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So, what are these three principles, and how should they be managed?
Performance – For consumers, the concept of performance is evolving. Consider a consumer’s most significant purchase—a home. The idea that "bigger is better" is no longer valid. Consumers are less willing to endure long commutes in exchange for a large house. While the size of a family may change, the desire for a larger home has diminished. Business buyers are experiencing a similar shift. Product and service claims will be scrutinized more closely, and investments that don’t offer a quick return will be avoided. If you thought businesses were short-sighted before, expect this trend to intensify.
Image – Image remains important, but it’s constantly changing. For consumers, image is increasingly about what a product or service represents to them personally. A homebuyer might choose a smaller house closer to work, but they’ll still want it to reflect their lifestyle. Some images may even become anti-conspicuous. Businesses will also adjust their views on image.
