MINNEAPOLIS, Feb. 8, 2012 /PRNewswire/ -- The Sharing Economy
movement has gone mainstream. According to a national
consumer study, not only did a 60 percent of overall respondents
find the concept of sharing appealing, but a full 71 percent of
those who have used shareable products expect to continue.
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The data confirms both the health of the trend and the need for
marketers to acknowledge related shifts in the marketing
landscape. Minneapolis ad
agency Campbell Mithun commissioned the study and partnered with
Carbonview Research to quantify consumer response to the sharing
concept nationwide.
"This trend is no longer emerging, it's here," says Lynn Franz,
Campbell Mithun's director of strategic planning. "And the
marketplace should accommodate a consumer wanting nimble access
to things instead of outright ownership of them. That
drastically changes the go-to-market strategy."
The national quantitative survey gathered opinions from nearly
400 consumers about the Sharing Economy. Also called
collaborative consumption, the trend is characterized by the
sharing of expertise, goods and services in new and innovative
ways, often powered by the social web.
The agency will host a live-streamed interactive conversation to
discuss the survey results with marketers on Wednesday, Feb 8, from 1-2
pm (CT). Event details:
www.cmithun.com/talkinar
"Sharing appeal" by generation: GenX surprise
In a measure of general appeal, opinions of GenXers and
Millennials aligned: 62 percent of both groups found sharing
appealing. But surprisingly, more GenXers than Millennials
found the concept "very appealing" (31 vs 24 percent) – a
statistically significant difference.
"GenXers are in the thick of the giving years," said
Franz. "With obligations to kids and mortgages, this
stretched, practical group is saying the concept aligns with their
needs."
Boomers, as expected, had the fewest respondents finding the
concept "appealing" (53 percent) or "very appealing" (15
percent).
Perceived "benefits" of sharing: a personalized value
Respondents ranked lists of both rational and emotional benefits
of participating in the Sharing Economy. No surprise: "saving
money" topped the rational benefits list. But this
show-me-the-money response becomes significant when considered
alongside the top reported emotional benefit: "generosity to myself
and others."
"Consumers want to own less but gain more," Franz continued.
"The perceived rational benefits all center on reduction and
practicality, but the emotional ones deliver affirmation and
belonging. So the marketer's brand must deliver value with
meaning, which becomes personal depending on the consumer."
Rank order of Rational Benefits
- Financial – saves me money
- Environmental – is good for the environment
- Lifestyle – provides me flexibility
- Lifestyle – is practical
- Trial – provides access to goods/services
Rank order of Emotional Benefits
- Generosity – I can help myself and others
- Community – I'm valued and belong
- Lifestyle – I'm smart
- Lifestyle -- I'm more responsible
- Cultural – I'm part of a movement
Barriers to sharing: it's all about Trust
Issues of trust shaped two thirds (67 percent) of consumers'
perceived fears about participating in the sharing economy.
Biggest barrier: concern that a lent item would be lost/stolen (30
percent), followed by worries about trusting the network (23
percent) and privacy concerns (14 percent).
Fears also addressed issues of value and quality, articulated as
concerns about "sharing not being worth the effort" (12 percent),
"goods/services being of poor quality" (12 percent) and "other
factors" (9 percent).
New success metrics for marketers
The new sharing dynamic requires measurement tools that define
ROI beyond typical bottom-line and market-share metrics. To
help marketers explore the new performance factors, Campbell Mithun
developed a set of "Sharing Economy Brand Success Metrics"
considering the interactivity of the following factors: brand
associations, network affiliations and user experience. A
downloadable version of the metrics chart is available on
www.cmithun.com/talkinar after 2 pm
CT on Wednesday, Feb 8.
"Success in the sharing economy prioritizes the health and trust
of the sharing network," said Franz. "When a brand offers real
value to a consumer committed to the notion of sharing, that
consumer will share not only his or her influence and endorsement,
but a committed stake in seeing that brand succeed."
About the national sharing economy study
Carbonview Research conducted the survey for Campbell Mithun in
January 2012 via online interviews
with a sample size of 383 participants nationwide.
About Campbell Mithun (NYSE: IPG)
Since its founding in 1933, Campbell Mithun has established a
national brand-building reputation in the consumer packaged goods,
retail, healthcare, financial services and telecommunications
sectors and serves clients including General Mills, Land O'Lakes,
SuperValu, Chipotle and Toro. Its Compass Point Media unit
and BrandOptix package-design resource provide in-house integrated
media and packaging capabilities.
The agency has created client marketplace success for 78 years
guided by Ray Mithun's founding
philosophy: create client success by making Everything Talk
at each point of customer contact.
Websites: www.cmithun.com; www.compasspoint-media.com;
Contact: Kristine Olson,
612.347.1616
kolson@cmithun.com
@KO_Comm
@cmithun
www.cmithun.com
SOURCE Campbell Mithun