Consumers continue to experience economic and
personal disruption despite U.S. government bailouts, stores re-opening and more people being vaccinated.
All come into careful considerations when consumers spend, according to data from
Microsoft. The change comes into play because more than before, consumers now support those who support their own values, and those values are as multidimensional and multifaceted as each
individual.
Microsoft calls their strategy to reach these individuals marketing with purpose -- but it is more than a tagline, because consumers now want more. For example:
- 63% expect companies to continue efforts around social and environmental issues, even
after the pandemic
- 67% of respondents want brands to donate to people who
have lost wages
- 71% of Americans believe companies have more responsibility
than ever before to address social justice issues
McKinsey conducted a study at the onset of the pandemic that found certain industries were disproportionately affected by the
pandemic because they employed more women, and there were 2.5 percentage points more females unemployed during 2020, compared with the 2008 recession.
The pandemic also impacted
childcare. Women caring for children are only able to participate in the workforce when they have access to work-family supports, including childcare.
Compared to non-pandemic times, mothers
experienced the most dramatic labor participation dips out of fathers, women without children, and men. All this changes brand loyalty.
One pattern that emerged in 2020 is that consumers
now determine the value of their relationship with brands beyond the price. Some 56% of people said they have increased how much they spend at
small and local businesses during COVID-19 to help keep them in business, and 72% said that supporting a small business is more important today than in prior years.
Brands that champion
their ethos around key social issues drive a sense of connection to the possibility of influencing these systems.
Gaining trust with consumers means looking beyond what they want and focus on
what they expect and need.
- Be inclusive — it drives trust, loyalty, and purchase intent.
- Determine what your brand stands for — infuse values in your marketing and
advertising. Values drive value for you and your customers.
- Don’t play it safe — incorporate words, images, and stories that are inclusive. Define how you want your brand to be
represented in both words and images.