YOUR BRAND IS EVERYTHING - WHETHER YOU LIKE IT OR NOT! | MARKETING MYTHBUSTERS #business

When times are good, buying something is almost a game. The story we tell ourselves is that we deserve it, we want it, and why shouldn't we? However, in a recession, when the mass psychology changes and times are seen as tough, the story we tell ourselves also changes. Now we're buying out of defense, or to avoid trouble, or maybe because something will never be that cheap again. Or perhaps we buy smaller items to get the same hit of dopamine. It's worth noting that these two extremes may result in us buying the very same thing we bought previously. It's not the thing, it's as much the story we tell ourselves. Having a $30 manicure every week could be seen as an indulgence if you're very wealthy, but it could also be seen as a monthly treat to the person who's recently traded down to a small rented apartment. The challenge for marketers is to work out how to change their brand story so their customers can change the story they tell themselves. What you make, where you make it, who it's for, how it's priced, why it's wanted— they all contribute to the perception. If you change these elements, you change the story.