How Brands & People Create A Value Exchange

Above is an informative SlideShare presentation by Edelman Insights discussing how brands and people create a value exchange. The study looked at 15,000 people from 12 different countries, 199 brands and over a range of different industries through an online survey. We’ve summarized the presentation with some key findings (which seem to align with the results found in our post about ‘How brands are responding to customer via social media‘)  :

There is little value for the consumer in the current value exchange

  • 70% of brands have a self-centred desire to increase profits while 30% show sincere commitment to their customers
  • 87% of people want more meaningful relationships with brands – 17% think brands deliver
  • 78% of people say it is important to respond quickly to people’s concerns and complaints
  • Consumers across the world want more valuable relationships and every generation demands more value

Emotional and rational needs are merging

  • Brand behaviours that meet emotional and rational needs deliver greater purchase, defence and recommendation

Meeting societal needs delivers real business value

  • Fulfilling societal needs drives business outcomes
  • 68% of people say it is important that businesses communicate openly and transparently about how products are sourced and made
  • Societal needs extend beyond traditional definitions of corporate responsibility and sustainability
  • Top four brand behaviours that correlate to consumers’ societal needs:
    1. Takes a stand on the issues I care about most
    2. Uses its resources to drive change in the world
    3. Invites people to be a part of the development and refinement process for products or services
    4. Let’s people know the company’s mission and vision for the future.

Creating a value exchange

  • 52% of respondents think it’s important to invite people to be a part of the product/service development and refinement process
  • Promote your brand by inviting people to actively participate in ways that are meaningful to them
  • 80% of consumers believe brands must have a clear reason or purpose
  • Evolve your brand to include both brand promise and brand purpose
  • Align marketing and corporate communications efforts to ensure your story is heard and shared
  • 87% of respondents feel they should be able to communicate and interact with brands quickly, in real-time
  • Listen, learn and adapt based on what people tell you about themselves and your brand
  • Protect your brand by incorporating customer service into your marketing strategy

 

Do you believe  businesses are showing enough commitment to their customers or is there plenty of room to improve? 

 

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