Why you need to understand the power of your brand
It’s really important right now to understand the power of your brand and the difference it can make to your business.
This is because the world has changed since the global pandemic – we’re questioning the fundamental way we live and work.
And this includes redefining the things we value most, the people we trust and the expectations we have from products and services.
Just look at these recent facts taken from 50+ Eye-Opening Branding Statistics – 2021 Edition. They definitely prove how the pandemic has changed our buying habits.
- 89% of people stay loyal to a brand that shares the same values
- 69% of consumers buy from brands that want to positively change the world
- Nearly one in three people have stopped buying from brands due to ethical or sustainability concerns
It’s no wonder then that word-leading brands are taking a long, hard look at the way they do business.
That’s because they understand the power of their brand The Power Of Branding In 2021. And they know why it’s critical right now to revisit their purpose and values.
How a world-leading brand showed its human side
To illustrate this, let’s look at Coca-Cola after Prime Minister Boris Johnson named and shamed it recently. He said it was one of 12 major corporations now producing the bulk of plastic waste.
“But we want to be the solution, not the problem,” Coca-Cola responded, stressing its commitment to net-zero emissions by 2040.
And, given its purpose Refresh the World. Make a Difference you can see why it wants to lead on sustainability. Looking after the planet is in Coca-Cola’s brand DNA and it has, undoubtedly, met the issue head-on. This huge brand has not only revisited its values, it has reinvigorated them.
Clearly, this company understands its brand, the promises it makes and, unashamedly, invests time and energy into promoting its values.
That’s why its Chairman and CEO James Quincey recently said: “If the pandemic has taught us anything, it’s that we cannot act alone. The crisis has shone a light on the interconnected nature of our world. The lessons we learn must be applied to help us emerge stronger… to get to a more sustainable and inclusive economic future.”
Why authenticity is the key differentiator in 2021
We think there is honesty and humility in this statement as well as reassurance that Coca-Cola hasn’t got it right, but it’s trying.
This type of authenticity is what we believe, as brand consultants, should be the byword of every brand.
Yes, it’s the right thing to do but don’t forget that customers are more wary of superficial brands. If you read Attitudes to brand sustainability and authenticity in Britain | YouGov you’ll understand what we’re saying.
Also, customer expectations are higher than ever. This report is worth reading Consumer Expectations Research – FleishmanHillard if you want to know more.
Hopefully, you can now see why it’s so important to show the power of your brand. And here’s one last statistic that says it all:
- 86% of people want to buy from an authentic brand
So what are you waiting for? Get out there now and show that you’re living up to your promises and staying true to your values.
We talk about this subject in great detail at our Brand Doctor workshops. If you would like to join us please let us know. We’d love to talk with you more.
