Retro marketing is a strategy to re-interpret and revive products and services that were sold in the past, causing and stimulating nostalgia at the same time, rather than just blindly reproducing the past. Why has this strategy skyrocketed to fame in such a short time?
1. Stimulating universal human desires
Instead of bringing all the ads that were used before, retro marketing brings some old advertising elements together with a more modern sense through modification and adaptation. It has comforting effects on people of things that look familiar while also adding something fresh. Feeling comfort but not banal
2. Providing psychological comfort to consumers
Unlike the past, we live in a time when communication with people around us is reduced and we rely heavily on smartphones and social media. Individualism is much more widespread than before. On average people nowadays don’t speak outwardly as much as they used to, and feel much more lonely and insecure. That’s why people psychologically feel comforted with retro memories.
Good old days
3. The current consumer culture has emerged as 70 ~ 80 generations (Babyboomers).
Currently, the major consumers in our society are 70s & 80s households. This generation did not bask in excessive supplies, unlike their following generations. Still, there were some very iconic things in terms of their snacks, songs, TV shows, etc.. If you re-launch them with a modern touch and some improvements, it can become explosively popular.
We can expect RETRO MARKETING EFFECTS as below:
1. Big profits in the short term
Once a product is launched, it typically bursts in popularity amongst consumers and has the effect of attracting many consumers in a very short time. The shortcoming here is the problem of forgetting over time. So companies use that short time to build brand awareness.
2. The consensus of consumers can be easily formed
Products that were not on the radar now are coming back to the older generation, who recognize them as something that they enjoyed back in the days. In addition, a new generation of people who had not been able to experience them have a fresh feeling rather than feeling dissatisfied and left out, leading to an increase in communication between generations.
3. Reasonable consumption is possible
It is easier to measure and plan the right price and how to make the products available through distribution channels compared to new products.
4. Can persuade consumers easily
It was a product many people have already encountered before, so consumers choose the product without worrying or hesitating. Also, reusing the originally used advertising can be perceived as being friendlier in comparison to modern advertising.
5. It is very helpful in experiencing nostalgia
Today’s older generations increasingly miss their old days. By launching a product with these retro characteristics, it can quench their thirst for memories from the past.
Let’s look at some FACTORS TO MAKE RETRO MARKETING SUCCESSFUL:
It should not feel forced by blindly bringing random old items to the market. The sensation of rediscovery is essential in considering the customers’ wishes.
– Value linkage
To launch a product or service, you have to connect it to the values of the consumers. However, there are various values as there are various consumers. It’s not always possible to provide all the required values but successful strategies can connect and combine some of these values to provide a better choice for more consumers.
Rather than bringing out the past product without any adaptation, product launches using successful retro marketing strategies take advantage of modern people’s trends and preferences.
So even if it’s an old product, it doesn’t seem boring or outdated through modern influences. This modernization provides a refreshing effect on the product.
It’s essential to form a community to make your retro marketing strategy continuously successful. If only a few people enjoy the positive effects, then its success will be short-lived.
IFA 2019 Telekom outdoor activation