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Interpublic says GM exposure is $50 million
Tuesday, June 9, 2009
Friday, May 1, 2009
The Challenge of "Now"
2008 will be the year many remember: The year everything shifted. Then comes 2009 as pivotal and also will be a year for the history books. The question is and the challenge becomes: Will 2009 be the year of lost dreams or mere survival or will it be the year that set the new path of success?
I've had so many conversations with business people in the past year, from multiple categories and verticals. Considering I'm always talking business and can get a wall to talk back me, that's not terribly remarkable. What is remarkable is how the conversations are shifting. Mostly.
It dawned on me last night that while I've witnessed a sea change in consumerism significantly over the past few years (the shift began much earlier...it just became frenetic in the past few), many folks remain stubbornly attached to what was; desperately waiting (hoping) for the turnaround. In the face of all the data, in the face of all the negative media coverage (that's a different rant), I can understand (while perhaps not agree) that wish. Unfortunately, in addition to all the evidence of a protracted contraction, the evidence of consumer change can be VEHEMENTLY ignored. That's a really, really, monumentally, bad idea.
The turn...has happened. It's not a turnaround, it's a turn. A hard, dog-leg right in a different direction. The paths to profitability and success of five years ago, for most businesses, aren't working today. The pie isn't big enough and the consumer, who is typically every bit as wary as seller/business, isn't biting like they once were. When I hear local and regional (advertising) spots on the radio or see them on TV, those that are still on are still trying to yell louder than the other guy (the other guy isn't spending as much...why are they still shouting???), Or, I see the same old direct mail pieces sending out the same old offers or coupons, it tells me there are a lot of marketers out there still holding on to methods that refuse to take into consideration their customer. B to B, B to C, local, regional, national...unfortunately, it does not matter. (Yes, some are good...most are not and the end consumer/customer is every bit as jaded as I am.)
Whether this is a function of comfort because it has always been done this way, or a function of desperation sales from the vendors of these communication vehicles (let's face it, any media provider is also trying to hold on to revenue), I won't guess.
I do know, as a consumer, you'd better be addressing my needs and wants, take my communication preferences in consideration (otherwise you won't find me), and you'd better never insult me.
We're fortunate in that our clients (in any industry) have drank the kool aid and see that communication styles which really put the consumer first work better than putting the business goals first. "I want to sell a million widgets" is a fine goal but the first objective is "who will buy a million widgets and why?", then find them, talk with them, create a dialogue, otherwise you'll never get the opportunity to sell them anything.
This year is likely to be very painful. I see empty storefronts springing up. Newspapers are closing, Fortune 500 companies are declaring bankruptcy. In many ways, it's evident that the consumer, tired of being irrelevant to Corporate America has turned the tide. Corporate America is only relevant to them, if they know you, communicate WITH you and most of all, believe you.
I look forward to 2010 because I believe the harshest pain will have subsided and those that embraced their customer in 2009 and were wise enough to look at their business, their customers and their communications in a completely different way will witness a new, sustainable and evolving growth like never before.
I've had so many conversations with business people in the past year, from multiple categories and verticals. Considering I'm always talking business and can get a wall to talk back me, that's not terribly remarkable. What is remarkable is how the conversations are shifting. Mostly.
It dawned on me last night that while I've witnessed a sea change in consumerism significantly over the past few years (the shift began much earlier...it just became frenetic in the past few), many folks remain stubbornly attached to what was; desperately waiting (hoping) for the turnaround. In the face of all the data, in the face of all the negative media coverage (that's a different rant), I can understand (while perhaps not agree) that wish. Unfortunately, in addition to all the evidence of a protracted contraction, the evidence of consumer change can be VEHEMENTLY ignored. That's a really, really, monumentally, bad idea.
The turn...has happened. It's not a turnaround, it's a turn. A hard, dog-leg right in a different direction. The paths to profitability and success of five years ago, for most businesses, aren't working today. The pie isn't big enough and the consumer, who is typically every bit as wary as seller/business, isn't biting like they once were. When I hear local and regional (advertising) spots on the radio or see them on TV, those that are still on are still trying to yell louder than the other guy (the other guy isn't spending as much...why are they still shouting???), Or, I see the same old direct mail pieces sending out the same old offers or coupons, it tells me there are a lot of marketers out there still holding on to methods that refuse to take into consideration their customer. B to B, B to C, local, regional, national...unfortunately, it does not matter. (Yes, some are good...most are not and the end consumer/customer is every bit as jaded as I am.)
Whether this is a function of comfort because it has always been done this way, or a function of desperation sales from the vendors of these communication vehicles (let's face it, any media provider is also trying to hold on to revenue), I won't guess.
I do know, as a consumer, you'd better be addressing my needs and wants, take my communication preferences in consideration (otherwise you won't find me), and you'd better never insult me.
We're fortunate in that our clients (in any industry) have drank the kool aid and see that communication styles which really put the consumer first work better than putting the business goals first. "I want to sell a million widgets" is a fine goal but the first objective is "who will buy a million widgets and why?", then find them, talk with them, create a dialogue, otherwise you'll never get the opportunity to sell them anything.
This year is likely to be very painful. I see empty storefronts springing up. Newspapers are closing, Fortune 500 companies are declaring bankruptcy. In many ways, it's evident that the consumer, tired of being irrelevant to Corporate America has turned the tide. Corporate America is only relevant to them, if they know you, communicate WITH you and most of all, believe you.
I look forward to 2010 because I believe the harshest pain will have subsided and those that embraced their customer in 2009 and were wise enough to look at their business, their customers and their communications in a completely different way will witness a new, sustainable and evolving growth like never before.
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