In 2021, brands need to do more than sell their product or service. Due to the recent pandemic, consumers are interested in supporting brands that have committed to improving their product or service and the world.
Vrity Values Return Index conducted a survey consisting of 1,000 respondents. Their findings showed that brand promises are a deciding factor when brands are competing against each other. Specifically, 82% of people would pay more for a product whose promise more closely aligns with their beliefs.
Brand’s of all sizes and sectors make a commitment to their consumers through their promise. Brand purpose marketing is highly productive when one’s target market is comprised of Millennials and Gen Z. Both groups of people are more inclined to support brands that are purpose-driven and genuine. A convincing and clearly articulated promise can help encourage purchases as trust and resonance are built between the two parties. However, statements cannot be thrown out and not upheld. Actions truly speak louder than words.
During last year’s Super Bowl, Wieden & Kennedy produced a spot for Anheuser-Busch that played on the Brand’s purpose of bringing people together. Whether it be a delayed flight, a late-night meeting, or closing up the restaurant, having a beer together allows individuals to enjoy each other’s company. This act has even more impact as Pandemic regulations are decreasing. Vrity Values Return Index reported that purchase consideration increased by 156% with Anheuser-Busch’s brand promise in mind.
Just like a person, a brand and its promise can evolve. Seeking feedback from consumers on how they are acting on their promise is not a sign of defeat. Instead, it shows their willingness to improve. Customers are given the opportunity to be heard, and the organization is provided a direct line of communication to their target market.
One can see the positive impact a brand promise can have on the success of an organization. It is in every company’s best interest to develop a compelling and achievable brand promise.