The 6th edition of the WE Brands in Motion was launched today. The WE Communications and YouGov study reveals how perceptions towards brands in these uncertain times have changed.
In the past 6 years, 'Brands in Motion' has surveyed more than 100,000 consumers and business decision-makers.
Report Findings: Share Progress and Setbacks
Post-pandemic, in 2022, respondents said that only about half of global companies that have made values-led commitments are delivering results.
The report stated that customers don't want perfection just clarity on the progress. In that context, the report pointed out that brands must be brave enough to share both progress and setbacks.
This is what prompted the title of the report, 'The Bravery Mandate: Keep it Real
Key Findings: Education, Cost of Living are important areas of intervention
Globally, the top finding of the report is that the Cost of living is the No. 1 area where brands must accelerate their efforts on behalf of both customers
In India the data is slightly different, Indian respondents rated education as No. 1 and cost of living as No. 4 on their list of priorities.
Brands should demonstrate data based impact of purpose
Per the report, lack of data and data-driven goals is the No. 1 reason people become sceptical of brands achieving their values-led commitments.
Lack of data and data-driven goals is the No. 1 reason people become sceptical of brands achieving their values-led commitments. In this filter, Indian respondents rated "Announcements without specific budget and resources" as the No. 1 reason for the lack of trust and "Lack of data and data-driven goals" as No. 4.
Purpose Patrons in India
79 % of India Respondents identified as 'Purpose Patrons'. Purpose Patrons are customers for whom purpose has a high influence on purchase and advocacy.
Purpose patrons also favour practical goals more than other consumers do.
This is not the contradiction it might seem. Purpose advocates have a very
grounded and sophisticated view of how to address the world’s problems.
They understand that if every organization takes responsibility for its own actions—from reducing the emissions in its supply chain to relating to a diversity of stakeholders—we will go a long way toward solving the world’s problems.
A company that spotlights its hard work and documents its progress, showing precisely what it is doing for a cause, will win over an influential.
In line with this finding, 69% of Indian respondents stated that CEOs that provide transparency on progress toward the commitment to employees and customers are the top reason for believing that a company will follow through on their value-driven goals.
Don't Spread yourself thin
The good news is: Brands don’t have to speak out or act on every hot topic that hits the headlines—or even most of them.
In both, WE’s 2021 and 2022 Brands in Motion studies, about 60% of respondents (60% of India respondents) said they prefer that companies focus their multi-year investments on a single cause, rather than support a different issue every year.
Employee and Customer Engagement
Indian respondents listed access to healthcare, family care and support in skilling and development as major areas of priority.
In 2022, 41% of Indian consumers also expect brands to create stability in uncertain times on par with 42% of global consumers.
Would you pay more for green products?
The report found that people still care about issues like climate change and want brands to continue to work on them, but they don’t want brands passing the costs to them: 66% of Indian respondents say brands should do the right thing, but not at the expense of product affordability, access and performance.
However, 59% of Indian respondents are prepared to pay a higher price for products and services so that brands can continue their purpose and ESG commitments.