Marketing Week 20.11.08

Let’s not discount real value. Are brand-owners at the risk of becoming cynics – those who know the price of everything and the value of nothing, as Oscar Wilde described them?

As purse strings tighten, price promotions prove their popularity with consumers and their built-in accountability makes them favourites with brands, as the latest Bellwether Report confirms.

But value isn’t only measured by price. The proven quality of a brand over retailer own label is perhaps even more important when people ‘feel’ poor, as it’s a small way for us to enjoy a little luxury.

If, as ISP President Colin Lloyd says, history repeats itself with specific promotions gaining new value as an antidote to household pressures as they have in previous downturns, then we forecast other popular promotions are likely to be any around at-home luxuries – from meals-in to pampering.

What will be key is how agencies engage with their clients (and their procurement departments) to define what ‘value’ really means today and how to deliver it to customers for the benefit of all involved.

Rod Geoghegan
Marketing Director
Wax Communications

Lucy Pearce, our Experiential Director, is  quoted in today’s Evening Standard:

Despite the gloom, most firms are still planning a festive party – meaning now is a good time to look for a job in hospitality.However, according to some industry experts the Christmas party mill is still churning.

Lucy Pearce advocates that although the global economy’s downturn has left companies struggling to justify the expense of an annual Christmas bash, the credit-crunch fallout is certainly not stopping companies showing some sort of festive cheer.

“We are now seeing companies being more sensitive and appropriate in the current climate, so the parties booked are less lavish,” says Pearce.

“There is a lack of uptake in swanky bespoke events, with companies now downscaling and being cleverer in their spending and more frugal with their annual celebrations”.

“Obviously it is not appropriate to see champagne on tap when there have been staff redundancies, but rather than cancel these festive knees-up to cut costs, companies need make the nmost of what monies they do .

Christmas bashes are still in demand as they boost morale, reward employees and importantly bond staff – something that employers should consider in this period of economic uncertainty.”

According to Pearce, Christmas is still the time when employees across the hospitality industry can still brace themselves for a whirl of private parties, corporate functions and office lunches.

“We have no difficulty getting the hospitality staff we need at this busy time of year,” she says.

“We currently have 2,000 multi-skilled hospitality representatives on our books and obviously around Christmas-time we are very, very busy.

We recruit by word-of-mouth and online through our website, but any well-groomed, presentable and enthusiastic people are free to pop into our head office on Tottenham Court Road for a face-to-face interview.”