I favor the poetry inherent in good brand planning, so in various places on the web you may have seen some of my references to “redistributing marketing wealth.” Redistributing marketing wealth is a great calling if you can do it. It is one goal of great strategy. The only thing that trumps it is “creating new wealth.” The most exciting work in marketing is not taking a market that currently exists, say a $2.4B market for nutrition drinks, and rejiggering it to get more share – though that is fun. It’s taking a static market and growing it. Finding new uses, new custies, and new (I can’t think of a third thing)…
That’s not redistributing marketing wealth, that’s creating new wealth. A smart boss at McCann once asked me, “Where will the money to pay for this product come from?” In other words what will someone not buy to pay for this product? Carbonated soft drink dollars are flowing into waters. So Coke owns both. Now Coke is getting into protein – another reapportionment. But what if Coke took money away from the gyms? Or created a product that took consumer budget from the gas budget?
Rational consumers only have so much money to spend. Figuring out how to get them to spend it with you is a planners MO. New money? Or old money? That is a big planning question.
Peace be upon you this Friday!