An age-old question of any marketer, advertiser or individual with strong business acumen (often preceding a quantifiable investment)…“What is the ROI?”
Generally, it is rather simple to ascertain whether an investment had a positive or negative outcome by taking the benefit divided by the total investment. However, how do you evaluate ROI for intangible factors such as your employees’ health, happiness and motivation – all of which directly impact the success, profitability and desirability of your company?
While tangible benefits like salary, vacation and healthcare coverage remain important, today’s Conscious Consumer workers are also focused on intangible benefits – such as well-being and shared beliefs – which support and align with their conscious views and values. With values-based decision-making transcending the personal world to the professional, consumers are asking a new set of questions to determine whether an employer is desirable and … Read More »
According to the EPA, Americans consume an average of 20 billion garments each year. That equates to 68 pieces of clothing and seven pairs of shoes per person. And what happens to the items we replace or grow tired of? They end up in the landfills – more than 10lbs of clothing per person – or in secondhand stores that are already inundated with donated items. Couple this with the barrage of headlines reporting the negative impacts of the fast fashion industry and it’s simply impossible to turn a blind eye to this kind of consumption.
Some clothing companies are helping to combat these issues by encouraging consumers to purchase less by purchasing better. Clothing that withstands more than a single wear and performs multiple functions; that transitions seamlessly from the morning bike commute to the office, to lunchtime yoga in … Read More »
Close your eyes and imagine this is your world. You are the CMO of a retailer with the following business model:
Customers have to pay a membership fee just to enter your store
You have no advertising budget
In-store signage is intentionally lacking, encouraging consumers to wander
Limited product selection and payment options
Cashiers don’t bag purchases
It seems like a nightmare, right?
So just how has Costco gone against conventional retail wisdom and become a $100 billion giant with 64 million passionate members?
Everything that is working for Costco is in line with Conscious Consumer thinking, especially when compared to their biggest competitor, Walmart’s Sam’s Club.
Without a consumer-facing marketing budget, Costco relies heavily on their employees to be their ambassadors and has been a leader with regard to the benefits and compensation they offer employees. 88% of Costco employees are full-time with access to company-sponsored health insurance and … Read More »
Maximizing the lifetime value of a customer is why loyalty is so important.
The lifetime value of a customer is a metric that many companies use to analyze marketing expenditures. It’s the reason gyms offer a first month for free, or your phone or cable company will reduce your rate plan if you threaten to leave for a competitor. Companies know that it’s more cost effective to retain an existing customer than recruit a new one.
Consumer knowledge of your brand’s values drives brand preference, increases loyalty and can be a differentiator.
Conscious Consumers are a loyal bunch, and they’re valuable to businesses. Our 2015 Mintel study showed that 51% of American consumers will pay more for a product with a values-based component. (To download this study, click here.) Whether the value is related to a social cause, environmentally friendly or more healthful, as … Read More »
We have long talked about the opportunity for brands to help Conscious Consumers along the purchase funnel with coaching. In the space of health and wellness and social change many are engaged. We’ve segmented them into varying levels of interest but most need help to build new habits.
In our 2015 THINK Report we introduced a new model for the brand marketing’s traditional purchase continuum. In the new model we introduce the notion of relapse.
Relapse in this sense does not need to be seen as a negative and you don’t always go back to the beginning when you relapse. It simply acknowledges that most people bounce around as they try to establish new behaviors.
Most self-help entrepreneurs and professional coaches will tell you that it takes 30 days to either build or change a habit. What I’d … Read More »