Companies must stay attuned to emerging trends and shifting expectations
The concept of brand resonance is increasingly crucial in meeting the evolving needs of today’s consumers. It’s all about forging a strong bond with the audience, where you and your consumers mutually reap the rewards. This connection is built by becoming a trusted partner.
Brand resonance is about creating a sense of belonging to something more substantial. This is achieved by portraying your organisation’s core values and beliefs. Businesses that resonate with their audience experience higher customer loyalty, increased profitability, and a competitive edge in the marketplace.
The changing face of consumerism: Gen Z and Millennials
Millennials and Gen Z will constitute 77% of India’s population by 2030. This demographic is expected to exhibit increased spending, brand awareness, and consumer knowledge, reshaping India’s consumer landscape. These digital-savvy and socially conscious customers are already demanding a fresh perspective on how organisations connect with their audience.
Digital initiatives
The new generation possesses an unparalleled fluency in digital platforms and expects seamless online experiences. Understanding their digital inclinations is crucial for businesses looking to connect with them effectively.
Sustainability-conscious
Gen-Z and millennials tend to prioritise a brand’s take on sustainability and social responsibility. They are conscientious buyers who seek eco-friendly products and ethical practices from the businesses they support. A recent IBM study revealed that 39% of executives prioritise environmental sustainability today, and 53% expect it to be a top priority in 3 years.
An example in this regard is Apple, which has a commitment to sustainability by aspiring to achieve net-zero carbon impact for all their devices by 2030. This goal extends to their entire product value chain, including manufacturing and product usage. Several other institutions and brands have committed to the environmental cause. For instance, Pluxee, the global leader in employee benefits & engagement, has pledged to achieve its Carbon Neutrality ambition by 2035; Aramco and Aston Martin Racing have partnered to produce F1 cars powered entirely by sustainable fuels by 2025.
Diversity Equity and Inclusion (DE&I)
Inclusivity, equity, and diversity are relevant across generations. Millennials, Gen Z, and upcoming generation Alpha are cognizant of this and endorse companies that champion diversity as an integral part of their organisational culture. In addition, DE&I industry best practices enable businesses to leverage a broader talent pool. A spectrum of understanding helps boost consumer satisfaction.
A standout example that has harnessed the power of brand resonance is Nike. Through authenticity, a strong sense of social responsibility, and innovative marketing, Nike has connected with the modern consumer. Beyond offering great products, Nike inspires, promotes inclusivity, and creates a sense of community. This transforms the brand into more than just a label -representing a shared journey.
Strategies to connect with tomorrow’s consumers
With the evolving needs of next-gen buyers, businesses are adapting their branding to connect with an informed and discerning audience. This change is a thoughtful move that could differentiate a company from the competition.
According to a report by the Internet & Mobile Association of India (IAMAI), over 52% of Indians were active internet users in 2022. This number is projected to reach 900 million by 2025. India is ready to empower a more informed consumer base, leading to increased demand for brand transparency. This connected demographic will raise expectations for brand accountability.
Authenticity
In todays’ age of cynicism, authenticity is golden and the most important asset that’s vital for engaging customers and establishing meaningful social value. Humans seek genuine communication and behaviour. Iconic brands are authentic and true to their promise, like Coco Chanel, Dove, Rolls Royce etc.
Personalisation
This concept is not new, it involves understanding each consumer’s unique preferences, habits, and desires. It’s about creating a connection beyond the transactional, tapping into the emotion of consumer-brand relationships. Businesses have been adapting their approach to a 360-consumer experience, offering unified, and personalised journeys to meet individual preferences.
Consumer behaviour
Understanding the shopping preferences of any new generation is a crucial step in successfully capturing their attention and loyalty. They favour online shopping for convenience, demand seamless omnichannel experiences, and prioritise mobile interactions. The challenge lies in effectively connecting with customers, understanding their evolving needs and behaviours, and crafting pertinent value propositions.
Building impactful narratives
A vital component of building brand resonance involves telling a compelling story that defines a company’s identity and resounds with its target audience.
The way forward!
As we take leaps into the future, the concept of brand resonance is set to undergo significant evolutionary change. Emerging technologies, shifting consumer values, and macroeconomic indicators are shaping brands and businesses.
As everything around us evolves, adaptability remains the key to success. Companies must stay attuned to emerging trends and shifting expectations. The future of brand resonance lies in the agility in embracing change. Institutions that are evolving are making the most to thrive in this dynamic world.
(This article is authored by Harish Sarma, Marketing & Product Director, Pluxee India, a Sodexo enterprise)
