The Power of the “Belief-Driven Buyer”
Thursday, October 24th, 2019
Today’s consumers have strong convictions and are looking to brands rather than governments to solve social problems. The rise of the “Belief-Driven Buyer” has given brands the opportunity to take a stand on societal issues. Nearly two-thirds of consumers are considered “Belief-Driven Buyers,” meaning that they choose, switch, avoid or even boycott a brand based on its platform for social issues.
It has been found that value-based communication for a brand can be just as effective as product-based communication in driving purchase intent. This type of communication allows consumers to advocate for brands while building loyalty around a cause that is important to them. Although consumers are expecting brands to take a stance, it is still a balancing act. Consumers, now more than ever, are looking for authenticity in communication and action. Brands are expected to put their money where their mouth is when it comes to a social position, as consumers can see through intentions that aren’t genuine.
Adults across the board support brands as advocates for social change, with the real power coming from Millennial and Gen Z consumers. Almost 70 percent of 18- to 34-year-olds want brands to take a stand on societal issues. Recently brands like Walmart, Nike, Starbucks, and others have spearheaded issues such as gun violence, racism, and LGBTQ+ rights and equality. It’s now crucial for brands to authentically take part in the conversation surrounding these issues since younger consumers expect this type of commitment from them.
Contributed by: Lauren Knudson, Account Planner, Integer Dallas