Branding, Creative and Growth Marketing Blog | Magnetic Global

Purpose-Driven Brands: How Brands Can Win Hearts (and Wallets) in 2024

Written by Etienne Bruwer | Mar 5, 2024 4:29:14 PM

 

Today's consumers are bombarded with choices. Their attention has become fragmented, and their trust is harder to win. In this age of information overload, fake news, and conscious consumerism, winning brands can’t just focus on selling their products.

They need to connect with their audience, stand out (and for something), and build a values-based identity to which their consumers can relate. They need to become reflections of their customers' values, priorities, and aspirations. 

Welcome to the era of the purpose-driven purchaser.

“It’s so important for brands to understand that if you don’t find relevant connection points with your audience, you will not get the opportunity to talk about your product”

Challenges Brands Are Facing Now

Let’s look at some of the very real challenges brands are navigating at the moment before we dive into how to solve them:

 

1. Choice Overload: Making Decisions in a Digital Maze

Consumers can’t engage with all the choices they have. The average consumer faces over 8,000 marketing messages daily, according to a study by The Drum.

The US alone has more than 30 million brands competing for mindshare. With options overflowing, decision fatigue sets in.

Consumers crave connection, clarity, and reasons to believe. They need brands that make their choices easier, not harder. The sheer volume of choices is forcing consumers to develop coping mechanisms for brand discovery and engagement.

 

2. Trust Tsunami: Skepticism Comes Standard

In this AI-powered world, manipulation, fake news, product scams, hackers, and greenwashing are running rampant. Trust has become an endangered species.

According to Edelman (2024 Edelman Trust Barometer – valuable read if you have time), trust is now the fastest-growing consumer purchase decision driver (raised with seven basis points).

This makes trust the third highest purchase decision influencer (sitting at 90%), with only quality (91%) and value for money (93%) topping it. Quality and value for money are no longer differentiators, they're table stakes.

Trust has to be earned, not assumed.

 

3. Relevance Rebellion: From Me-Too to We-See-You

In the digital age, consumers have developed sophisticated filters. Their thumbs scroll faster, their clicks are more discerning, and their inboxes are guarded fortresses.

To break through the noise, brands need to understand what truly matters to their audience. What are their passions, priorities, and pain points?

Relevance is the new currency, and connection is the key to conversion. It’s so important for brands to understand that if you don’t find relevant connection points with your audience, you will not get the opportunity to talk about your product.

 

4. The Sea of Sameness: Standing Out to Fit In

As if learning about your audience, extracting insights, and making your brand relevant – amongst all the clutter – is not hard enough, there is also the requirement for your brand to craft its differentiation, or risk never being discovered at all. 

When consumers have developed filters and coping mechanisms to avoid brands and marketing messages, trust and relevance are not enough to draw the consumer's initial attention. If your initial discovery message is about your product/price/promotion, you’re just one of 8000 other daily messages. 

Human nature dictates that we pay attention to the “bush that is rustling in the forest”. When surrounded by a sea of sameness, your attention will automatically be drawn to that which is different. Being different is the key to being noticed and drawing attention. Relevance is the key that follows to allow for engagement.  

“There are hundreds of activities and tactics to pick from. Make sure you pick only the most effective options and back them up with robust strategic direction”

A Roadmap for Growing Your Brand

So, with the context of the key challenges applied, here’s how to connect with the purpose-driven purchaser:

 

1. Conduct Thorough and Strategic Research

Make an effort to know and understand your audience, your competitors, and the landscape you’re competing in.

Conduct market research, engage with your customers, and aim to understand their values, aspirations, and pain points. Strategic research will lead to actionable insights. Actionable insights will enable the most effective brand, marketing, and communication strategies you’ve ever developed. 

 

2. Find Your Purpose

After extracting consumer, market, and competitor research insights, find and articulate meaning and purpose for your brand that is equal parts relevant (it needs to matter to your consumer) and differentiated (you have to stand out if you aim to get noticed).

A strong brand strategy goes a long way and should shape and direct business and marketing decision-making.  

 

3. Strategy Before Tactics

Before you jump into execution mode, make sure you have a clear plan of attack, with clear goals and targets, and enough detail to enable aligned and effective execution for at least a year.

In marketing and communication, there are hundreds of activities and tactics to pick from. Make sure you pick only the most effective options and back them up with robust strategic direction.

 

4. Disciplined Execution

Now that you have a structured plan with tactics setting up your approach and measurements, it should be fairly straightforward to manage accountability.

But, just like having a great gym program and diet plan, that doesn't guarantee success. You now need to make sure you execute your plan with discipline. 

Getting distracted, demotivated, or derailed with new tactics, new opportunities, and new media/communication platforms is easy, and it happens all too often. Message consistency, platform consistency, communication cadence, and more are crucial elements in an effective strategy. 

Revise or realign your plan every quarter, and avoid execution that does not form part of the plan, unless you're willing to risk the results.

 

5. Measure and Adapt

Track your progress, analyze results, and refine your approach based on what resonates with your audience. Track KPIs weekly, report on all tactics monthly, and realign (adjust if necessary) your strategy quarterly. 

In this fast-paced digital era we’re living in, change and adaptability are as frequent as they are expected, and without data to drive your decisions and strategic realignments, you risk changing for the sake of change, rather than for impact.


By aligning your brand with the values and aspirations of the purpose-driven purchaser, you'll earn trust, build loyalty, and unlock sustainable growth. 

Remember, you're not just selling products, you're selling a piece of yourself. All the more reason to ensure what you’re selling is something your customers will be proud to own.

“Without data to drive your decisions and strategic realignments, you risk changing for the sake of change, rather than for impact” 

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