Longevity Market: Boomer Brands Booming

The New York Times: Some companies “are plugging into a wealthy slice of the over-50 demographic called the longevity market, whose annual economic activity currently amounts to $7.6 trillion … With an estimated 74.9 million baby boomers … the biggest market opportunity for start-ups is older Americans rather than hip millennials … The staggering size of the total longevity economy — bigger even than Japan’s — has been attracting more entrepreneurs, deep-pocketed financiers and places to pitch new ideas in the past few years.”

“New business ideas that cater to boomers are nearly endless … and include chefs, online dating sites and yoga instructors for people with health issues … Even businesses with decidedly mundane products are finding ways to capture the longevity niche. Foot care, for example, is a huge market … One of the founders of the Rockport Company, Bruce R. Katz, reinvented himself in 2013 by starting the Samuel Hubbard Shoe Company to sell comfortable footwear to baby boomer men.”

“In a validation of the brand’s appeal to baby boomers, former President Bill Clinton, who turns 70 this month, was even photographed walking a dog, wearing Samuel Hubbard’s sky blue shoes.”

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Misty Copeland: Ballet Megastar as Megabrand

CNBC: Ballet star Misty Copeland “is one of the few dancers who is business savvy enough to have become a brand of her own. She has performed on Broadway, appeared as a judge on ‘So You Think You Can Dance’ and written a best-selling memoir. She’s picked up endorsement deals with T-Mobile, Seiko, Under Armour, Coach and others — honors usually reserved for high-profile sports figures. In May, she signed on with Dannon to promote its Oikos Greek yogurt.”

“Her next act is a dancewear line ‘for all shapes and sizes’ debuting in August. The inspiration for the line, Egal, stems from her own struggle to find supportive leotards when she was an awkward teen.”

Copeland comments: “Celebrities today make all this money and have all this time to travel and play, go to clubs and get in trouble. But there’s never a moment that a dancer can take off and just be like, woo hoo, I’m enjoying all of the applause that I got in my last show! The work never ends until you retire, and I think that having that structure in place as a classical dancer has really benefited me as a businesswoman.”

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Under Armour: Kevin Plank’s Baltimore Platform

The Washington Post: In Baltimore, Under Armour founder Kevin Plank “has plotted a $5.5 billion development project, one of the largest in the country, comprising 45 city blocks and more than two miles of riverfront … Plank’s project, when completed in 25 years, would dwarf Baltimore’s celebrated Inner Harbor, delivering a new Under Armour headquarters, tech and manufacturing businesses and 40 acres of parks. It would also yield hundreds of millions of dollars in projected tax revenue and provide an estimated 25,000 jobs.”

“Plank unveiled a plan calling for 18 million total square feet, including offices, hotels, shopping, attractions and at least 7,500 residences in Port Covington, a peninsula isolated from the city by Interstate 95.”

Says Plank: “We want to shine a light on this great city of Baltimore. I can tell you, I love this city. I love my company. I believe in this city. I believe in what’s going to happen. And ladies and gentlemen, I can promise you, at Under Armour, we are truly, truly just getting started.”

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The Six Trajectories of Storytelling

MIT Technology Review: “Andrew Reagan at the Computational Story Lab at the University of Vermont in Burlington and a few pals … have used sentiment analysis to map the emotional arcs of over 1,700 stories and then used data-mining techniques to reveal the most common arcs. ‘We find a set of six core trajectories which form the building blocks of complex narratives,’ they say.”

“The six basic emotional arcs are these: A steady, ongoing rise in emotional valence, as in a rags-to-riches story such as Alice’s Adventures Underground by Lewis Carroll. A steady ongoing fall in emotional valence, as in a tragedy such as Romeo and Juliet. A fall then a rise, such as the man-in-a-hole story, discussed by Vonnegut. A rise then a fall, such as the Greek myth of Icarus. Rise-fall-rise, such as Cinderella. Fall-rise-fall, such as Oedipus.”

“It turns out the most popular are stories that follow the Icarus and Oedipus arcs and stories that follow more complex arcs that use the basic building blocks in sequence. In particular, the team says the most popular are stories involving two sequential man-in-hole arcs and a Cinderella arc followed by a tragedy.”

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The Economic Value of ‘Cool’

Quartz: “Cool doesn’t just explain why people will pay $1,000 for the right sweatshirt. It’s also arguably a factor in why the right logo makes us view some people as more suitable for a job, or worthy of receiving money for charity … Cool is a target that’s constantly shifting. It’s an attitude, a term of approval, and today, as much as any of these things, it’s a game of superficially rebellious status-chasing, centered on consumerism.”

“Steven Quartz and Anette Asp, neuroscience researchers at the California Institute of Technology, have run fMRI studies on the brains of people looking at items that a separate group identified as ‘cool’ or ‘uncool.’ Just viewing these objects activated a part of the subjects’ brains called the medial prefrontal cortex (MPFC). It’s involved in social emotions, such as pride and embarrassment, that center on how we perceive ourselves and believe others perceive us, and it has strong ties to the brain’s reward and disgust circuits.”

They write: “Cool turns out to be a strange kind of economic value that our brains see in products that enhance our social image … This abstract good—social approval, reputation, esteem, or status—plays a central role in our motivation and behavior, and it is the currency that drives much of our economy and our consumption.”

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Zappos: A Short Story About a Long Call

Business Insider: “A Zappos employee recently had a customer service call that lasted 10 hours and 43 minutes, breaking an internal record at the Amazon-owned online retailer … Steven Weinstein answered a call from a customer who needed some help with an order of a few items. The two began to chat, and even after she was helped, she stayed on the line.”

“Weinstein said he only took one break during the nearly 11-hour period, about two-and-a-half hours on, to go to the bathroom. One of his colleagues brought him food and water during the call.”

“At Zappos, call center employees are trained to use interactions with customers as a way to build relationships, not make a sale. And if a call is going long during a particularly busy time, then it’s up to the employee overseeing the call center to assign more people to calls rather than encourage an employee to end a call early. The last longest customer service call was set by Mary Tennant in 2012, at nine hours and 37 minutes.”

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Meet the Spuglies: Walmart Attacks Food Waste

Quartz: “Shoppers tooling down Walmart grocery aisles now encounter brands that package and sell ugly produce. The ‘Spuglies’ brand markets misshapen potatoes and the ‘I’m Perfect’ brand offers apples that have gone askew. These companies pushing misfit fruits and veggies into the mainstream give consumers a way to fight food waste with their wallets.”

“Since it began tackling food waste within its own system in 2013, the retailer says it has diverted 82% of food that would have otherwise gone to landfills. That amounts to about 2 billion meals. According to ReFED, a food waste advocacy group, a 20% reduction in waste would reclaim the 1,250 calories per capita that goes into landfills each year. That’s enough to feed America’s food-insecure population three times over.”

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Naughty But Nice: Food & Morality

The Guardian: “Anything that tastes good has got to be bad for your body, soul or both. The marketing department of Magnum knew this when it called its 2002 limited edition range the Seven Deadly Sins. Nothing makes a product more enticing than its being naughty, or even better, wicked.”

“In recent years, however, the moralistic lexicon of food seems to have expanded. One recent fad has been for ‘dirty’ American food, a term that revels in the idea that fatty burgers and messy pulled pork buns are so right because they’re so wrong … Perhaps the clearest proof that the way we talk about food is saturated with moralism is the ubiquity of the term ‘guilt.’ Marketing departments have seen the power of this and promoted ‘guilt-free’ snacks and treats.”

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Mueller Chocolate: Gross Profits

The Washington Post: “It’s a Saturday afternoon at Philadelphia’s popular Reading Terminal Market … On a busy day like this, Mueller Chocolate might serve 800 customers … As crowds of shoppers move past the Mueller stall, some stop to point, stare and whisper: ‘Oh, my goodness, what is that?’ Well ‘that’ is a display of kidneys (with candy kidney stones), brains, livers, eyes, hands, feet (with almonds as toenails) and noses — all edible, all chocolate.”

“It started, Glenn Jr. recalls, one Valentine’s Day in the late 1990s, when his mother decided that ‘these heart-shaped boxes are stupid.’ She had a mold created based on a drawing of a human heart in her son-in-law’s medical school textbook … When the chocolate heart made national news, orders came in from around he world, he said, and demand hasn’t slowed down.”

“The sweet stuff takes hundreds of forms at the Mueller stall, none more infamous than the chocolate-covered raw onion. It was created in 1983, when the creator of a local children’s television show, ‘Double Muppet Hold the Onions,’ asked the Muellers to make a chocolate-covered onion for Kermit to present to Miss Piggy.” Glenn Meuller Jr. explains: “The chocolate onion . . . is hideous, but we’ve been doing it for 30 years. It changed our trajectory.”

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Michaels: The Art & Craft of The Retail Experience

“We’re not Apple. We don’t make the new iPhone that people will line up in advance for. We need products that people want in an environment they want to shop in,” says Chuck Rubin, CEO of Michaels, in Forbes.

“Michaels is one of the most surprising retail successes of recent years. It has stuck to transforming its brick-and-mortar stores while almost completely ignoring e-commerce … While the company’s core hasn’t changed–it sells cheap craft supplies–Rubin has modified its stores to make it easier for novice crafters to find items. They’re bringing in more of those types of customers by moving beyond sewing-room basics, adding cooler items, like those coloring books, and Michaels-exclusive products, such as Isaac Mizrahi-branded yarn.”

“The most striking part of Michaels’ success is how it contradicts the digital era’s implied mandate for retailers–that survival hinges on selling online. But Michaels hasn’t wasted millions competing with Amazon.com on e-commerce. It’s grown while focusing squarely on improving what’s within its stores’ four walls … The Web remains a no-man’s-land for Michaels … Rubin knows all that stands between Michaels and Bezos is the in-store experience.”

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