The Sociology of Business

The Sociology of Business

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The Sociology of Business
The Sociology of Business
Winning in aspirational markets πŸ‘‘

Winning in aspirational markets πŸ‘‘

How to select the right value architecture

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Ana Andjelic
Nov 09, 2020
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The Sociology of Business
The Sociology of Business
Winning in aspirational markets πŸ‘‘
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I write weekly newsletter about how the new forms of social, cultural, and environmental capital change brand strategy. This newsletter has been selected as one of the best single-operator newsletters on the Internet. If you enjoy this issue, you canΒ order my book, share this newsletter with anyone you think may find it useful, and subscribe below:

Aspirational markets are not a zero-sum game.

Consumers compare aspirational products with experiences, access, socializing, spirituality, charitable work or self-actualization: a concert can be equally desirable as a bottle of vintage bourbon as a pair of rare sneakers. This makes aspirational brands all part of the single market and interchangeable in terms of value in the eyes of their buyers. Differentiation in this compressed aspirational market is even more important knowing that, in order to survive and grow, a company needs to be part of consumers’ initial consideration set. Consumers’ initial consideration set is the set of brands that first come to mind when consumers are looking to buy something. If it makes it into initial consideration, a brand is two times more likely to be purchased than a company that is considered later in the decision journey. This trend only gets amplified with the market share growth.

To win in aspirational markets, brands need to: a) have a clear identity and the strategy of conveying it, b) a clear idea on what kind of growth model they want to pursue and c) keep innovating in value.

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