With an estimated $2.1 trillion in spending power, moms influence 85% of all purchase decisions and buy nearly everything for everybody. Based on consumer neuroscience, a growing area for marketers looking to better understand consumers in more depth and with greater detail and precision, we know that moms and women in general use more areas of their brains to process information than men do, giving them enhanced multi-tasking, especially when it comes to shopping activities.
Macy’s reported today that sales and profit are down. The company blamed weather and increased competition for the slump. But the most disturbing reason business is declining could be the state of the average Macy’s consumer. “The consumer has not bounced back with the confidence that we were all looking for,” CEO Terry Lundgren said at the Goldman Sachs Annual Retail Conference in September.
“Mass marketing is making the same product for everyone, putting it in every store, then shouting its features and benefits to everyone. And shouting is the correct word.Your first goal in mass marketing is to be heard above the cacophony of thousands of competing messages. That’s far from what your goal should be—to generate sales and loyal customers. What’s the opposite of this noisy mass-media system of marketing? It’s to communicate directly with customers, individually, rather than blaring at them in groups. It’s to use media that permit this (and the slow and cumbersome postal system isn’t the only way). That’s the future and it’s upon us now.
Forrester found that visiting a company’s website is the number one way fans prefer to stay in touch with the brands [/inlinetweet]they love, outranking Facebook all the way down at number five. While their Facebook pages are brimming with exciting, yet unseen content, brand websites may be neglected – at a high cost to community interaction.
According to EPI’s The State of Working America, 12th Edition the wage and benefit growth of the vast majority, including white-collar and blue-collar workers and those with and without a college degree, has stagnated, as the fruits of overall growth have accrued disproportionately to the richest households. According to every major data source, the vast majority of U.S. workers—including white-collar and blue-collar workers and those with and without a college degree—have endured more than a decade of wage stagnation. Wage growth has significantly underperformed productivity growth regardless of occupation, gender, race/ethnicity, or education level. This is pretty significant for CPG markers.