It’s Called Currency

Every day, you are exposed to hundreds if not thousands of marketing messages. You see and/or hear them on TV, on the computer, as you drive down the road, as you browse through the newspaper or magazines. They are literally everywhere. Are you even aware that they are there? Maybe not. To you, I say, “Consumer be aware!” which is my version of the latin “Caveat Emptor” you may have heard before. Its translation is “buyer beware” and it is often used as a reminder that the buyer has the responsibility for educating themselves when making purchases. But we are consumers more than just buyers and we have a personal responsibility for noticing when we are being marketed to.

Because my day job is in marketing, I rarely miss marketing messages. For instance, I noticed a prominent product placement (which I hope was accidental) in the news clip of a recent nationally aired press conference. It was a bottle of water produced by the #1 soft drink manufacturer. Can you tell me the brand name? If so, their marketing is working.

Are there TV commercials that you’ve remembered and commented on with others about? If you only remember the commercial and not the product it advertised, which is more and more frequent these days, their marketing is not working.

The point of all this marketing is to put products and services in the forefront of your mind, to convince you that you need to spend your money on these products and services. This includes the funny and serious insurance commercials, the eye-catching billboards, the full-page magazine and newspaper ads, even the catchy jingle on the radio. It also includes the placement of products on the shelves in certain locations, such as specific cereals at eye-level for children, or items on endcaps in the store to make you focus on them without the distraction of competing brands.

The financial industry is marketing to you as well. They’re trying to sell you insurance and annuities, stocks and bonds, credit cards and loans, etc. Whenever you see a commercial, an internet ad, or a newspaper ad, you need to realize that you’re being marketed to, and that they may be leaving out key details that will affect your need and desire to actually spend your money on what they’re selling. As they always say, “If it sounds too good to be true, it probably is.” If you think something sounds too easy, take the time to investigate for yourself to find out what the catch is. If you’re being pressured to make a fast decision, don’t, unless you’ve already done your research and truly know what you’re getting.

Fear is one of the main hooks used in sales and marketing. If you make decisions because you are afraid, you’re likely to be making bad ones. You need to have a clear head, and an unclouded understanding of the actual risks, before you decide to purchase. If you find yourself about to agree to something because you are afraid of what will happen if you don’t, you need to take a step back and wait. Seek the advice of someone you trust. If you don’t want to talk to someone else about your decision, then you probably know in your gut that you’re making a bad one.

Be aware of the marketing that you see and hear every day. One product is not necessarily better than another because it’s more expensive, or it has a celebrity to endorse it, or because they advertise more than everyone else. Do your research, cut through the sales pitches and cutesy promotions, and make informed decisions. As an aware consumer, you will save a ton of money over the course of your life because you are more resistant to impulse buys that you will later regret. You are better able to see a true bargain and act on it quickly because you are armed with knowledge. Awareness is crucial for navigating the financial waters, it is a rudder to steer you away from the rocks and whirlpools and to keep you safely in the current.

Consumer, be aware!

Tags: education, marketing, spending less // Add Comment »