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Yes, you read that right \u2013 Labubu. Thankfully, I have Gen Z kids and a marketing team that keeps me up to date on the latest pop culture.\u00a0<\/p>\n
So what do Labubus and marketing have in common? A magical ingredient called Joy! Hang in there with me \u2013 economic uncertainty has impacted consumer behavior in a number of ways. They\u2019re visiting more stores and retail channels to find the best value and trading down to lower-cost alternatives or, increasingly, purchasing items at a discount to save on serial items like groceries and household staples. Recent reports also show that Gen Z is cutting back in certain categories like accessories and apparel.<\/p>\n
Yet many consumers are still spending more on the things that matter to them \u2014 whether it\u2019s health and wellness, quality of goods or something that brings them joy \u2014 yes, joy.<\/p>\n
The remarkable rise of Labubus is a fantastic case study. The stuffed animals have taken social media by storm: selling out on PopMart, re-selling for hundreds to thousands of dollars and even becoming an international fashion trend.<\/p>\n
The biggest lesson for marketers: <\/strong>this era of economic uncertainty doesn\u2019t mean all doom and gloom. It\u2019s about keeping up with how consumers are shifting their spending habits. Understand what they\u2019re willing to splurge for versus where they\u2019re cutting back. Most importantly, get to the bottom of the unique value your brand and product brings \u2014 not just in terms of price but also the overall value that can include quality, wellness, nostalgia, trendiness and yes, joy. Reaching this \u2018why\u2019 will inform a marketing strategy that enables you to connect with customers and prospects on a deeper level.<\/p>\n In times of hardship, don\u2019t underestimate the power of nostalgia or a product that ignites a sense of joy. Trends like \u201cTreat Yourself Culture\u201d or \u201cSweet Treats\u201d showcase that even if consumers are adopting more disciplined habits, whether it\u2019s on spending or health and wellness, everyone needs to indulge sometimes.<\/p>\n As marketers, we know the power emotion holds, from joining a trend to feel a sense of belonging and social connection, remembering core childhood memories filled with nostalgic brands or the simple happiness around splurging on a high-quality latte with delicious cold foam.<\/p>\n During COVID, we saw consumers nest and become more nostalgic as shelter-in-place slowed life down just a bit and quality time with immediate family members reminded us of simpler times. Fast forward to today, with economic uncertainty, global wars, devastating weather events and breaking news inundating our every moment \u2013 seeking joy seems only natural. For marketers, the challenge is thinking about how your brand fits the bill:<\/p>\n Have fun with it! Remind customers why your brand might be worth the splurge or extra few bucks by leaning into that emotional connection that can spread cheer and joy in times of uncertainty.<\/p>\n The rise of Labubus also showcases how you might be missing out on valuable customers. It\u2019s not just toy collectors and parents searching for Labubus; younger demographics like Gen Z and millennials are jumping into the mix to be a part of the trend. A comprehensive and creative insights approach, including the use of AI, can help you find and stay ahead of unexpected shifts in consumer behavior. Better yet, they may help you discover that you can reach a whole new segment for your product or brand.<\/p>\n Social media can have incredible power in driving sales, but extending that success with a true omnichannel strategy empowers your brand to own the moment. The reality of our fragmented media and shopping landscape is that even when a product or brand goes mega-viral, consumers are exposed to thousands of others. A full-funnel approach keeps your brand and product consistently top of mind, including those final moments of consideration in-store, so shoppers are less likely to forget their interest and excitement for your product, end up shopping with a competitor or mistakenly buy a dupe (a.k.a. a \u201cLafufu\u201d).<\/p>\n Some things we can\u2019t predict, but we can embrace technology and leverage the tools that help us adapt in real time when those moments strike. Whether it\u2019s connecting with consumers with relevant advertising as they shop, navigating shifts in spending habits due to uncertainty or enhancing your measurement infrastructure with tools that power in-flight optimization, leveraging these technologies is essential in better positioning your brand to meet the moment.<\/p>\n Attention and virality can be fleeting. The ability to quickly optimize toward what drives the greatest incremental impact, without having to wait until post-campaign to discover those learnings, prevents any potential sales from being left on the table \u2014 opportunities no one wants to miss in today\u2019s economic climate.<\/p>\n Whether Labubus stick around for the long haul or prove to be another fleeting viral moment, the takeaways are critical:<\/p>\n Last but not least, enjoy the ride, have some fun and embrace joy!<\/p>\n Michael Della Penna is <\/em>InMarket<\/em>\u2019s Chief Strategy Officer, bringing 30+ years of digital marketing experience. Previously, he served as Cuebiq\u2019s Chief Revenue and Growth Officer, where he built and led the sales, customer success and supply partnerships teams. He also served as Group VP, Oracle Marketing Cloud and SVP, Emerging Channels at Responsys. Additionally, Della Penna founded Conversa Marketing, a social CRM company that was acquired by StrongView. His other notable senior positions include Epilson\u2019s CMO and CMO at Bigfoot Interactive. Della Penna has been recognized among B-to-B Magazine\u2019s \u201c100 Most Influential People in B2B and Interactive Marketing\u201d five times.<\/em><\/p>\n<\/p><\/div>\nWe all Just Need a Little Joy<\/strong><\/h3>\n
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