Will Your Business Shift?
Are you looking to expand your brand awareness and drive your sales funnel? Do you want to be taken seriously by Gen Z, Millennials and conscious consumers of all generations? If the answer is yes, then you need to re-think your business priorities and how you communicate.
Redistribute $282.8 billion in advertising dollars
The US is by far the largest advertising market in the world, with a $260 billion annual advertising spend and an expected increase to $1 trillion by 2025. This is a big chunk of advertising spend that will impact what we read, see, and listen to daily, influencing how we think and behave in Canada and North America.
The shift—more than rewrapping advertising dollars
In 2021, the number of internet users worldwide stood at 4.9 billion, which means that almost two-thirds of the global population is currently connected to the world wide web. Adults spend almost 12 hours a day connected to some type of media or platforms inundated with advertising. The result is that audiences are cynical about the drive to buy more and consume more.
The “Strength of Purpose” study, commissioned by New York-based Zeno Group, a global, integrated communications agency, surveyed more than 8,000 individuals across eight markets (United States, Canada, United Kingdom, France, China, India, Singapore, and Malaysia). Participants rated more than 75 brands on their perceived strength of “Purpose”. The upshot of the survey was that consumers are four to six times more likely to buy from, trust, champion, and defend companies with a strong, well-demonstrated “Purpose”.
Zeno’s substantive research showed that globally, 94% of consumers said it is important that the companies they engage with have a strong Purpose, and 83% said companies should only earn a profit if they also deliver a positive impact.
However, while 94% of global consumers say they will reward companies with a strong Purpose, most consumers believe that only 37% of companies have a strong and clear commitment to Purpose. How can they change this perception? By reinvesting tired advertising dollars in fresh, purpose-driven campaigns that uplift consumers.
Charlene SanJenko, CEO of ReGen, is an expert at exploring and disrupting traditional funding and diverting it into innovative, well-curated and creative narrative-shifting projects.
“What if we brokered impact media deals like we broker other business deals and create innovative partnerships between progressive brands with advertising dollars and diverted the dollars into transformative stories about the human spirit,” says SanJenko. She sees a future of marketing and advertising dollars reinvested in curating “art”. But not just any art. “Art that will impact and rewrite our future by supporting values and actions that will shift behaviours and promote environmental and social stewardship for today and future generations,” says SanJenko.
A Shift in consciousness amongst consumers
The past decade has witnessed a shift in consciousness amongst consumers, and when consumers shift, businesses must respond. The question remains: how?
Just when the world thought it had ridden the worst of the global pandemic wave, storms of war blew over Europe, and Russia invaded Ukraine on February 24, 2022.
It is no wonder 2022 is marred by a tumultuous run on the stock exchange and a steady rise in inflation.
How companies respond to the above events is now more critical than ever before. It is an opportune time to be in the media space, most especially in regenerative media.
A clear and unwavering Shift
Businesses need to take a clear and unwavering stance that may not have been expected of them a decade ago. The quality of a brand’s statements and response to current issues have real financial consequences. For example, 73% of Millennials are willing to spend more on products from sustainable brands. Roughly 40% of all consumers demand change.
Maximize Impact—the stats!
Consumer expectations are at the heart of this shift. New data from Sprout Social's Brands Creating Change in the Conscious Consumer Era, a study based on a survey of 1,505 U.S. consumers, reveals that most consumers, a whopping 70%, believe brands must take a public stand on social and political issues. Taking a stand can generate awareness and brings financial benefits. But more importantly, taking a stand allows brands to make a real difference. The question is no longer: should our company take a stand? Instead, how can we maximize our impact?
As brands increasingly weigh in on the issues concerning the world today, Canadian businesses need to take note. Environics 2021 Research titled: Social Values Building Meaningful Brands Guide For Canadian Brand Marketers 2020 offers the following stats.
82% of Canadians say they are more likely to purchase products or services from brands whose values align with their own.
66% of Canadians are more likely to: purchase an item from a brand willing to take a stand on social issues.
Causes that matter most to Canadian consumers are:
52% Environment
45% Human Rights
31% Health and safety
87% of Canadian consumers are doing more research before making an important purchase.
The stats demonstrate that brand purpose statements need to be backed by action and evidence—and marketers should expect consumers to hold the brand accountable. Companies are being asked to talk about their positive investment in the community. They are also held to a higher degree of review.
As of today, Canadian and international businesses will need to be caring and authentic, and they will need to have deep-rooted priorities to make a positive impact in the world. And in doing this, they will access regenerative media to tell their stories differently. The hope is that they will look at innovative options and invest in where we’re going rather than where we’ve been to lift and shift our future’s narrative.
Written by Julie Coghlan-Smith, ReGen Impact Media.