He doesn’t care about your claims of “good” quality. He doesn’t care if you are number one. He buys only that product which makes him feel happy and which he thinks is right. The “market” is a totally different place today, than it was earlier. There is a new generation of consumers that thrives on products that didn’t even exist as recently as five years back. Technology has created new markets (cell phones, smart phones, iPhones, Twitter, Facebook) and a new breed of consumers that is very difficult to please.
Today’s consumer is even more demanding. He wants greater value from products and services, greater transparency, greater corporate responsibility towards the environment & the less fortunate. According to a survey by Landor Associates, 50% of the 18-25 year olds said they are ready to take a pay cut to work for a socially responsible company. Add to this, the global economic downturn which not just affected many people’s wallets but also their outlook, and the way they are making choices in their lives. As Sheena S. Iyengar in her book The Art of Choosing says “…we use choice as a powerful tool to define ourselves and mould our lives.” If you want your brand to be “valued”, you need to make sure it is the one that this demanding consumer chooses which helps him define his life. Just hoping your brand will sell because it is of good quality, is correctly priced et al, won’t work. The “Don’t Know, Don’t Care” (DKDC) generation wants more. Nissan is rolling out a new ad campaign (dubbed “Innovation for All”), which showcases not price, but innovative features of its cars like keyless entry, air purifiers and smartphone apps, to appeal to this new consumer.