KAMIST

[VS Collective: Farewell, VS Angels.]

Hello Optimist People!

We are back again with KaMIST! Every week on Thursday we’re going to give you an insight about marketing.

[VS Collective: Farewell, VS Angels.]

When Victoria’s Secret is mentioned, the first thing that pops up in our mind is their iconic angels, the models who walk the runway wearing their brand’s lingerie and accessorized with magnificent wings. Since 1995, the show and its models shaped pop culture, launched careers, controversies and headlines. But this year, Victoria’s Secret officially announced that their angels are no longer performing due to controversies such as the lack of diversity, plunging show ratings, and declining sales.

After seeing a drop in show ratings and sales, Victoria’s Secret decided to change gears by changing their marketing strategy to match what the modern women wanted to see. Recently, Victoria Secret has just announced this shocking news on their instagram regarding their new partnership program, VS Collective, seven new Victoria’s Secret models who will be featured in ads and promote the company on Instagram.

The women that participate in the VS Collective include actress Priyanka Chopra Jonas, mental wellness supporter Adut Akech, soccer star Megan Rapinoe, equality activist Amanda de Cadenet, skier and youth and women’s sports advocate Eileen Gu, body advocate Paloma Elsesser, and LGBTQ activist and model Valentina Sampaio. These women figures show that VS is getting more inclusive, embracing all women from different backgrounds. They will spread the mindset of what may be the most extreme and unabashed attempt at a brand turnaround in recent years: an attempt to change the definition of “sexy” that it portrays (and sells) to the general public.

“[I am] humbled to join this group of incredible women to drive change within the Victoria’s Secret brand and beyond,” Megan Rapinoe said. “So often I felt myself on the outside looking in with brands in the beauty and fashion industry, and I’m thrilled to be creating a space that sees the true spectrum of ALL women. I believe in the power of authenticity and community and am excited to show what can be done through The VS Collective.”

Source: harpersbazaar.com, The New York Times.

Wanna get more insight on marketing? Tune in every Thursday for more KaMIST!

You can reach us at:
LINE: @mistfebui
Instagram: @mistfebui
Twitter: @mistfebui
Facebook: MIST FEB UI
LinkedIn: MIST FEB UI

optiMIST

General Info:
publication@mist-febui.com

Partnership:
partnership@mist-febui.com

Location:

Management Student Society Office, Student Center Building, 2nd Floor Faculty of Economics and Business, University of Indonesia. Depok, Indonesia

The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.