Marketing communications strategy has a pattern. In this TV show Ibrahim Ibrahim looks at consumerism and status symbols within emerging economies.
Marketing communications strategy in developing economies
The developing economies are going through the cycle of consumerism that we went through two decades ago.
I think this idea of buying stuff and buying logos and just accumulating status symbols is prevalent.
But I think, like in the developing economies, there’s a shift from status symbols to status skills, no longer.
At the heart of consumerism is status, but no longer is the status, you know, in owning this bottle of whiskey, it may have cost me 80 quid but, you know, two decades ago the status was in owning it.
Now the status is in knowing whether it’s east coast, west coast, is it peat, is it honey, where is it from, is it made on the Isle of Skye
, is it by the sea, because it’s got beautiful flavours of peat or you know, it’s the stories.
So if we’re talking and go full circle back to the notion of the store, stores are no longer about shops, they’re about stories.
And I think that is really important, the idea of shifting shopping from stores to stories is really key.
So how do you equip customers with those stories, and that are engaging and relevant, that they can then gain status, because that’s ultimately what we all want.
It’s the dematerialising of shopping.
Look out for more discussion about marketing communications strategy from experts like Ibrahim Ibrahim on Connected Economy TV.