How can brands with purpose impact the world?
Consumer demand for meaningful brand experiences is greater than ever. Havas Media uncovered valuable insights about the changing cultural landscape and its impact on consumer behaviour in a study that included more than 39,000 people worldwide.
The priorities of consumers have changed.
Global pandemics, wider political divisions, and growing distrust of media platforms and advertising platforms have contributed to increased cynicism.
The Havas report highlights how this has affected brand loyalty. With less than half of brands being considered trustworthy, the stark truth is that if 75% were to disappear today, consumers would switch to a competitor and go on as if nothing had ever happened.
Making Changes: How Brands With Purpose can Impact the World?
With all this doom, where is the bright side? What can brands do to stop this growing tide of consumer dissatisfaction globally?
It’s time for marketers to listen and respond to the needs of a marketing-aware and more educated public. One that values positive brands and makes positive contributions to society, the environment, and individuals.
Brands can contribute to genuine change
The Havas study gathered data from all over the globe to find out how brands can make a difference in people’s lives. This could be as simple as product functionality, improved personal well-being, or greater societal contributions through a wider lens.
It’s not surprising that people were tired of businesses failing to live up to their promises after the COVID-19 pandemic.
This trend was common in Western markets, but Australia had over 60% of those who lost trust in brands. However, Eastern markets showed a 74% trust rate among study participants.
Your Values should be the centre of attention
With all of this in mind, how do you build and keep trust among your markets?
Today’s consumer is a highly connected bunch. They are self-aware and often passionate about many of society’s deeper issues.
Corporate social washing is a common practice that allows businesses to profit from community issues but not take any action. It is a lie.
Let’s take a look at Shell, one the largest companies in the world, which operates in an industry many believe has a lot of environmental issues. Shell stated that they would use “lower-carbon energy products to reduce greenhouse gas emissions”.
However, the current business forecasts for the future predict a 20% increase in the fossil gas business over the next few years. This source of energy will account for half the company’s energy business by 2030.
These empty statements breed distrust in consumers.
The public trusts brands that they support. Businesses that are true to their values and core messages, and put these beliefs into practice, can increase their credibility and prevent negative publicity and long-lasting reputation damage.
Although choosing a cause aligns with your values might seem easy, it can be difficult to find one that will resonate with both your company and your customers. This is the great thing about it. You don’t need to be limited to one cause, belief, or value.
If you are looking for a way to improve your brand experience, you can dive deeper into the Havas Report and explore the 14 dimensions under the three core pillars.
These are the three pillars:
- Benefits for individuals
- Collective benefits
- Functional benefits
The report will show you what is most important to consumers. The current driving sentiment is that consumers are suspicious of businesses that don’t do enough. 73% of respondents said that brands should stop waiting for the right time and start making changes today if they want to be of benefit to all.
These views are not just in principle. 53% of consumers are willing to spend more to support a company that meets their functional needs and takes an actionable position.
Strengths lie in personal beliefs
According to the Havas study, brands tend to prioritize safety and functionality over all else. Customers will open their wallets when they believe that it is what they value.
Recent changes in consumer behaviour show that people are more likely to spend their money on personal satisfaction and happiness than ever before.
This is in addition to society’s larger collective thoughts on ethics and social justice. It would be foolish to ignore the impact this has on your market’s behaviour.
These beliefs may have been amplified by the pandemic, which has seen increased stress, isolation and difficulties that has led to stronger community ideals as well as people seeking out more meaningful, helpful, progressive and meaningful experiences.
Brands are expected not only to provide form and function, but also to enrich communities and make people’s lives easier.
Gen Z and its Commitment to Identity & Expression
Although it may seem obvious, supporting causes that align with your brand values will make it easier to keep your promises and follow through on your actions. This will help you build strong relationships with your market and ensure that your brand is supported by people who are committed to your cause.
Consumers would simply not care if 75% disappeared. This is a remarkable statistic. However, it shows one important aspect of consumer behaviour: they want brands that reflect their values and make a positive difference in the world. If you reach this goal, you will have their support for the future.