock is up 200% in 5 years. Revenue up in '23, to nearly $4B.
Why the disconnect?
Sinking trust in the corporate news media is just part of the story.
The larger problem is, the media experts don’t have the resources to be experts. Whether they’re at newspapers, magazines or at even at product researchers like JD Power or Consumer Reports.
The marketing world is moving too fast. Iterating constantly.
Accurate product reviews require a ton of work, all at once.
A media company business model --based on subscriptions or advertising-- just doesn't generate the revenue required to explore complicated products or categories like automotive.
For example, Consumer Reports took a year to conduct its recent review of advanced driver assistance systems for cars.
By the time they published the results a couple weeks ago, Mercedes-Benz AG’s and Tesla’s Over The Air updates had already made their reviews obsolete.
So how do consumers want to learn about brands?
As a market researcher in the Age of Amazon, I constantly hear the same story: People are most interested in what other real customers have to say. And post pandemic, people want to socialize more than ever.
So, smart marketers are providing the opportunity to do both.
Brand activations at sporting events, music festivals and conferences are a great way to get your customers talking with other customers.
Brand festivals are even better.
For example, Porsche’s Rennsport Reunion.
Last month I went to this 4-day brand festival. It’s held every 3-5 years, at the Laguna Seca Raceway in Monterey, California. It was like a Porsche AG auto show where people saw every model, from classics to concept cars, in the paddock and on the race track. Tons of merch, brand collaborations and a stage for music and panel discussions.
Everywhere you went, people were talking about the brand. Attendance soared past projections, to a record 91,000.
How can you get your customers talking with other customers?
#activations, #brandexperiences, #testimonials, #productresearch, #iteration, #agile, #marketing