Nearly three-quarters of Britons consider brand values before choosing to buy its products, a recent report by reviews website Feefo has revealed.
Feefo’s surveyed 2,000 UK consumers and reveals some intriguing insights into how consumers perceive the brands they purchase from.
1. Businesses must signpost their ‘values’
Feefo’s Marketing Director, Keith Povey, said the last 12 months have been extremely volatile for organisations. This has been a key reason for a monumental shift in consumer behaviour in recent times. Povey suggests businesses that are agile and have the ability to reassess their current marketing strategies could actually benefit from this turbulent time.
He has said those business owners who make changes that respond to these circumstances will see the dividends in the years ahead while those who fail to act may struggle.
It has become obvious that companies must be considering their audiences’ values and understand what customers care about when choosing a business to invest in.
Brand Marketing and Communications Manager for Bright, Vic Heyward, has revealed that the critical point is for companies to understand exactly what their brand stands for and what their goals are. With this knowledge, businesses should be authentically communicating this motivation with their consumers.
Heyward goes on to say: “This newer focus on brand accountability for sustainable initiatives can feel daunting for some, especially if you’re not at the forefront of an environmental revolution.”
Those brands that are not up to date with sustainable initiatives can benefit from taking a step back and reflecting on their brand purpose, CSR policy code, or code of ethics. This process can be extremely enlightening and is a great way to further engage employees and prospects.
2. Customers pay close attention to a Company’s Behaviour
The report showed that shoppers will simply walk away if they don’t like what they see, taking their hard-earned cash elsewhere. Instead, they’re more concerned with how a brand behaves ethically. An astonishing 74% of shoppers are less inclined to buy from a company if they’re unhappy with how they reacted to an important political or social issue. The other 57% of those surveyed agreed that companies must be sensitive to environmental and social issues going on around them. If they don’t do this, sales may be badly damaged.
John Galpin, Co-Founder of Design by Structure has said “companies own the brand, but their customers live and breathe them, they give them life in their world”. He believes that customer perception is entirely based on an individual’s experience with a business. Consumers are considering how a brand fits with their own values and beliefs, and every touchpoint and interaction with a business is involved with this.
Galpin goes on to say that “brands don’t hold the reins completely. Consumers hold power in their ability to vote with their feet. If they don’t like what a brand does, represents, or aligns with (influencers/ambassadors) they simply won’t purchase, or more importantly repeat purchase — that’s real power.”
3. Consumers are increasingly sensitive to Brands that behave unethically
The report highlights that shoppers are sensitive to companies that behave unfairly. In fact:
- Almost three-quarters (74%) revealed they are less likely to purchase from businesses if they were upset by their messaging or the way they react to political issues.
- Nearly half (48%) of consumers surveyed said they would try a brand again if they acted responsibly in the future.
- 26% of those surveyed stated that they would cease buying from a business completely.
4. Emotions, values, and beliefs affect Consumers’ Buying Behaviour
In today’s fast-paced society, the volatile digital media landscape and social trends affect how people feel. This in turn influences how they behave and think about the world. Granted, there’s larger diversity in today’s world. But companies have more tools than ever before, giving them a greater insight into understanding customers’ emotions and how they make decisions in dealing with a business, and whether or not to part with their wages.
Since the pandemic, shoppers are basing their decisions on conscious and subconscious factors, including core values, beliefs, and emotions. Covid-19 has meant more consumers are shopping online, meaning an explosion in e-commerce involvement.
Nearly all of those aged 16 to 44 years admit they have chosen to shop online. As such, brands have reacted, making online shopping easier than it has ever been before. That said, more variety can make the decision-making process more difficult for the consumer.
What’s more, the number of internet users aged 75 years and over has doubled since 2013, from 29% to 54% in 2020. This is because they’ve been forced to use the internet since the pandemic whereas, before this, they would most likely shy away from it and shop on the high street instead.
Companies can enable Shoppers to make the right Decisions
The success of companies like Amazon suggests there is still a consumer say-do-gap in terms of sustainability and broader buying decision factors. However, a business that doesn’t consider how much more environmentally and socially accountable it can be will experience the adverse impact of consumers more and more fixated on company values.
Keith Povey from Feefo rounds off by saying that the report highlights the requirement for brands to invest more heavily in who they are, how they operate, and what they believe. This isn’t just a requirement but an opportunity for businesses to communicate their values with the world. By effectively communicating this message, consumers are able to support the businesses they know are trustworthy and socially responsible.
- Blogger and Educator by Passion | Senior Online Media & PR Strategist at ClickDo Ltd. | Contributor to many Business Blogs in the United Kingdom | Fascinated to Write Blogs in News & Education | I have completed a journalism summer course at the London School of Journalism and manage various blogs.
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