For significant purchases of £200 or more, consumers are becoming quite fickle.
Think about it – do the brands you go to for those bigger purchases fit in with your worldview?
More than 60 percent of consumers are currently doing deep-dives into the brands they intend to buy – looking at a whole factor of things beyond the basics such as functionality, availability and price.
Clearly there is a preference for brands with an ethical flavour, which is even stronger among younger generations and higher income groups.
So what makes a brand relevant in late-2024? Here are some pointers from our Brand Understanding research on how to do brand marketing well:
1. Visible and credible leadership. People like knowing the people behind brands, so when a founder or CEO is good at communicating the brand’s vision and an authentic customer experience, this strengthens the bond between them and the consumer.
2. The Community Value Add. Brands that actively support and engage with their communities build stronger emotional connections with their customers. This is often a commitment to making a positive impact beyond its core business activities.
3. Diversity and Inclusion. Brands that actively prioritise diversity and inclusion are seen as more progressive and socially responsible. Embracing diversity within your workforce and supply chain not only drives innovation but also ensures that your brand resonates with a broader audience. It is essential for all stakeholders to understand your brand’s commitment to diversity and inclusion, as this can influence their perception and decision-making process.
4. Sustainability. Companies that are actively improving their sustainable practices are without doubt better positioned to attract modern customers. Clear communication about your brand’s sustainability efforts helps build trust and credibility, demonstrating that you are not only focused on profit but also on the planet’s well-being.
5. Decision-Making Influences. Consumers are making purchasing decisions based on more than just the products themselves. They are increasingly concerned with how, where, and by whom these products are made. Transparency in your production processes, ethical sourcing, and fair labour practices are all factors that can significantly influence customer loyalty and brand preference. Ensuring that your stakeholders understand these aspects of your brand can lead to more informed and favourable decision-making.
A well-understood brand that embodies leadership, community support, diversity, and sustainability can significantly enhance customer trust and employee engagement. It's the difference between a customer seeking out your brand over just seeking out a good price.
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