WHAT BRANDS NEED TO KNOW ABOUT FINDING MEANING IN THE CHAOS OF THE WORLD
Marketers and consumers often don’t think alike: Marketers spend way more time thinking about their brand and category than most consumers ever do. Generally speaking, consumers are inundated with brands and tune out most of them, which makes it harder than ever for brands to stand out.
Meanwhile, many consumers are facing tougher economic times and are becoming more cautious with their spending, prompting many to choose private-label and value brands over name brands. 80% of consumers choose a brand based on its price, vs. 20% on what the brand stands for, according to the Ipsos Consumer Tracker.
of consumers prioritize quality over the brand values (12%)
Four in ten choose a brand or product because they are loyal to that brand, against 60% who don’t care about brands and buy what they need when they need it instead
Source: The Ipsos Consumer Tracker, fielded April 30-May 1, 2024, among 1,081 people in the U.S.
So how do marketers position their brands for success in this chaotic world? Here are three ways brands can get ahead in the customer journey:
“Context matters to us a lot. Whether you’re sharing a beverage with a friend or hydrating yourself, you are going to make different choices, so it becomes really important to be very holistic in our measurement of equity but also in the service of brand-building.”
Rajit Chakravarty
Global Senior Director, Brand Equity
