Tag: consumer marketing
Capitol Piazza is spanking new, but it’s shops are already offering offers and discounts – even during weekends.
It was the best of times. It’s now the worst of times?
Retailers and shopping mall owners in Singapore are breaking out in a cold sweat these days.
Consider the following two headlines:
“Optimise Your Basal Metabolism with Product X – The World’s Most Technologically Advanced Nutritional Supplement”
NTUC FairPrice holds its ground through innovative concepts like FairPrice Express (courtesy of FairPrice)
Wonder why NTUC Fairprice and Cold Storage rules the grocery retail scene in Singapore?
Or why huge players like Wal-Mart and Target have largely stayed away from our shores?
I’ve just listened to a podcast by Derek Halpern of Social Triggers blog which presented a fascinating glimpse into the world of neuroscience and its impact on marketing. Interviewing Jonah Lehrer, author of “How We Decide”, the podcast explained that decisions are primarily made when there is an interplay between the stimuli that we receive and their influences on different portions of the brain.
Perhaps the most fundamental point is that emotions play a big impact on decision making. In studies where brain injury patients lose the use of their emotional brain centres (the limbic brain system), these individuals are often unable to make the simplest decision such as deciding where to have lunch and so on.
Catering to families can be a highly profitable venture for any consumer facing business. Don’t believe me? Consider the following research commissioned in 2005 by Family Matters! Singapore and MCYS:
– Households with young children collectively spend $1.5 billion annually
– They tend to shop as a family nearly 2/3 of the time
One of the most common forms of ‘marketing’ is what I call the L.C.D.
It translates into 3 universally embraced words:
Christmas is in the air, and retailers are all out to garner those precious year-end gifting dollars. With bonuses likely to be bountiful this year, any business worth its salt would be finding ways and means to target the consumer wallet.
Young children probably form one of the most important markets in the season of giving and receiving. Nothing beats the story of how Santa Claus will shimmy down your chimney – or rubbish chute in Singapore’s highrise context – and bear tidings of fun-tabulous toys. On a more pragmatic level though, how can companies cream this festive occasion for their own profits (and bonuses of course)?