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On today’s Business Beat, Jeff discusses a new report saying 82% of consumers are making their purchases decision this holiday season based on what a brand stands for and how they feel about that brand.
Tune in to the Business Beat, below, to learn more about what brands need to do to capture the allure of purpose:
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Good morning, Paul! Well, the sounds of the holidays are ringing loudly and here on the Business Beat, the ringing we care about is the ringing of those cash registers of our local merchants. And while most of us think deals and promotions are key purchase drivers, and no doubt they play a lead role, they aren’t the only way to earn the hearts and minds of consumers and get them to shop and buy with and from you this holiday season. Now a new report published by Razorfish and Vice Media Group indicates 82% of consumers are making their purchase decisions this holiday season with purpose in mind. In other words, they are making purchase decisions based on what a brand stands for and how they feel about that brand. According to the research, shoppers believe so strongly in the sense that brands should have a purpose that the brands that they support should have a greater mission or have a higher purpose that includes using brand equity to make the world a better place. Interestingly, the report also makes clear that purpose is amplified by proximity. Forty percent of respondents stated that shopping locally became more important to them during the pandemic. Nicolas Chidiac, brand strategy leader of Razorfish, had this to say about the findings of the report. “It’s clear that it is now imperative for brands to not only clearly communicate their purpose, but authentically put it into practice of everything they do. Brands in the post-COVID era, have the opportunity and, in a sense, an obligation,” he says, “to match their words with positive action.” Now Razorfish recommends that brands act on these following three priorities to keep pace with the changing consumer sentiment toward purpose and their desire to purchase. No. 1, be authentic. No. 2, take small steps before big leaps by focusing on what you can do to have an immediate impact on your local community. It’s better to do than just talk about what you want to do. And three, reduce the time it takes for consumers to discover your purpose by displaying it across all touch points. So if you’re a local merchant wanting to hear more ringing of those cash registers this holiday season, make sure you’re appealing to the new post-COVID era consumer who is now demanding a strong brand purpose as a key determinant in whether or not they shop with you. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.