Heritage Heresy

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Information about Heritage Heresy
Business & Mgmt

Published on March 5, 2014

Author: ideas2propelU

Source: slideshare.net

trendwatching.com March 2014 Trend briefing HERITAGE HERESY Why 2014’s heretical consumers view nothing as sacred.

Definition HERITAGE HERESY: Rising numbers of consumers are embracing brands that play with, subvert and even explode their own heritage. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 2

DRIVING THIS TREND: 1. BRAND BAGGAGE Brand heritage becomes brand baggage. 2. new normal Ready for post-demographic consumerism? 3. CLEAN SLATE COMPETITION Consumers are flocking to brands without history or heritage. 4. TUMBLURRED LINES Whose brand is it anyway? 5. NOT-SO-VIRGIN CONSUMERS New markets, new mindsets, new heresies. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 3

1 BRAND BAGGAGE Brand heritage becomes brand baggage. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 4

brand baggage The reality for many brands is that the needs and wants of the new consumer often don’t align with the narrative that they’ve labored to build. For rising numbers of consumers, brand heritage and story has become at best irrelevant, and at worst an active barrier: one which prevents brands they might engage with from offering a product or service that’s right for them, today. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 5

The majority of people worldwide wouldn’t care if 73% of brands disappeared tomorrow. - Havas, June 2013 www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 6

Consumers are embracing brands that drop the ‘Our brand must always’ and ‘Our brand must never’ and do the Unthinkable. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 7

Moët Hennessy October 2013 saw Moët Hennessy launch two varieties of sparkling wine made at vineyards in the Nashik region of India. The wines are more affordable than the brand’s Brut Imperial Champagne which is subject to heavy import taxes. HERITAGE = Made in France. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Made in India. 8

Moët & Chandon November 2013 saw LVMH-owned Moët & Chandon unveil vending machines in British department store Selfridges, selling miniature bottles of Champagne. HERITAGE = Luxury. www.trendwatching.com/trends/heritageheresy HERESY = Mass. HERITAGE HERESY 9

Heretical Question 1: What BRAND BAGGAGE can you drop?* * To identify BRAND BAGGAGE, try completing these sentences: ‘Our brand must always…’ ‘Our brand must never…’ www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 10

2 NEW NORMAL Ready for post-demographic consumerism? www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 11

NEW NORMAL Traditional demographic segments are becoming ever less useful. Fueled by growing choice and freedom, consumers are ever more diverse and unpredictable. Meanwhile, a global culture sees consumers from nine to 90, from Chicago to Bangkok, lust after the same smartphones, eat the same sushi, and wear the same sneaker brands. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 12

NEW NORMAL (cont.) Enter POST-DEMOGRAPHIC CONSUMERISM, and the embrace of brands* that cater to universal (and complex) needs and wants, rather than constructed (and limited) identities. * We’re referring here to global mega-brands. Of course there will remain endless opportunities for smaller, niche brands to target a core audience and exclude the rest.  www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 13

Consumers don’t live in demographic silos anymore. Neither do smart brands. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 14

flydubai In October 2013 low cost carrier flydubai launched business class seating across their fleet. Business class seating is equipped with touchscreen TVs, and travelers are offered priority check, lounges and 3-course meals. HERITAGE = Economy. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Business. 15

Heretical Question 2: Where does your brand heritage clash with consumer needs/desires?* How would your offering look if you adapted it to serve that need/desire? * For example, if your brand is built around exclusivity, it clashes with the consumer desire for easy access. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 16

3 CLEAN SLATE COMPETITION Consumers are flocking to brands without history or heritage. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 17

CLEAN SLATE COMPETITION Unlike established – often tainted – brands, startup CLEAN SLATE BRANDS often better embody the values of contemporary consumers: storied, responsive, accessible, sustainable, ethical. What’s more, the sheer volume of innovation, in every sector, means a host of new (and more relevant and simply ‘better’) solutions than those from legacy competitors. As for barriers to trusting new brands? They’ve fallen away in a marketplace of total information and perceived accountability. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 18

Worldwide, 40% of consumers say they do not wait until a new innovation has proven itself before they will purchase it. - Nielsen, January 2013 www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 19

Consumers are looking to established brands to disrupt themselves. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 20

BMW DriveNow In September 2013 BMW announced that it would roll out its electric vehicle sharing program DriveNow to more US cities. DriveNow is widely held to be BMW’s answer to car access startups such as Lyft and RideShare. HERITAGE = Exclusivity. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Open access. 21

Marriott & LiquidSpace In September 2013, the international hotel chain Marriott announced the extention of Workspace on Demand. The initiative allows any consumer – not only hotel guests – to book deskspace at a Marriott hotel lobby. HERITAGE = High-end hotel. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Coworking space. 22

Shang Xia September 2013 saw Chinese luxury brand Shang Xia open its first store in Paris. Shang Xia is backed by French fashion house Hermès. Its two stores in China sell clothing, jewelry and furniture inspired by Chinese culture and design. HERITAGE = Paris fashion. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Shanghai fashion. 23

Heretical Question 3: Who are your CLEAN SLATE COMPETITORS, and what can you learn from them? www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 24

4 TUMBLURRED LINES Whose brand is it anyway? Image via Adbusters www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 25

TUMBLURRED LINES Consumers have been busy creating a never-ending stream of brand heresies of their own. Just a glimpse at Tumblr, Instagram, YouTube and Facebook will bear witness to how consumers both participate in (or are at the very least observers of) the remixing, hijacking, copying and redefining of brands, and their products and services. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 26

One way for brands to regain the attention of (creative, culturally aware) consumers in 2014? Get creative, playful and even subversive with their own history and heritage. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 27

Versace October 2013 saw Versace launch a collection designed by British-Sri Lankan recording artist M.I.A.. The M.I.A x Versace Versus collection is based on Versace copies found in London’s street markets. HERITAGE = Closed/elite. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Open/democratic. 28

Heretical Question 4: What are (creative, subversive, culturally-aware) consumers doing to your brand online? www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 29

1 2014 Trend Report We obviously offer much more than monthly Trend Briefings... 2 Trend Framework 3 Innovation Database Introducing our 2014 Premium Service Your complete trend and innovation solution. 4 Industry Updates 5 Apply Toolkit Find out more 6 Monthly Updates 7 1-page Trend Handouts

5 NOT-SO-VIRGIN CONSUMERS Bringing new expectations. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 31

NOT-SO-VIRGIN CONSUMERS Heritage has been a reliable global export for many established brands. Next: the continued power shifts in the global economy will overturn sacred brand cows. Eager-yet-aware, younger-yet-experienced, wealthy-yetirreverent emerged market consumers’ tastes will mature and evolve. These consumers will turn away from the ‘tired’ brands their parents lusted after, and towards fresh and exciting brands that enter unchartered waters with their products, services and campaigns. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 32

60% of Chinese luxury consumers are aged 20-39, compared to just 38% in Western Europe. - Roland Berger, October 2012 www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 33

60% of Chinese millennials feel they have more in common with young people in other countries than with old people in China. - JWT, September 2013 www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 34

Mercedez-Benz In Brazil during April 2013, Mercedez-Benz launched a video campaign for its new A-Class car model, soundtracked by Federated MC and the Lelek’s hit song ‘Passinho do Volante’. The funk hit has its origins in Brazilian slum culture. HERITAGE = Elite culture. www.trendwatching.com/trends/heritageheresy HERITAGE HERESY HERESY = Mass culture. 35

Pantene In November 2013 shampoo brand Pantene launched its Labels Against Women advert in the Philippines. The ad highlighted workplace sexism. In December 2013 Pantene announced they would also air the ad in the US. HERITAGE = Glamor. www.trendwatching.com/trends/heritageheresy HERESY = Politics. HERITAGE HERESY 36

Heretical Question 5: How could your brand excite younger, sophisticated, affluent consumers in emerged markets? www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 37

IMPLICATIONS & NEXT www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 38

HERITAGE HERESY vs HERITAGE HOMAGE Of course, for every brand that should dive headlong into HERITAGE HERESY, there will be another that would benefit from remaining sacred and unchanging. The trick is knowing which side of the line you fall on.  www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 39

FIVE HERETICAL QUESTIONS If you’re ready to run with this trend (and you should at least consider it!), then don’t forget the five heretical questions: Who are your CLEAN SLATE COMPETITORS? What BRAND BAGGAGE can you drop? Where does your brand heritage clash with consumer needs/desires? What are consumers doing to your brand online? How could your brand excite younger, sophisticated, affluent consumers in emerged markets? www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 40

go APPLY! Try capturing your answers to these questions using our Consumer Trend Canvas tool: www.trendwatching.com/trends/consumertrendcanvas www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 41

CONSUMER TREND CANVAS TREND: 1 . ANAL YZE Basic Needs 2. A PPL Y Drivers of Change Which deep consumer needs & desires does this trend address? Innovation Potential Why is this trend emerging now? What’s changing? Shifts: Long-term, widespread macro changes How and where could you apply this trend to your business? Triggers: Recent, short-term changes or technologies Emerging Consumer Expectations Who What new consumer needs, wants and expectations are created by the changes identified above? Where and how does this trend satisfy them? Inspiration How are other businesses applying this trend? Which (new) customer groups could you apply this trend to? What would you have to change? Download a blank worksheet at trendwatchingpremium.com www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 42

and Remember... Nothing (about your brand ;) is sacred! www.trendwatching.com/trends/heritageheresy HERITAGE HERESY 43

NOW… MORE... Enjoyed this Trend Briefing? Want more? 1. Our free monthly Trend Briefings Join the 250,000 subscribers who receive our free monthly Trend Briefings. 2. Our 2014 Premium Service Should you be one of our 1,200+ Premium clients? SUbScribe Me » If you have any comments, suggestions or questions then please do let us know. Just email: PAUL BACKMAN Chief Client Officer paul@trendwatching.com About us Established in 2002, trendwatching.com is the world’s leading trend firm, scanning the globe for the most promising consumer trends, insights and related hands-on business ideas. Our Premium Service counts many of the world’s leading brands as clients, while our free monthly Trend Briefings go out to over 250,000 subscribers in 180 countries. More at www.trendwatching.com

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