COVID-trend: People give money to those they trust
How consumers’ demands on brands and how businesses interact with their audiences have changed – some theses and conclusions from global research and trends.
When the world is changing rapidly and unpredictably, the key companies’ strategy is observation, flexibility and adaptability to global trends. Trust in the brand is more important today than money.
If companies are not involved in social needs, they are the companies of yesterday. According to a Porter Novelli study, 89% of respondents would like brands to spend money and resources to help people survive the coronavirus. And 62% believe that the country will not survive the crisis if business does not help. If before the issue of quality was crucial when choosing a brand, now quality is perceived by default, but the requirements for brands have increased even more – we expect social reactions and solutions from companies. We can’t talk about the life of a brand without disregarding social challenges.
Five-year advertising campaigns have imposed a cult of success on consumers. Today, the construction “you are successful if you use these products” practically does not work. The individuality of a person as a person is growing, he is not interested in stereotyped success. It is important for people to feel security, empathy, brand vision .
Expectations from companies are so high, and from government agencies so low that we see lifebuoys in business. And we want companies to work with government agencies. We want to be inspired and learn from business leaders. They see people as agents of change, they want business to be involved in education and culture, innovation and environmental projects. Ogilvy cites the example of brands’ response to racial injustice as a collective problem and a shared responsibility to address it. The more resources and platform a business uses to solve a problem, the more impact it will have. For example, brands have played a significant role in the fight for justice in the #MeToo movement (against sexual violence), for gender equality. History encourages business to use its power, influence and scale to achieve social justice.
https://perfect-pr.com.ua/wp-content /uploads/2020/10/121437615_359389181830038_1061645670409766111_n.mp4 Against the background of social instability and stress, due to communications, brands can either seriously strengthen their position and form a stable foundation of trust, or lose trust
44% of consumers have discovered new brands that have responded to the pandemic . This figure has been rising since the beginning of the pandemic. 40% of consumers have abandoned brands that did poorly during the distribution of Covid-19, according to Edelman Trust Barometer 2020.
Generation Z blocks commercials on their devices – 7 out of 10 respondents try to avoid advertising in all possible ways. Only a pre-formed commitment and trust in the company can motivate a person to view advertising. If the consumer loves the brand and is loyal to it, he will watch its commercial.
“People buy people” – the presence of business leaders in communication, information campaigns is important, because it increases trust. At the same time, you always need to keep an information balance so as not to go beyond praise – more native stories and less jeans. If the word of the brand, the message in the press release sows panic or contains false data, it is repulsive, the information should be carefully checked. People want brands to be a reliable source of information.
My Wallet & # 8211; this is my voice. People give money to those they trust
75% of consumers pay attention to the price in the second and third place, they are ready to buy a brand, even if its products are not cheap. People are ready to defend a brand they trust. And the more they trust the brand, the more they talk about it. More trust means more loyalty. There is no brand without loyalty.
Trust in a company can only be earned, not bought. And it is important to remember that trust is not formed during a crisis and is not formed by the company’s response to a crisis. The crisis only demonstrates the level of communication and the value base. Building trust is the basis for implementing public policy for business.
It is important to communicate honestly, inspire people and show empathy. It is important for companies to disseminate information on their own platforms, conduct internal discussions and even publicly consult and develop plans. The only way to build trust is to communicate.
Especially for NV Business