Published on: 01 January 1970
A US based study from NYU demonstrates the importance of Humanizing Growth and aligning with stakeholder values. Consumers have a stronger relationship and affinity to brands with social values and purpose that are perceived as matching their own rather than interacting with brands based on product attributes and offerings alone. Drawing on a representative sample of 2,500 US consumers, this study provides insights across 75 brands spanning 12 individual product and service categories. Toyota, LG, and General Electric are brands that have the highest total match with US consumers.
Traditionally, brands have earned customers by simply delivering quality products and offerings. “In today’s market, companies are looking to take a more purpose-driven approach to their businesses, as evidenced by the recent decision of Patagonia’s founder to donate his entire company to fight climate change,” said Michael Diamond, clinical assistant professor in the NYU SPS IMC program. “A brand’s social value and purpose are now more important than ever in activating a consumer’s sense of value and meaning. Identifying which of the brand’s values resonate and how they line up with a consumer’s values has become more critical to the work of growing brands with greater consumer loyalty, stronger brand trust, and higher financial returns.”
Inspired by Michael Diamond, clinical assistant professor in the NYU and partner of the Institute for Real Growth and guest on the Humanizing Growth series