By now, most everyone is aware of United Airlines mistreatment of Dr. David Dao, who was bloodied and dragged off of a flight by O’Hare International Airport security for refusing to heed airline employee orders to give up his seat. Having taken last week off, your Friday Forecasters are admittedly late to the arrival gate on this topic, which has been steady fodder for pundits, late night comics, and outraged social media warriors. While the incident was indeed shocking, and will no doubt be the subject of armchair quarterbacking in marketing and public relations classes for many years to come, we believe the depth of animus it has ignited is rooted in a deeper truth. United’s actions and the buffoonish response of its CEO Oscar Munoz, have exposed a raw nerve the public has suspected for some time: that airlines such as United really don’t give a sh*t about us.
Advertisers know that with the ubiquity of the Internet, that the balance of power has shifted from marketer to consumer, as the latter now engage with brands how, where, and when they want. But if there was one overriding trend to trump all others at this year’s Consumer Electronics Show which ended last week in Las Vegas, it was the idea that through evolving technologies, that choice and control will empower consumers to whole new levels in the coming years. In the simplest terms, tailoring experiences – whether they be in terms of entertainment, security, household chores, or transportation -- will increasingly be subject to the tastes and whims of the individual, and in many cases, the smartphone will play a central role. Here are five examples of such technology due to take broader hold in the marketplace and the opportunities and threats they may represent to marketers.
In 2002, psychologist Daniel Kahneman won the Nobel Memorial Prize in Economic Sciences. As Michael Lewis writes in his new book, The Undoing Project: A Friendship That Changed Our Minds, this was unprecedented because “how on earth does a psychologist win a Nobel Prize in economics?” The answer is that Kahenman was a pioneer in the field now known as “behavioral economics.” Specifically, his work focused on the psychology of judgment and decision-making.
Kahneman would surely have shared his Nobel with Amos Tversky, his lifelong collaborator, had Tversky not died of cancer in 1996. (The award is not given posthumously.) Kahneman and Tversky spent decades disproving the idea that humans are rational decision-makers. They initially identified three mental shortcuts, or “heuristics,” people use in place of logic and reason. Many more have since been discovered.
At the recent D2C convention, I presented a session entitled Trend Spotting: Benchmarking the Present and Predicting the Future of Marketing. My intention was a simple one: to synthesize the latest statistics, forecasts, and best practices in marketing from over 100 different sources to save my audience time and to provide insight that will help you today and in the future. In the sixth and final of my multi-part series I take a look at media attribution and the vital role it has in direct marketing. Given the presentation was confined to an hour, this is bonus material we did not have an opportunity to cover during the live event.
At the recent D2C convention, I presented a session entitled Trend Spotting: Benchmarking the Present and Predicting the Future of Marketing. My intention was a simple one: to synthesize the latest statistics, forecasts, and best practices in marketing from over 100 different sources to save my audience time and to provide insight that will help you today and in the future. In the fifth of this six-part series we take a look at mass retail and its impact on direct marketing. For the purposes of this blog post, the term “retail” will mean traditional bricks and mortar retail. Given the presentation was confined to an hour, I have had to limit my focus, but hopefully the learnings gleaned will prove helpful to the reader.