Keep abreast of ideas and innovation in the commercial, corporate and digital spheres by tracking the language generated by professionals. Here is another batch of – depending on your stance – picturesque neologisms, amusing buzz-terms, sinister obscurantist jargon…
CREATIVE DIRECT MARKETING
The marketing profession, obsessed as it is with sophisticated digital strategies, has woken up to an uncomfortable truth: significant groups of potential consumers are either hard to target via electronic channels or temperamentally resistant to its tactics. Older children still in the family home (aka fledglings), students living in flat-shares, young couples who have only just moved in together and empty-nest pensioners all represent life-stages and demographics who are susceptible to a radical new way of promoting brand engagement. Creative Direct Marketing or CDM is the fancy label for a strategy more simply defined as putting envelopes through letterboxes. For younger digital natives an old-fashioned letter is an intriguing novelty while a door drop is the best way to reach groups of students who may not show up on official registers, young partners on tight budgets who welcome offer leaflets, coupons and vouchers and nostalgic empty-nesters, for whom the postal service remains the most familiar and trustworthy way to receive information.
Sometimes the oldest tricks are the most effective, like the psychological technique familiar to salespeople, but to very few consumers, known as anchoring. The anchor effect (sometimes also known as focalism) works by introducing a striking piece of information (a financial opportunity for instance) or powerful memory (of a previous desire for something or a sense of satisfaction with ownership for example). This then dominates the subject’s subconscious thinking, pushing aside all the other factors that should influence their decision-making, while they are exposed to a real-life opportunity. At its simplest you present potential customers with a much-too-high figure – a spectacularly overpriced car or TV set for instance – then offer them the opportunity to buy at a lower price which may still be more than they could normally afford. ‘Setting the anchor’ (skilled practitioners can gauge its success by checking the purchaser’s body-language) exploits a so-called cognitive bias: humans tend to rely much too much on the first piece of information, or induced state of mind accessed when making subsequent decisions.*
Industry-agnostic, meaning associated with no particular branch of business, is term du jour for opportunistic investors who take advantage of perfect storms of economic and internal turbulence to put money into distressed assets; high-profile but vulnerable companies. These people talk about moving from value investing (i.e just- for-profit) to values investing (i.e still-for-profit, but focusing on projects with social aims), but crucially have no personal attachment to whatever branch of business they have selected. Adjectival industry agnostic or sector agnostic typically appears in marketing pitches (‘Industry Agnostic Practices for 360 Degree Business Consulting and Execution Facilitation’) or on the cvs of those – in IT, HR, finance – claiming universally applicable skills. Agnostic itself dates from 1869, then meaning unattached to any particular religious creed, formed from ‘a-‘, not and ‘gnostic’, believer in esoteric knowledge. In the last year or so, though, it has caught on right across the commercial spectrum in its new, broader sense. Cloud computing is said to be location-agnostic, applications are touted as platform agnostic, display agnostic, device agnostic. In just the last couple of days I have come across battery agnostic in the case of an electric car, not to mention vendor agnostic, storage agnostic and silicon agnostic. A rarer recent synonym, BTW, for this sense of agnostic is atheist.
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* Anchoring and other cognitive biases are described in this article from Mental Floss: