We talk a lot about brands in these blogs, and with good reason. Your brand is who you are perceived to be as a business. In the latest Nielsen Annual Marketing Report, they point out what consumers want from brands, and the results might be eye-opening to you.
You may have seen some familiar brands use their marketing to share how they are making a difference in the world, from Subaru’s well-known, on-going support of pet-related causes, to other car companies touting their investment in technology for EV’s and clean energy; noticeably Nissan’s use of Brie “Captain Marvel” Larsen as spokesperson/endorser/influencer. Research shows that consumers notice, and consumers also care…significantly. The Nielsen study states, “As choice has never been greater, consumers are looking for more than just a product or service from the brands they buy.” In a survey questionnaire that asks what consumers want from brands, results of four statements were given via Nielsen’s Scarborough data, tabulated by adding the ‘Agree Mostly’ + ‘Agree Somewhat’ percentages. Here are those results:
-If a product is made by a company I trust, I’ll buy it even if it’s slightly more expensive: 74.6%
-I buy natural products because I’m concerned about the environment: 54.7%
-I am more likely to purchase brands that support a cause I care about: 52.3%
-I expect the brands I buy to support social causes: 36.4%
‘Brand Trust’ is a significant influencer in purchasing a company’s product or service for 3 out of 4 consumers. Statistically, you can see why brand development plans now include line items for support of environmental and/or social causes geared toward their target customer’s demographics. It’s good for the world, it’s good for the consumer and it’s good for business.
The focus on social causes is important to consumers, but other factors that revealed themselves in the study to be important are ‘Diversity’, ‘Inclusion’ and ‘Corporate Social Responsibility’ (CSR). The Nielsen poll questioned, “How important, if at all, are each of the following to your organization?” The study then ranked the ‘Extremely Important’ + ‘Very Important’ percentage scores.
68% – Corporate Social Responsibility in your Marketing efforts
67% – Diversity, Equality and Inclusion in your Marketing efforts
66% – Environmental and Social Governance in your Marketing efforts
65% – Diversity and Inclusion in the content where ads are purchased
65% – Diversity and Inclusion in Vendor Selection
The overall takeaway from this part of this latest Nielsen Annual Marketing Report is Make Your Brand Your Promise. Consumers notice things beyond the products you’re selling. They will put their trust in you if you give them reasons to, and if they feel that you share some of the same concerns they have in the social landscape and are noticeably taking action. That’s a special connection that gets them emotionally involved with your brand. Let CMOco’s team of experts help guide you in making your brand your promise. Because when you ‘walk the talk’, consumers will be more inclined to put their money where your mouth is.