Brands could be held in higher regard among their target audience if they commit to improving people’s lives, experts have stated.
According to Havas Media, committing to personal wellbeing gives organisations a “huge opportunity to increase loyalty and trust levels”.
Sharon Johnson, Chief Executive of Havas Media Re:Purpose, stressed there is no “single formula” for being a meaningful brand, especially in the retail sector.
However, she said its research has shown that those who contribute to people’s priorities in life are “more likely to be appreciated, recommended and attractive to a customer”.
Figures from Havas Media showed shoppers are 50 per cent more likely to stay loyal to a retail brand if they perceive them as being meaningful.
The research also revealed these individuals are willing to pay over the odds with these organisations – sometimes as much as ten per cent – as a result.
Havas Media believes this is one reason why high-end retailers such as John Lewis and Waitrose have performed well in recent years.
Nevertheless, Head of Strategy at Havas Media UK Jon Kershaw believes many retailers are failing to ensure their business strategies are “reflected in the lives of the individual customer. They need to contextualise what their decisions mean to each person and connect deeply with what matters most to people – their personal wellbeing, such as making them healthier, happier or adopting better habits,” he commented.
Interestingly, research by Havas Media indicated that consumers in the UK would be indifferent if 94 per cent of brands disappear completely, up from 93 per cent last year.
Meanwhile, nearly nine in ten respondents said brands must do more to enhance the lives of their customers and society in general. Nevertheless, only a minority of brands are seen to be doing this, with Amazon, Google and Visa among those highlighted for having a positive effect on people’s lives.
‘British consumers would not care if 94% of brands disappeared’, Marketing Week