Brands Flex Their Pricing Power

Big brands and retailers are raising prices, partly due to pandemic-related costs — but also because the drumbeat of inflation and supply-chain news provides air cover. AdExchanger says that many companies are raising prices to expand profit, not to sustain it and revisits the “brand” concept.

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Do You Hear What I Hear?

Have you heard the latest regarding podcast’s and music’s impact on audio marketing? Companies that use music aligned to their brand identities are 96 percent more likely to be recalled, according to research carried out at the University of Leicester, U.K. Furthermore, podcast audiences have grown so significantly that now 51 percent of Americans ages 12 and over listen to them. That’s based on Edison Research’s “The Podcast Consumer 2019” report.

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Brands Need to 'Care' About Consumers Before They Will Buy via MediaPost (source: Wunderman and Penn Schoen Berland)

A new study found that 79% of consumers ages 18-65 in the U.S. say brands must actively demonstrate “they understand and care about me” before they consider purchasing.

“It used to be that brands had the luxury of customers conforming to their business models, which worked for many years. But the tables have turned. Today, consumers expect businesses to adapt to their needs and our findings are consistent across all generations, geographies and genders,” stated Jamie Gutfreund, CMO of Wunderman.

Other findings from the study include:

  • 90% of American consumers believe mobile empowers them to make better purchase decisions
  • 89% of American consumers say that they are loyal to brands that share their values
  • 74% of consumers in the U.S. say that brands can set a new standard by how they serve customers (in other words they don’t have to just offer a new product)

Access full article from MediaPost

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Four Things Brands Are Missing With Data via AdAge (Interview with Baker Lambert, TBWA Worldwide's global data director)

When it comes to data and marketing, most people tend to focus on proving effectiveness and ROI or targeting, which is "only 20% of what you can and should be doing with data, especially in a creative agency," according to Baker Lambert, TBWA Worldwide's global data director.

The four things agencies and advertisers are missing when it comes to using data:

  • Early enough or broadly enough in strategy
  • To empower creative
  • To unlock creative executions that have never been done before
  • As creative content

Access full article from AdAge

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41% of Millennial Consumers Are Brand Ambivalents

IBM’s Consumer Products Study finds that consumer brand loyalty is fickle, and no longer associated with repeat purchasing. The report identifies four consumer clusters: Brand Enthusiasts, Brand Ambivalents, Product Purists, and Disassociated Shoppers.  These groups differ in their levels of communication with brands, willingness to provide input, and degree of comfort in sharing personal data. Looking at Millennials in particular, 41% fall into the Brand Ambivalents category, the largest block for this demographic. “This suggests that while their overall view of brands is positive, Millennials have yet to formulate an opinion about the role they want brands to play in their lives. They crave selective engagement and are waiting for brands to make the first move.” Millennials also consider brands’ impact more so than other age groups, with Gen Yers willing to pay for products with greater health benefits, socially responsible practices, and brands that offer transparency in how their products were sourced and made. Read the full report. For more info, check out the Consumer Tab in Morning Coffee.  

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Brands Should Be Useful, Not Interesting

A Razorfish survey revealed that 86% of US respondents said they preferred useful brands over interesting ones. 81% felt that it was important that brands make their life easier.   While over half of respondents in the US and UK saying “they would do anything they can to avoid seeing ads, skipping pre-rolls on YouTube or using a DVR to do the same with TV programming”, people didn’t mind ads as much if there was a clear value exchange. For example, 70% of US respondents didn’t mind seeing advertising to access free content online. 72% said it was important for brands to reward them for being a loyal customer. Read the full article or access the full report. For more info, check out the Marketing Tab in Morning Coffee