talk

Consumers perception of going green has risen and fallen faster than the stock market these days. Companies and consumers alike have experienced this roller coaster of a ride as our economy went from boom to bust. Going green was a way for corporations to flex their social responsibility muscles and for consumers to feel empowered by the green products they consumed daily. We’re all playing our role in conserving mother nature…

It seems like healthy food, hybrid cars and energy efficiency have become a thing of the past before they even hit the mainstream. The economic crisis has changed everything! Going green is no longer as important as stretching the almighty dollar; value is where it’s at. We see the shift happening everywhere as the Costco’s, Wal-mart’s and Target’s of the world have become the brands of choice for everything from groceries to fashion. Let’s not even peak into the grocery aisles of our favorite grocery stores, where private labels have increased market share in a way that they could never have imagined.

The days of making emotional purchases are long gone. Kiss the designer duds good-bye and while your at don’t even bother looking at the menu at that 5-star restaurant. We’re shopping at Target and grabbing a value meal at McD’s. This is not far from the truth as the most successful corporations have adopted a value proposition that is more in line with the current economic times.

The yellow brick road towards value has clearly been laid and it is the new reality as we embrace more responsible ways of managing our finances. A little savings anybody!? Let’s pray this is a cyclical trend and the boom is on the horizon.

New grads have it tougher now than those in years passed considering they are often up against their industries experienced and well-established professionals. Another contributing factor making their search more difficult is that there are simply less jobs since fewer companies are actively hiring.

Job placement expectations for the Class of 2009 have dramatically decreased compared to those of the 2008 graduating class. In fact, companies are forecasting to hire 22 percent less graduates this year than they did last year. During the spring recruiting session alone, over 20 percent of employers were not expecting to be hiring at all.

As for those graduates fortunate enough to secure a new position they face still another obstacle. Salaries have flattened. This year, graduates holding a bachelor degree are bringing in just about $50 more per year on average when compared to the class of 2008.

It is interesting to note, however, that college recruiting is still a very valuable resource to employers searching for new-hires to fill entry-level positions; despite the overall decline in job opportunities. 44 percent of entry-level positions were filled by college recruits in 2008 which was up 9 percent from the year before. Having said that, grads remain fairly optimistic in the face of our nation’s economic outlook. 53 percent of respondents polled stated that they were confident they would be employed within three months of graduation.

Just because finding a job is more difficult in the current market, it does not mean it’s impossible. Those that take advantage of internships will be at an advantage for sure. There are some experiences that can not be taught, even at the best College or University. It’s these “real-world” experiences that can sometimes make all the difference in securing a new position. Grads should leave their comfort zone and accept that they will have to do jobs/tasks that they really don’t want to. And those that consider it a stepping stone will have nothing to loose and everything to gain.

Innovative thinkers will also be prime candidates to receive job offers. And who has newer, fresher ideas than those new to the field? Recent grads aren’t yet “set in their ways” as some experienced professionals may be. They are more easily adaptable and open to change, because after all, everything is new to them. They have taken the best of what their mentors, professors and peers have offered them. It is through this exchange of ideas they mold their own style.

Although there are definitely less job opportunities within the current market and the search will be difficult to say the least, recent grads should remain positive. They are the future leaders of their fields and employers that understand and respect that will be all the better for it.

The vox collective is once again opening its doors to hungry and talented undergraduate and graduate students with a knack for advertising and marketing as a profession. We have received a great number of resumes and have now begun the process of reviewing applicants. You still have time to be part of the consideration mix. Amonng the areas available are client services support, research, creative (graphic design, project management, copy support). Send us your resume to jbrown@thevoxcollective.com. Kudos thus far to schools like NYU, Columbia, University of Pennsylvania, SVA and FIT for sending multiple qualified candidates.

Private label is growing. Walmart, Target and Safeway and even 7-11 are just a few of the big guns that have invested heavily into their own store brands. These labels are differentiated and taste good. Gone are the days of cheap black on white packaging or a lack of cache associated with a store brand – today, in the age of a recession – private label is de rigeure. These products deliver on functionality and are now building emotional ties with consumers during a difficult time. What implications does this phenomenon have for mainstream brands – can mainstream brands remain competitive throughout the recession and thereafter?

Mainstream brands are eroding but will never go away they are simply being redefined to include brands that have not traditionally been well promoted. This is a fight for share of heart and private labels can use these tough economic times to its advantage touting value in product quality and in price. What is deemed an acceptable brand will be those that deliver on the brand promise and in the case of packaged goods, quality, taste, performance. We are moving towards the mantra of if it’s good they will come. New emotional ties will be developed with these private label brands and mainstream brands will have to try harder to retain that emotional connection that sacrifices price for perceived value and differentiation. Since private label brands are now about more than simply price, there is emotional resonance and loyalty.

The good news here is that the renewed acceptance of private label brands will push mainstream brands to keep it honest and to stay on the forefront of innovation in order to justify price differentials. This increased competition for share of wallet and mind will ring with greater authenticity and values for consumers.

Creativity was celebrated throughout the first week of April in Geneva during their annual International Exhibition of Inventions. Inventors from 45 countries around the world showed up with hopes of having their inventions picked-up by investors/ manufacturers.

Some of the featured inventions included spring-loaded high heels which act as tiny shock absorbers to make walking more comfortable, a totally “hands free” computer mouse, an electronic device which protects infants from sudden death during sleep, as well as a watch the can shoot out pepper spray to evade attackers (or can be filled with medicine cartridges for asthmatics).

It’s been said that recessionary periods inspire creative thoughts. Makes sense considering we must learn to do more with the same or even less resources than before. In fact, many products we are familiar with today were actually created during the Great Depression. A few of these inventions that have withstood the test of time include:

• Electric Dry Razor (1929) Jacob Schick, an army vet, was tired of lathering up to shave in the  frigid temperatures of Alaska, where he was gold mining so he developed a way for a dry shave

• Supermarkets (1930) King Cullen Supermarket which opened in Queens, NY was the first to offer a large layout, variety and discounts all under one roof

• Cotton Tampon (1931) Although tampons have been around since at least ancient Egyptian years, Dr. Earle Cleveland Haas was the first to develop cotton tampons based on the cotton plugs used during surgeries

• Laundromat (1934) So many couldn’t afford the luxury of an electric powered washing machine at the time so J.F. Cantrell, realizing this, bought four machines and installed them in the same building and then charged customers by the hour to use them

• Chocolate Chip Cookie (1934) Was “accidentally” created by Ruth Wakefield, owner of the Toll House Inn, a very popular Massachusetts restaurant. (The story of their creation varies)

• Monopoly (1935) The most played board game in the world as well as the most commercially successful board game in US history

I wonder what life changing inventions will be born out of our current economy?  Will shock absorbing stilettos be the hot new item? or the spraying James Bond-like watch?  I’m not so convinced that these products possess that same “timeless quality” as those outlined above but I guess only time will tell.