The Belief Economy
David Baldwins book entitled The Belief Economy, it refers to the buying power of millennials and iGen, which is huge. These generations are changing the nature of marketing. They rely less on traditional advertising channels and more on word of mouth from friends and family members, any one individual can have an influence.
Interview with Baldwin
What made him write it?
He is the father to two children one 18 and the other 21 and the notion f his children being labelled as consumers was quite disturbing to him as an advertising man, this made him rethink everybody as consumers.
How has media consumption changed in the digital age?
his two children one a millennial and the other and iGen generation, well they have completely different relationships with brands than my generation.
His son consumes all his media through his phone wheres I would watch the television, thats all changed.
How did he come up with idea?
As an advertising person I have some control over what I work on and I get very excited by companies and brands that are doing more than just selling, so I’ve always looked for those kinds of opportunities.A great example of that is Burt’s Bees. I’ve worked with them for 6 years now and the thing I love about Burt’s Bees is they have what they call their “greater good model.”The greater good model is based on a triple bottom line that includes things that are good for you, the consumer; things that are good for them, the business; and things that are good for everyone and everything. Everything that they do as a business has to fit within that model, so the question becomes, “Can you make money and do good things at the same time?”It’s about having a positive impact on whatever world you’re living in.Most people in the advertising industry would describe themselves as creative, and creative people tend to want to have some kind of positive impact, they want to make a difference. Advertisers don’t get up in the morning and say, “I think I’d like to create a cultural blight.”
We are now starting to see more and more brands like Burt's bees and Toms Shoes were the business model itself is based around positive impact?
That’s exciting, but there are a lot of brands that aren’t wired around positive impact, so how can advertisers help them create a positive impact even if the business model itself isn’t based on “doing good?”Well, you can still have a positive impact, and you still have the power to solve a problem for people.Michael Porter is a Harvard professor who put forward an idea called shared value over 10 years ago. Shared value is this notion that businesses are in a better position to solve society’s problems, compared to NGOs or governments, because businesses come up with solutions to problems and then scale them for a profit.My idea was to then ask, “Can we look at advertising in the same way? What if advertising could be used to solve some of those problems as well?”In essence, I wanted to figure out how I could use marketing to help brands make a positive difference in the world. So that’s where the idea for the book came from.
David Baldwins book entitled The Belief Economy, it refers to the buying power of millennials and iGen, which is huge. These generations are changing the nature of marketing. They rely less on traditional advertising channels and more on word of mouth from friends and family members, any one individual can have an influence.
Interview with Baldwin
What made him write it?
He is the father to two children one 18 and the other 21 and the notion f his children being labelled as consumers was quite disturbing to him as an advertising man, this made him rethink everybody as consumers.
How has media consumption changed in the digital age?
his two children one a millennial and the other and iGen generation, well they have completely different relationships with brands than my generation.
His son consumes all his media through his phone wheres I would watch the television, thats all changed.
How did he come up with idea?
As an advertising person I have some control over what I work on and I get very excited by companies and brands that are doing more than just selling, so I’ve always looked for those kinds of opportunities.A great example of that is Burt’s Bees. I’ve worked with them for 6 years now and the thing I love about Burt’s Bees is they have what they call their “greater good model.”The greater good model is based on a triple bottom line that includes things that are good for you, the consumer; things that are good for them, the business; and things that are good for everyone and everything. Everything that they do as a business has to fit within that model, so the question becomes, “Can you make money and do good things at the same time?”It’s about having a positive impact on whatever world you’re living in.Most people in the advertising industry would describe themselves as creative, and creative people tend to want to have some kind of positive impact, they want to make a difference. Advertisers don’t get up in the morning and say, “I think I’d like to create a cultural blight.”
We are now starting to see more and more brands like Burt's bees and Toms Shoes were the business model itself is based around positive impact?
That’s exciting, but there are a lot of brands that aren’t wired around positive impact, so how can advertisers help them create a positive impact even if the business model itself isn’t based on “doing good?”Well, you can still have a positive impact, and you still have the power to solve a problem for people.Michael Porter is a Harvard professor who put forward an idea called shared value over 10 years ago. Shared value is this notion that businesses are in a better position to solve society’s problems, compared to NGOs or governments, because businesses come up with solutions to problems and then scale them for a profit.My idea was to then ask, “Can we look at advertising in the same way? What if advertising could be used to solve some of those problems as well?”In essence, I wanted to figure out how I could use marketing to help brands make a positive difference in the world. So that’s where the idea for the book came from.
Links Between Connected Capitalism and The Belief Economy
In 2016, Ben & Jerry’s launched a political marketing campaign called “Democracy Is in Your Hands.” The accompanying online videos used nothing but fingers, spoons, and, of course, ice cream to explain big money, voting rights, and other political issues. The campaign also included a new ice cream flavor, cleverly named “Empower Mint.”
Peace, love, and ice cream is not just an advertising tagline for Vermont’s most famous ice cream company. Ben & Jerry’s lives those values in everything they do as a company. Notice the placement of the words in the tagline. The product, “ice cream,” comes last after “peace” and “love.” Could it be the order is important to them and was intended? My guess is, yes, quite intended.
It’s easier than ever to learn what governments, people and brands stand for and to connect with those who share similar beliefs. Social platforms are also a way to hold brands and governments accountable.
- Generational attitudes. Baby Boomers were a phenomenon in terms of their embrace of and influence on changing societal mores. They are the reason that denim is an acceptable fashion choice for the office or attending the theater. Their sheer numbers made their choices impactful. So too with Millennials and iGen. Their digital nativeness has fostered a global civic-mindedness that extends to the brands they choose.
Their buying power and influence could grow to $1.4 trillion by 2020, and we know that they are drawn to brands and companies that possess an authentic passion, purpose, and/or ideology that align with their own.
- The decline of “me first.” By attaching profit to the simple idea of making good things happen for people, we can transform the world. That’s the driving force behind connected capitalism.
All these brands have offered narratives that are simple, powerful, and genuine because they align with those brands’ DNA, built up over years, showing that they give a damn and are willing to follow through on their values. They allow their brands’ stories to unfold organically as customers go through the buying process, which makes it more meaningful.
These aren’t clever marketing tactics for the mere purpose of selling more products; these are behaviors that reflect the values and beliefs of the brand. But they end up selling more products anyway because they also reflect the values and beliefs of their connected, idealistic customers.
Connected capitalism is a rejection of selling for selling’s sake and an acceptance of tying all of the strings together to make things better. Make money. Do something good. Win-win.
Some Quotes that Agree with Baldwin from Looking Closer 4:
This links to the looking closer 4, the article Sustainable Consumerism which talks of how the new generation is more aware and holds a lot more concern for what they are purchasing and the affects that it has. Also how it is easier to expose a brand or business if they are doing bad things through the rise of social media news is spread a lot easier and faster.
"they are individuals existing in complex cultural systems. they have transcended vague notions of monocultural national values and the politics of supremacy. they do not trust us. Their version of leadership is not command and control, it is not JFK, Churcill, Thatcher or Reagan. If Clintons presidency taught us anything, it was surely this: leadership is about acknowledging uncertainty rather than manufacturing certainty. we are all flawed and it is how we respond to that fact that defines our future. This sensibility is endemic among new consumers. The Gluetrain Manifesto reflected this as its authors indicated a way forward: Markets are conversations. Absolutely and so are brands, the question is what do we want to talk about ?
"In the culture of knowledge the consumer knows. And is rebelling"
"The cultural role of brands is to respond to the spirit of the times"
They have a different narrative than previous generations of consumers. Their narrative embraces their position within a complex and interlinked world.
"they are rethinking the way they consume, rather than becoming trapped within the manufactures aspirations of the mass market, they are seeking to create experiences that connect them in a meaningful way to ideas and ideals that are worth something."
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