Implications for 2008? An obsession with the here and now, an ever-shorter satisfaction span, and a lust to collect as many experiences and stories as possible, is undermining the perceived value (and thus, status) of fixed goods and services.
ONLINE SPHERE: Where to begin? In an online world or virtual world, social status 2.0 is all about who you connect to and who wants to connect to you, tribal-style. It also encompasses status gained from the number of views for one’s photos on Flickr, to the number of friends on Facebook, to one’s gaming skills and levels (just a snippet: Microsoft’s Halo 3 racked up $170 million in sales on its first day of availability, making it the hottest-selling title in video game history. Total sales since September: four million copies) to the good looks of one’s avatar, to finding out about whatever/wherever on anything before anyone else does.
ECO-SPHERE: With the environment finally on the agenda of most powers that be, and millions of consumers now actively trying to greenify their lives, status in the eco-sphere is both more readily available, and increasing in value. A substantial subset of consumers is already bestowing recognition and praise on Prius drivers, while scorning SUV owners, and this will only accelerate as even more design-minded and branding-savvy eco-firms push to the forefront in 2008. Make it green, make it effortless, make it visible if not bold if not iconic, and don’t hesitate to point out your competitor’s polluting alternatives.
GIVING SPHERE: Find us one high-profile billionaire who’s not deeply into “giving” right now. In fact, whether it’s giving away your riches, your time, or sharing your (content) creations with total strangers, giving is the new taking.
PARTICIPATIVE SPHERE: Especially for younger (and younger-at-heart) consumers, participation is the new consumption. For these creative beings, status comes from finding an appreciative audience, which is much the same way brands operate. No wonder that it’s becoming increasingly important to hone one’s creative skills. Status symbols, make way for status skills? What’s going to be your participation strategy for 2008?
ADD YOUR OWN STATUS SPHERE: One thing you can’t go wrong with in 2008 is to ask yourself how your current and new products and experiences will satisfy an audience of very diverse status seekers.
If you haven’t done so already, get rid of the habit of only focusing on traditional status symbols, and you will find there is no end to the number of status spheres you’ll be able to identify.
2. PREMIUMIZATION
Definitely part of the traditional sphere, premiumization is not going to go away in 2008. Basically, with more wealth burning holes in saturated and experienced consumers’ pockets than ever before, quick status fixes derived from premium products and premium experiences will continue in full force next year.
Some premiumized luxury marshmallows.
What’s new then? How about 2008 being about the premiumization of everything and anything. In other words, no industry, no sector, no product will escape a premium version in the next 12 months. Some poignant premiumization examples to watch out for: