Before we hit the ‘Big Bang!’ of the boom years egotist were conspicuous by their consumption of status brands. Everything from flash cars to cool cribs, bling and Cristal, American Express Black Cards and designer throw-aways were cool, hip and very much IYF (in-your-face). Elitist? Certainly. Class? Some may say so.
Before we hit the ‘Big Bang!’ of the boom years egotist were conspicuous by their consumption of status brands. Everything from flash cars to cool cribs, bling and Cristal, American Express Black Cards and designer throw-aways were cool, hip and very much IYF (in-your-face). Elitist? Certainly. Class? Some may say so. But this IYF consumerism was not restricted to the Hip-Hop stars, the wealthy leisure class or the glam acts of the Red Carpet Kittens, it filtered into the aspirations and consumerism of Joe and Joan Public who bought more cars and bigger houses, doubled the size of their mortgages and wardrobes, partied hard and played the game of “Maxmy” (the art of maxing the plastic!) until, ….BANG!
Overnight, Billionaires became mere millionaires; private jets fell from the sky and luxury yachts disappeared faster than the Titanic. At this point having your photo appear in a magazine or newspaper was less likely to be about who you were going out with and more to do with who took you out! Some guy called ‘Ponsi’ seemed to be taking a lot of the previously super rich and famous out on a regular basis.
Joe and Joan Public got whacked like a mob hit. Shot and bleeding to death as assets became liabilities and credit became as illusive as the Tooth Fairy. The unsustainable practice of Ego Branding and its ever-increasing consumption in order to stay ahead of the Joneses through brand image purchases is being replaced by new ecosystem; the iBrand prosumers.
Just as greed was the nemesis of Conspicuous Consumption and Ego Branding, so the online and mobile social networks became the birth-mother of the iBrand prosumers, signalling a fundamental shift in the patterns of human behaviour. While some may disagree; big houses, flash cars and designer clothes, together with other traditional conspicuous means of distinguishing peoples’ identity are no longer the best tools for the job.
The growth of social networks and blogging indicates that for many under the age of 25, a considerable portion of their iBrand identity is shaped online through groups, friends, photos, causes, videos and shared opinions. Age may be a factor in what networks are used by older age groups, but the online activity of older people indicates that one of the fastest growing demographics on Facebook are people over the age of 35. Even Twitter is broadening its user demographic.
The shift from Conspicuous Consumption to the self-expression social capital of the iBrand prosumers is encouraging as it is redressing the balance of inner self-worth and identity as opposed to the outer shell of the hollow consumer superego.
Status symbol and iconic brands are now fair game for the networked liberated iBranders as rather than being dictated to by brands, the status of this new generation of ‘prosumers’ is established in dialogue, not all of it favourable.
As Thomas Jefferson put it:
“When the people fear their Government there is tyranny; when the Government fears the people, there is freedom.”
Conspicuous brand consumption is being replaced by conspicuous self-expression as the key driver of personal identity and currency where the emphasis is on the sharing of ideas, interests, and opinions rather than collecting materialistic stuff.
The internet and mobile phone platforms make it possible to instantly transfer concepts and conversations across geographies and cultures, and is spreading much faster than traditional brand communication ever did.
Millions of people in emerging economies already have links to social networks. The social capital this connectivity represents is a much higher percentage of their net worth than for those who live in more developed countries. No one can fully anticipate the impact this will have on our current understanding of brand interaction and consumerism habits although brands are beginning to take notice of iBranders and engage. For many brands this is uncharted territory and gaining ‘trust’ is the key to initiating contact and establishing a dialogue. Unlike traditional brand messaging, iBranders want the relationship to be built on their terms, not the brand’s.
A February 2009 survey by Cone found that 50% of Americans aged 18 to 24 said they have “higher expectations of companies to make and sell environmentally responsible products and services not just brand image.”
iBranders want authenticity, openness, commitment, disclosure information, participation and reward. This new mindset is just a click away and if brands want the pot of gold at the end of the rainbow, their going to have to accept the rain first.
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