The essential follow-up to the BusinessWeek bestseller Trading Up A BMW in a Costco parking lot? A working class family with a 50-inch plasma TV? What's going on in the mind of the new consumer? Today's consumers can seem impossible to understand, and even harder to please. For instance, the average mall shopper will spend about $100, then leave when she hits that limit. She'll probably buy shoes rather than clothing, because she doesn't want to think about her dress size. And the store most likely to get her money isn't the one with the nicest display or the deepest discounts-it's the one closest to her parking spot. In his consulting with dozens of leading companies, Michael J. Silverstein has interviewed thousands of customers, extracting fascinating patterns about what really drives their purchase decisions. His first book, the acclaimed bestseller Trading Up , has taught a generation of marketers about the "new luxury" phenomenon, and why consumers will happily pay a steep premium for goods and services that are emotionally satisfying, from golf clubs to bathroom fixtures to beauty products. But Trading Up revealed only part of the story of the new consumer. The same middle-class people who are happily trading up at Victoria's Secret and Panera are going on treasure hunts at Costco and Home Depot. And they are often getting as much emotional satisfaction in the discount stores as in the luxury stores. TREASURE HUNT shows how even the most mundane shopping-for things like paper towels and pet food-has become an adventure rather than a tedious chore. In just about every category, both the high end and the low end are growing and innovation- rich. Many middle-class consumers gladly spend $5 a day for a Starbucks venti latte; others spend forty cents a day on home-brewed coffee, feel good about their frugality, and save up the difference to buy Apple's newest Nano. TREASURE HUNT explains the success of companies as diverse as Dollar General, H. E. Butt, eBay, Commerce Bank, and Tchibo. But in our bifurcated global market, businesses need a clear strategy for aiming high or low, while avoiding the treacherous middle, where so many have recently stumbled. If your offering isn't exciting enough to inspire trading up, but not enough of a bargain to satisfy the treasure hunters, you'll have no emotional connection with your target audience. And then, as many fallen companies have discovered, your tried-and-true marketing strategies will go into a severe stall. TREASURE HUNT takes us into the homes of real people making real decisions, and into the CEO's offices of innovative companies finding new ways to accommodate them. Written with the same flair, empathy, and intelligence that made Trading Up an instant classic, this is an essential guide to the moods and habits of the constantly changing consumer.
So I've been getting flak from the people around me for reading this book, but it was really interesting to think about the idea of 'new luxury' and the idea of people trading up or 'rocketing' in their person expenditures.
Unless you are interested in business and entrepeneurial pursuits, this might not be the most thrilling read. But as someone who likes to imagine herself running her own company someday, this book had a lot of interesting ideas, like how most consumer segments can be modified to fulfill consumer needs and emotions. The most compelling example I found was washing machines. The Whirlpool Duet washer and dryer are much more expensive than other options out there, but these Boston Consulting Group writers polled many consumers and found out that these products actually make people feel better about themselves and their lives. Washing machines? If you look around, people are trading up all over.
This book captures one of the megatrends that few people are talking about…the “Bifurcation of Markets”. In other words families everywhere are trading down & bargain hunting in categories such as food and clothing, only to trade up in categories such as TVs, travel, and eating out. In the past decade global sourcing has commoditized products in virtually every category, meanwhile the markets for premium or luxury items have soared. What’s peculiar about this is that the same groups of people are pushing both ends of the spectrums. Case & point: a Lexus parked outside a Costco. Companies must relentlessly drive down cost & drive quality for greater value/$ at the lower end of the market, or differentiate their product offerings into greater heights at the top of the market.
Desde Leader Summaries recomendamos la lectura del libro A la caza del tesoro, de Michael J. Silverstein. Las personas interesadas en las siguientes temáticas lo encontrarán práctico y útil: marketing y ventas, gestionar marcas y posicionamiento. En el siguiente enlace tienes el resumen del libro A la caza del tesoro, Un estudio sobre el segmento de consumidores de clase media con estrategias comerciales para posicionarse: A la caza del tesoro
Very organized insight into the mind of the US consumer. It is interesting to look at how people decide which categories don't fit into their Trading Up value calculus and will gladfully trade down. The most intriguing aspects of the book are the company profiles of certain companies recognizing they are dying in the middle and how they transformed into two teired companies to service the high and low end.
I'm an ethnolographer myself, working for large corporations too. Well, I used to be. Reading the Treasure Hunt was full of insights and interesting practices for thoses who are still working in that field. But feeling like an outsider now, reading the Treasure haunt was a bit nauseous for me; all the knowledge built from observing people turned into how to make these people consum even more.. Sad
If you're in retail, you owe it to yourself to read this book. In fact, anyone involved in the marketing of consumer products or services would benefit from the insights presented here. As a side benefit, the book also serves as a rudimentary introduction to ethnography for those without prior exposure to this method of marketing research.
For some reason I'm obsessed with books on economics. This is a really interesting, well-written book that presents an interesting argument for the disappearance of the middle-market. It's in terms I (as a regular Joe) can understand, as well. Interesting conversation starter, as well.
Everything in this book makes sense. But just seems a way to ready about other's raltionalizing their spending. I know why I spend, why would I care about why you spend?!?!
This entire review has been hidden because of spoilers.
I learned a lot about what drives the spending habits of middle class people, but little in the way of marketing tips to make that information practical.