Communication today has moved from ‘Me’ to ‘We’, what is the reasoning behind this attitude?
Today’s consumers are hyperconnected, and more frequently exposed to a range of social issues. This social consciousness becomes reflected in how consumers perceive brands today, as consumers have come to recognise the impact of their own purchase decisions – whether on the local economy, the environment, or otherwise.
For example, in a 2021 Deloitte survey of Indian consumers, 68 percent of respondents reported that they would like more locally sourced items, while 74 percent purchased from brands that responded well to the crisis.
In order to win the consumer’s vote of confidence, brands need to answer to the individual customer’s priorities, as well as the broader issues and communities which they care about.
How has the pandemic changed consumer perceptions and expectations?
Lockdowns and lifestyle disruptions during the pandemic have created upheaval and introduced uncertainties that are forcing consumers to adapt and re-evaluate their buying habits.
In fact, 71% of Indian consumers have changed their buying habits as a result of the pandemic, according to a recent Accenture report.
Brands will need to pay attention to the consumer’s evolution in terms of values, purpose, and preferences, as it will drive both brand switching and willingness to spend. As per the report marketers are recognizing the affinity of the brand and the consumer, can you elaborate on this change of perception?
The returns on building brand love have become abundantly clear for a business. Consumers are more willing to spend on a brand they love; they are more likely to recommend loved brands to their networks; and loved brands grow 3x faster than the industry average. How are Marketers building brand love?
Brand love is about moving beyond a transactional relationship, to build an emotional connection with consumers. Designing a consumer-centric approach that feeds into marketing, communications and product strategies is essential for that to happen.
Given that a brand could be experiencing up to 4 million brand interactions over online and social media in each day, social listening can be a powerful lever for establishing a consumer-centric approach across the organisation.
How is the affinity of a consumer with the brand measured and how does a brand today look at prospective consumers?
Brand love, or brand affinity in the sense of building an emotional connection, has traditionally been difficult to measure.
Talk walker’s Brand Love Index presents a benchmarking solution which looks across Customer Satisfaction, Passion, and Trust as criteria for evaluating brand love. This enables marketers to get closer to their consumers and to measure the real impact of their brand-building efforts.
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