Status Stories

Brands have been telling their stories for decades now. Typically, in a mass-advertising, mass-branding world, the 'telling' has involved reaching and impressing as many consumers as possible. Those who literally bought into these storied brands then gained the respect and admiration of other brand-exposed consumers. 

Example: if you're Jaguar, and your (expensive) story is about old money with a dollop of English eccentricity and the whole world is aware of this, then consumers craving recognition from anyone impressed with this kind of lifestyle only need to buy one of your cars to bask in the glow of their peers' admiration. Much of the current market research completed today is based on this idea of the brand story.  For instance, Country Squires tend to drive Jaguars because they are status symbols and gain them access to the social club.  However, while well-known, storied and very visible STATUS SYMBOLS will continue to dominate consumer societies for years to come, they will face increasing competition from STATUS STORIES: As more brands go niche and therefore tell stories that aren't known to the masses, and as experiences and non-consumption-related expenditures take over from physical status symbols, consumers will increasingly have to tell each other stories to achieve a status dividend from their purchases. Expect a shift from brands telling a story, to brands helping consumers tell status-yielding stories to other consumers.  

These types of experience are rapidly increasing as guerrilla and mobile retail are gaining popularity.  For instance, major newspapers have recently caught onto Kogi Korean BBQ which sells their tacos out of trucks in LA. Fans get location updates via Twitter & usually 100s of followers are waiting when the trucks pull up.  Another example is the ever-growing in popularity Treat Truck in New York.


Status Stories: Why Now?

STATUS STORIES are an answer to some of the major shifts and trends taking place in the consumption arena, from uniqueness, to visibility, to ‘alternative status sources': 

No longer do consumers want to be like the Joneses, the Mullers or the Li’s. When individuality rules and conformity is frowned upon, owning something no one else has is hot. The ‘mass’ that consumers are willing to put up with is either the stuff they don't really care about—and can get on the cheap at the Wal-Marts and Aldis of this world—and some remaining objects of mass desire like the iPhone or the Mini Cooper. However, even these are likely to be customized and personalized the moment they leave the warehouse, website or store. 

This consumption trend accounts is pushing the hand-made, artisanal and local markets.  Many designers are custom making fashion piece or designing limited edition items.  These one-of-a-kind items are  often the most have pieces of the season and consumers are willing to dish out the cash for the luxury of having one.

The shift from mass to unique explains the surge in niche or even one-of-a-kind products and services. So brands will increasingly not want to, or will not be able (if only for financial reasons) to tell their story to the masses. Which in turn means that consumers buying from these brands will no longer be able to rely on the product or service to provide them with that instant recognition and admiration from their peers. It is thus up to the customer to tell a story, any kind of story, with the brand providing the ingredients. 

Besides the shift from mass to uniqueness, mature/prosperous consumers now predominantly live in experience economies. Experiences not only are inherently more unique, they also do a better job of providing instant gratification: they’re often more affordable, and thus more numerous than old-world status symbols.