I had some time, as one does, at the airport so I popped into WHSmiths's to buy some magazines for the beach. Time, Newsweek, Stuff, T3; all the usual’s and then the Harvard Business review caught my eye. To put this into perspective, I also had a book on branding, as well as another on entrepreneurs with me, so I was in that frame of mind. Anyway, the Harvard Business review: I had a flick through and I stumbled upon a report on consumerism post recession and quite interesting too, it was.
Before I elaborate too much, I need to go back a couple of years or so when Credit Crunch was just a little sub-prime bother in the colonies(America) and S&P ratings were still sky high on many a now defunct establishment. In those happier times of consumer madness my business partner and I were crunching over some figures that reflected our own market, the high end hi-fi separates one which we resided and that most of our products under the Sonneteer brand serviced. Although our sales at the time were creeping upwards, the market as a whole was in decline and the new products being touted by our competitors were not growing the market place one jot. It was time for a rethink. No time to panic however and the cause was worthy of some serious thought.
The first couple of things that came to our minds were: 1. Neither of us had any of our own equipment in proper use in our houses anymore and 2. Why were the new integrated products(amp, CD, radio in one) touted by the competition, not actually growing the overall market whilst starting to dominate its turn over?
As you may have noticed, I digressed a little from the Harvard Business review report so I'll get back to that now and here's the link to the full story on our rebirth http://haiderway.blogspot.com/2009/09/you-mean-like-b.html which is just below
Except to say the product that materialised some two and a half years later reflected an important assumption we made: that customers want high quality, ergonomic, sexy, and green (credentialwise) products.
Ah yes, the report! You still with me?
My own interpretation of the review's report was that the post exposure to credit crunch consumer would be a more savvy one who would be thrifty but not afraid to spend money on quality. The report also placed a closer eye on the now under 35s who would be the next drivers of the global economy in this so called post consumerism age. The characteristics I just described, again according to the report's projections, would be more subconsciously ingrained as well as a more natural leaning towards greener, more environmentally aware products and where apt, fair-trade ones. The growth of thrifty brain cells would be counterbalanced by the willingness to spend more on products with all or some of these features.
As I was being hurried out of the newsagents about to miss my flight I breathed a small sigh of relief and allowed myself a gentle smile of satisfaction. Until, that is, I saw the price on the front of the journal! FIFTEEN QUID I gassped. So I paid for the stuff under my arm and ran for the gate. I am writing this after a week of reflection on the beach and I think as soon as I get back I will pay for a copy.
Oh and the product; the Sonneteer Morpheus music centre. Code named project BORO at the time. Hand made in Britain from as many locally resourced, high quality and recyclable bits and bobs as possible and when it works it uses the minimum amount of energy possible for the highest quality performance possible. Easy to use and looks damn sexy to boot.
