Let’s have a little chit-chat about value; let’s take a good look at why the brands of the Caribbean must secure creating those authentic connections that matter in order to win consumers.
The Keyword: Meaningfulness.
A global study published by Havas Media Group unmasked that “Consumers wouldn’t care if seventy-seven (77%) of brands disappeared.”
Despite the effort many organizations are churning out to create engaging experiences, people still find that there is too little value and relevance for them. They feel as though brands aren’t meeting their expectations. Does your brand fall into this category? Think about it for just a moment.
If your exploration leads you to “Yes!” no need to become discouraged; there is hope.
It turns out that one of the best ways to create connections and provide value is through creating a meaningful brand. Your consumers aren’t making their purchasing decisions solely on the quality of a product or price; they’re becoming increasingly concerned with what your brand says and what it does to improve their well–being.
Caribbean Marketers, you must have a meaningful brand that makes an impact. If the risk of becoming irrelevant doesn’t strike a chord with you, we’ve got a couple of other reasons why it matters.
1. There is business success in meaningfulness
What if we told you that creating a meaningful brand and generating profits aren’t mutually exclusive? The data speaks for itself in Havas’ 2017 report where it was cited that “Meaningful brands have outperformed the stock market by a staggering 206% over a ten-year period between 2006 and 2016.”
Chances are you know a couple of these brands.
They have all experienced the tangible profit-based benefits of building brands that communicate consistently on a clear set of relatable values and very real consumer desires. Consider them the maestros of #Meaningfulness. They’ve rallied a community of valuable and engaged consumers who are willing to spend their money. You have that opportunity as well.
Additionally, when consumers trust you, they move with you. This opens the door for you to enter into other markets and industries with a loyal consumer base who is ready to invest in the new innovations you have to offer. Who wouldn’t love the idea of tapping into new revenue streams? We’d love to see Caribbean brands reaping these benefits. However, it’s important to understand that these growth privileges must be earned.
The expansive study also shared that meaningfulness increases other business KPI’s e.g. familiarity, overall impression, purchases, repurchases, advocacy and premium pricing.
2. There are collective benefits: Meaningfulness drives social change!
“65% percent of respondents said businesses bear as much responsibility as governments for driving social change.”
#TeamSynapse shared some interesting thoughts on this stat.
Our creative manager, Clayton Rhule (Jamaican-born) expressed,
“You know, I believe that brands engage a lot more with people than governments. Substantial communication with governments occurs within an election period. Chances are, after the period, that politician-to-population conversation dwindles, promises aren’t met, and they become very passive players on the needs of a society. On the flip side, you see brands in constant communication whether it’s through customer service or CSR activities that align with the needs of a community. I can draw many examples.”
Our graphic designer, Errol McKenzie (Vincentian-born) shared,
“Yeah I see it with international brands a lot. A lot of them are actively creating the solutions to meet people’s needs. Once you address a need, people turn their attention to you as though you’re their saviour. That’s loyalty right there. Brands have that opportunity to use their voice and power to address social issues… and it doesn’t even have to be implementing massive changes.”
Interesting right? Perhaps you have been a part of conversations where people have uttered that the private sector needs to play a greater role in influencing much needed societal changes. Your consumers are looking to you. As a meaningful brand you’ll be able to harness that ability to create a better world and future for the market you exist within.
3. Meaningfulness produces promoters
Imagine the possibility of your consumers voluntarily doing most of your advertising for you.
At Synapse, we’re champions of the inbound methodology that places promoters as being the drivers of new costumers for any business. When you constantly connect to you consumers’ needs and their pain points and you align yourself with the things they believe in, they’ll begin raving about you to their network. They will forever be loyal to you ;).
Become that meaningful brand that makes a difference in a consumer’s life. Matter to them in a way that fosters a connection that not only lasts but can go viral. Yes… meaningful and loyal connections can go viral!
So, let’s quickly summarize:
- Brands are becoming irrelevant to consumers, but this doesn’t have to reign true for brands of the Caribbean
- Product + Price is important; however, your consumers are making purchasing decisions based on what you say, what you stand for and how you improve their livelihoods.
- A meaningful brand can reel in profits beyond your imagination!
- Your consumers are looking to you as a change agent. Meaningful brands have an opportunity to impact.
- Strong connections will drive organic growth in your consumer base.
What are you going to do to make your brand more meaningful?