Much of Australia and the world has gone to sleep. Many have pulled up the doona, rolled over with no intention of charging forth, to “take on another day”.
Consumer and corporate confidence have tanked. Actual capital investment has in recent months declined appreciably. Plans and expenditure budgets have been trimmed.
Discretionary purchases have been reined in, many because of government regulatory constraints. Interestingly, for those who are active in the marketplace, indulgent purchases abound, to the relief and financial benefit of a host of vendors.
Entrepreneurial and creative marketing spirits continue to encounter barriers, filters and impediments.
Some commentators contend that they shouldn’t take it personally. The policies are being applied to all.
Therein lies the dilemma. Cascading consequences will deepen downturns and extend appreciably extend recovery rates and periods.
Tolerance of risk among banks, financial institutions, seed capitalists and investors at large is low.
Opportunity costs are escalating and opportunities forsaken.
“One size fits all” is not an attitude of mind or policy framework that fosters enterprise or endeavour.
Individualism has been marginalised, if not lost in many instances.
RAIN ON MANY PARADES
The visions, aspirations, beliefs and hopes of countless business leaders and consumers are being dampened.
Even those with commendable long-term track records of high performance are being marginalised, and in many instances rejected.
Dramatic reductions in marketing, advertising, promotions and merchandising budgets are widespread. Momentum, revenues and profits are being constrained as a consequence.
Each are “victims” of blanket assessments.
Stereotyping is omnipotent, and reflected in common phrases: “Baby-boomers aren’t buying”. “Millenniums can’t afford first homes”. “Everyone is working from home”. “Buying online is the only way”.
Truisms are flawed, typically misleading and can be greatly influential.
SEGMENTING STRATEGIES
Since its genesis in 1947, the marketing discipline has significantly influenced, determined and reflected consumerism.
Brands have been developed, networks established and fortunes made by astute applications of a broad spectrum of marketing philosophies. Foremost among those has been “market segmentation”.
Audiences, target groups, clients and consumers were segmented, differentiated and communicated to with customised messages, offers and opportunities of on-going relationships.
Over a period of some 50 years segmentation regressed into fragmentation. Groupings and clusters became too small to be economically viable to service and satisfy.
In more recent times, ironically within the digital era, cohorts overwhelmed segments. The generalising of mass markets in the global economy has created noticeable divides. “Males”, “females”, “SUV owners”, “conservationists” and “vegetarians” have become ill-defined classifications.
Not all males or females act, think or consume in unison. Conservationists have divergent beliefs, systems and values. Vegetarians are not a monolithic block or market presence.
It’s a complex society and marketplace. “Blanket” covers, policies, strategies, tactics and campaigns seldom achieve and sustain optimal performances. That is true in business-to-business and business-to-consumer interactions and relationships.
Therefore, centralised decision-making may well reduce exposure to and the cost of risk. However, it will come at a cost; that is, opportunity cost.
Delegated authority. Nuanced communications. Onsite value assessments. Each has been a cornerstone of dynamic, responsive and developing free enterprise. Failures, percentages of losses and lessons learned have been, integral parts of the complex web of commerce.
Remember,
rules are for guidance, not obedience
That principle does, or should, apply to blanket covers.
And finally, don’t be patient. Impatience drives activity, productivity and typically leads to profits and wealth accumulation.
Barry Urquhart
Marketing Strategist
Marketing Focus
M: 041 983 5555
E: Urquhart@marketingfocus.net.au
