New rules for a new reality
Transcript of New rules for a new reality
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NEW RULESfor aNEW REALITY
Nathan Watts Creative Director, FITCH
@FITCHdesign
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But..
NEW REALITY?..what is thenew
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TV Print
Radio
DM
Social
SiteRetail
Screen Search
Mobile CC
Customer
Omnichannel
+
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How do weAdapt?5 to thrive..
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#1
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Stop thinking consumer
Start thinking people
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Online is an unforgiving..
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The moment choice wasoffered.. People
startedchoosing
..
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Shift ourperspective
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Consumers..Victims of marketing plans
Respond in predictable ways
Fit neatly into segments
Rationally buy
Follow linear journeys
Can always buy more goods
People..Call the shots
Change behaviours frequently
Have mosaic identities
Emotionally buy
Do not follow prescriptive paths
Seek experiences more than goods
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Remedy:Spend 1 day/month speaking to people
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#2
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Don’t count onloyalty
Start earninggratitude
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Rewarding visits
Vs Rewarding A visit
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Forbes 25 mostdisruptive companies
2/ Airbnb 3/ Facebook 4/ Red Bull
5/ Snapchat 6/ Alibaba 7/ Netflix
8/ Under Armour 9/ Instagram 10/ Apple
11/ CVS 12/ Taylor Swift 13/ Google
14/ Warby Parker 15/ Chipotle
16/ 72andSunny 17/ SoulCycle
18/ Rent the Runway 19/ Houzz
20/ Waze 21/ DraftKings
22/ Coke 23/ Eataly
24/ Birchbox
25/ Virgin America
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#3
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Stop chasing spend
Start encouragingdwell
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Happy people stay longerand spendmore
>1hr 1-2hrs 2-3hrs 3-4hrs
Represents relative spend
Source: Business insider, Intu research 2012
807060504030
NPS
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1.3%
increase in dwell
increase in spend
1%
Some numbers..
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Rise of the shopping resort
Retail LeisureLeisure
Leisure
Retail Retail
Traditional10% Leisure
Fast food court
Cinema
Conventional25/35% Leisure
Casual dining
3+ attractions
Shopping resorts>35% Leisure
8+ attractions
Many flagships
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Barbour &Parlour
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#4
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Don’t be led by omni-channel
Lead with peaks of emotion
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RockyRacing up the Philadelphia Museum of Art steps
The concluding battle against Apollo
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AvatarFirst walk through the bioluminescent forest
Attack on the Treeof Souls
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Loosingfocus.. TV Print
Radio
DM
Social
SiteRetail
Screen Search
Mobile CC
Customer
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Peak End
Pleasure
Time
Most favoured experience Least favoured experience
Comparing two experiences
Psychological theory developed byDaniel Kahneman and Barbara Fredrickson
Find focus:Peak EndRule
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McLarenThe car is the star
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Amazon Go
Just walk out
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#5
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Be lessarchitect
Be morestage director
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Capex has dictated thepace of change
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Exp
erie
nce
Minor Refurbishment
Customer Expectatory Satisfaction
1 2 3 4 5 6 7Years
‘Bricks & mortar’
Traditional retail process
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People demandchange in ‘Internettime’
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K11Shanghai
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1. Start thinking people 2. Start earning gratitude 3. Start encouraging dwell 4. Lead with peaks of emotion5. Be more stage director
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Alasdair Lennox Executive Creative Director EMEA, FITCH
@isawthismorning @FITCHdesign
Mind-states, Moments and MemoriesThat will drive revenue inthe future omnichannel retail ecosystem.
THANK YOU
Nathan Watts Creative Director, FITCH
@FITCHdesign