NEW YORK — Brand values have experienced significant transformation in recent times. Diversity, equity and inclusion initiatives from marketers that were once a priority have moved to the back burner, with many brands retreating from such strategies amid a shifting — and increasingly tense — political landscape. Similarly, brands that after championed values like sustainability have fallen under fire for failing to deliver on their guarantees.
Consumers concurrently have turn out to be more vocal in expressing their support or opposition for the stances brands rally behind. Still, it stays critical for brands to stand firm on their values for the sake of their business, even despite the fear of backlash, based on executives at an Advertising Week New York panel on Monday (Oct. 6).
“I believe the brands which are very clear on their values and are clear on their audience and their consumers are the ones who ultimately are going to have the opportunity to see the growth,” said Erika Lewis, head of cultural partnerships at TikTok. “There’s loads of fear, but sometimes you could have to do it afraid, and while you do it afraid chances are you’ll make a misstep, nevertheless it doesn’t mean that it’s the end — hopefully — of the world.”
The panel, titled “Brand Values Must Be Unshakeable,” also included Shetellia Riley Irving, founder and CEO of A11Even Sports and Sheila Marmon, CEO and founder of multicultural media company Mirror Digital, and was moderated by God-is Rivera, chief strategy officer at Burrell Communications Group Worldwide. The talk addressed the importance of clear brand values for the sake of consumer loyalty, the value of inclusive marketing strategies and the future of such strategies in a fraught landscape.
Keeping brand values top-of-mind
Some brands have been unapologetic in their values for years, from Ben & Jerry’s, which dedicates a piece of its website to highlighting its social mission, to Chick-fil-A, which bases its business on Biblical principles. While taking a firm position in today’s climate may feel high risk, brand values remain key to forming an authentic consumer relationship, explained Marmon.
“Brands mean something to the consumer,” said Marmon. “A brand you discover with or need to associate with says you are feeling says something about you, so understanding what that value is and knowing that it, as a consumer of that brand not directly, connects to who you might be as part of your self-identification — that’s something brands must keep top of mind as they are saying one thing or say one other thing.”
Identifying those core values may also help brands develop a greater understanding of their consumers and construct a more practical marketing strategy, Lewis added. However, just as vital as defining brand values is sticking to them. Earlier this yr, Target announced the end of some of its diversity efforts, citing “the importance of staying consistent with the evolving external landscape,” a move that led to ongoing boycotts from left-leaning consumers.
“You can’t deviate from who your core consumer is, you could have to know them, you could have to consult with them, you could have to have interaction with them,” Irving said on the importance of consistency.
The value of inclusivity
Opportunity lies in developing inclusive strategies. The fastest growing consumer market is diverse growth audiences, which represent $6.8 trillion in buying power and stand as the third largest global economy, based on Marmon.
“When you might be talking to brands about what’s going to drive growth, it’s really clear that they need to know that America is a broad diaspora of inclusive individuals,” Marmon said. “Thinking about values which are inclusive, eager about values which are clear, are going to be central to helping you drive growth on your brand across the spectrum.”
A handful of brands have recently doubled down on inclusivity, including Gap and E.l.f. Beauty. Under the leadership of CEO Tarang Amin, E.l.f. in July declared, “Inclusivity just isn’t optional. It’s fundamental, and our entire business relies on that.” E.l.f. delivered its twenty sixth consecutive quarter of net sales growth in its most up-to-date earnings period.
“When you could have leadership that understands what they’re trying to perform with their brand, with the business, I believe they’re more prone to have the opportunity to place a stake in the ground on their values,” Marmon said of E.l.f.
Marketing strategies could also profit from considering household dynamics, Irving explained, asserting that ladies are the “CEOs of their household” and are key to buying decisions. Women are directly or not directly answerable for as much as $17.4 trillion in consumer spending in the U.S., representing 85% of total spend, based on Capital One Shopping Research.
“How do you not consult with them? How do you not engage with them?” Irving said. “They are dictating what goes out and in of that households, and if brands don’t understand that, I feel sorry, because in five years they will not exist.”
TikTok’s Lewis pointed to a recent example around the viral social media prank regarding the “Anthropologie rock,” a trend that began when one creator, followed by a stream of others, shared a video of her “unboxing” a rock that she claimed to have purchased on sale from the retail brand for $150, much to her boyfriend’s dismay. The marketer got in on the prank by organising a table of fake Anthropologie rocks with price tags as high as $1,000.
“Their values are around creativity, their values are around women’s empowerment,” Lewis said. “It’s just kind of leaning in and understanding, like we hear you, we see you, this is definitely a fun way for us to be aligned with what you could have going with our values.”
Pushing past the fear and what’s to come back
As political tensions endure, brand hesitation around expressing values is prone to remain, executives predict. To move forward, brands might want to show courage and an unwavering commitment to their goal audiences, all of whom are quick to identify inauthenticity, Irving explained.
“There’s loads of fear that exists in terms of standing up and saying, ‘This is who my consumer is.’ Given what’s happening politically, they either hide, or they go to the other side. And I believe it’s going to be very tough for brands — it’s going to take brave souls, I prefer to call it, to essentially are available and say, ‘This is who we’re. I’m unapologetic,’” Irving said.
For brands attempting to define their values, Lewis stressed the importance of first being self-assured in what those values are before taking them to the mainstream.
“I believe the fear piece of it sometimes is just the brand not being confident in themselves,” she said. “It’s really about, what can we stand for. Ask your employees, they’re working on your brand daily, ask them ‘What do you stand for?’ and is there alignment? And then when you clearly understand that, then it’s, who’re the consumers that can appreciate this, which are aligned with us, and the way can we go deeper with them?”
One way of forming a deeper connection is tapping into area of interest subculture, Lewis said, pointing to TikTok’s popular #BookTok channel for example of a key opportunity for brands to resonate with a particular cohort of consumers versus “attempting to be something to everyone else.” In the future, the executive expects brands to turn out to be more focused in the way they consult with specific consumer groups, and the partners and creators they decide to represent those communities, versus a one-size-fits-all approach.
“I believe this concept of being a brand for everybody, I believe that’s where the fear is available in since it almost appears like it’s unimaginable in today’s world,” Lewis said. “On one hand that makes me kind of sad, but on the other hand, hopefully meaning there’ll be more meaningful brand relationships with the communities that really support them, and so they support in return.”
To close the discussion, Burrell Communications’ Rivera challenged the panelists to supply one line of advice to brands trying to refine and showcase their brand values. First, brands should look internally for the unique value they hope so as to add to consumers’ lives, because their value and value proposition begins with how they present themselves, Marmon responded. Next — assuming they’ve honed in on who their consumer is — brands should seek expert help to assist refine their strategy, Irving added.
“Once you do those two things, you could have to let go,” Lewis said. “You must let the experts, the creators, the consumers which are nowadays owning your brand and advocating on your brand, do what they do in a way that permits your brand to be amplified.”
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