Refine and shine. Purpose takes center stage
It’s true’ the COVID-19 pandemic brought with it some unexpected consumer behaviour. Some of which’ we’re glad to see the back of (who knew loo roll would one day become such a precious commodity) but there are some consumer behaviours and expectations’ which are here to stay. According to a recent Kantar ‘Global Business Compass’ survey of nearly 4’500 business leaders across the world’ 90% expect consumer behaviour established during the pandemic to persist postcrisis.
This includes the increasing resonance of consumers with ethical’ sustainable and purposedriven brands. As part of a Kantar COVID-19 Barometer’ people were asked how the pandemic has affected how they think and behave. 21% said the pandemic had led them to more environmentally friendly habits; 16% said they focus more on environmental initiatives’ and 12% said they are now less selfish. 14% said they attribute more value to honest brands’ whilst 20% of people aged 18 to 34 feel that brands should ‘guide the change’ (play an active role in making the world a better place).
This all sounds rosy’ but where does this leave you as a business owner or leader’ with increasing commercial demands and 2022 strategic pressures? The answer is’ adopt a purpose-led marketing strategy and keep bringing your ‘why’ back to this. Your purpose should be centered around your audience’ what challenge are you solving? What are their values? Why do they have these values?
How will your product or service help them in addressing the challenge and in meeting their values?
It all sounds very simple’ but often the simplest of concepts can be overlooked during times of commercial strain’ with temptation leading to a product or price-led message. Don’t give in to this temptation. According to Accenture’ “reimagined consumers will abandon brands that don’t support their new valuesand pay more to those that do.” To achieve long-term brand loyalty’ slashed prices and flash sales are no longer enough’ on their own’ to guarantee consumer buy-in. Accenture has identified the ‘Rising Five'” – the new motivations driving consumers’ choice rationale;
Service and personal care (14%)’ health and safety (12%)’ trust and reputation (12%)’ ease and convenience (11%) and product origin (10%). Of course’ quality (21%) and price (19%) still play an influential role’ but the ‘rising five’ cannot be excluded and in-fact should from the basis of the purpose-led marketing strategy.
Health and safety; Consumers are asking: Are you keeping me and my neighbors safe? What about your employees?
Service and personal care; Do you remember me? Are you making my experience with your brand as personal as it can be? Are you there for me when I need you?
Ease and convenience; Are you meeting me where I am’ in the digital world’ the physical world’ and through a blend of the two? And are you able to deliver what I need’ when I need it’ across all channels?
Product origin; What about the environment’ and societal and corporate responsibility? Can you help me make sustainable choices? Can you help me support my local community?
Trust and reputation; Can I trust you to do the right thing for me and not just for your business? Can I trust you to be who you say you are and stand for the things you say you stand for?
