Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

Tuesday, September 29, 2009

turd polishing

Theres a well know phrase 'nothing ruins good advertising quicker than a bad product' [source needed?].
With that in mind I enjoyed an nugget in neuroscience marketing.com by Roger Dooley around Brand authenticity.

Roger says:
'The simple message is that today it makes no sense to waste money on polishing a brand that has underlying product problems. The mismatch between the brand message and the real consumer experience will surface sooner rather than later, and that dissonance may actually make things worse. Fix the product first, THEN worry about branding.'

Good point but it's deeper than that. If we agree that what a brand does is more important than the message then we are talking about value creation. Ethics, even.

So in looking for the elusive ROI on creating value in situations we should consider the behaviour that flows from these ethics and what it contributes the kind of society we live in. The big picture.

Unethical business practices and crappy products have direct economic consequences.
Simple example: Using crappy materials in foods (we've all seen the chicken factory documentaries) peoples' health is at risk.
There's the knock on of medical costs then, of course, these people work less efficiently, have time off sick causing a decline in productivity etc etc

Someone once said to me 'thinking in straight lines will keep you going round in circles.'

If we only focus on the linear progression of the economic events we forget that 'nature unfolds in all directions'. Economics, advertising and products are part of one vast interconnected whole thing, subject to the same natural laws as everything else.

One of the biggest mistake we as agencies make is chasing anything with a budget, but often it pays to remember you cannot polish a turd.

Wednesday, September 23, 2009

dinnertime in heaven and hell

Wednesday morning storytime...

'It's dinnertime in heaven and hell.

In both places, meals are served at a huge round table with lots of delicious food in the center. The food is out of reach, however everyone's got really long forks.

In hell, everyone starves because, while they can reach the food with their forks, the forks are much longer than their arms, so nobody can turn a fork around and eat what's on the end of it.

In heaven, faced with the same problem, people eat well. How?

By feeding each other.'


From 'All Together Now: Common Sense for a Fair Economy' Jared Bernstein.

Friday, September 19, 2008

there may be trouble ahead....

Excellent thoughts around the current financial meltdown and ting this week by Charles and Neil.

What are things going to look like when we come out of the other side?

I've been checking out E.F. Schumacher's classic essay on buddhist economics. More and more it's starting to resonate - not as a dusty piece of history, but as a way ahead.

quote:
'For the modern economist this is very difficult to understand. He is used to measuring the 'standard of living' by the amount of annual consumption, assuming all the time that a man who consumes more is 'better off' than a man who consumes less. A Buddhist economist would consider this approach excessively irrational: since consumption is merely a means to human well-being, the aim should be to obtain the maximum of well-being with the minimum of consumption.'

Charles says:
'One thing is for sure I'm sick to death of the word growth being used as if it's a sign of success.'

Marketing and economics are subject the law of impermanence - ie they pass through the following stages: birth, growth, maturity and death - just as humans are.

If we agree that innovation is often the outcome of 'conflicts' - the bigger the conflict ergo the bigger the innovation.

Like the fella once said 'if you don't like change you'll like irrelevence even less'

No-one's gonna argue we're not in the midst of a pretty major conflict at the moment so I'm looking forward to what's round the corner...