Against the backdrop of today’s turbulent environment, now more than ever consumers are looking to have their voices heard. They want to share their values and beliefs with the world, and they believe one way they can do this is through brands.
Edelman’s annual global Earned Brand study takes a close look at the brand-to-consumer relationship, and how brands can best deepen this connection. The results of our 2017 global survey revealed that consumers are now buying on belief, and they are willing to go much further with this relationship than many brands realized. Fifty-seven percent of consumers buy or boycott brands based on a brand’s position on a social or political issue, and 30 percent are buying or boycotting more than they did three years ago. They want deeper, more committed brand relationships, and are looking for brands that take a stand on important issues and align with their core beliefs.
Consumers are putting their personal views front and center with their purchasing habits, and there are huge benefits for brands when they get it right. Sixty-seven percent of respondents who are considered belief-driven buyers bought a brand for the first time based solely on its position on a controversial topic, and 23 percent will pay at least a 25 percent premium for a brand that supports their belief. Nearly half (48 percent) will defend and advocate for a brand that speaks up on a cause they are passionate about.
Nearly half (48 percent) will defend and advocate for a brand that speaks up on a cause they are passionate about.
While taking an active stand on an issue can be new territory for many brands to step in to, it’s something they can’t ignore any longer, as they risk losing their customer base. This is an opportunity for brands to share their core values and lead with action. To avoid missteps, brands must understand their consumers and stakeholder’s beliefs and values in a deeper way than most brands have to date.
Below are three key implications from the Earned Brand study:
· Find your calling: While marketers should always pay close attention to what’s trending and what’s in the news, they need to do more than just join the conversation. Brands need to understand the issues that are important to its core audience – and if there is an issue that makes sense to take a stance on, the brand needs to have a clear perspective and point of view on where and how the issues intersect with the company’s operations and values. There might be backlash or questions from opposing sides, so brands need to be prepared to share the rationale as to why they’ve taken this stance.
· Talk less, act more: Once a brand determines a cause they’ll align with, it’s time to act. Belief-driven buyers are looking for real action. Brands need to commit time, money and influence to support the issues that matter. It’s also imperative to incorporate these values in everything you do as a company – in your employees, day-to-day business activities, sourcing and manufacturing, and in your advertising.
· Provide a platform for participation: Two-way engagement is essential to furthering the brand-to-consumer relationship. Consumers that feel passionately about certain issues want to participate and act with the brand that supports their beliefs. Brands need to invite consumers to act with them, to join the cause and have their voices heard.
Belief-driven buyers are the new normal. They’re younger, they’re global and they’re high-earning individuals. They have high expectations, but the rewards for brands who answer to their call are huge. How will you adjust your strategy to answer this call?
For more information on the Edelman Earned Brand Study, reach out to Jay Porter, President, Edelman Chicago.
This guest post was written by Jay Porter, President of Edelman Chicago. Edelman is a leading global communications marketing firm that partners with many of the world’s largest and emerging businesses and organizations, helping them evolve, promote and protect their brands and reputations.