While price and experience remain top-of-mind for shoppers choosing a retailer, a company’s culture and philanthropy also make important contributions to brand perception. Consumers prefer shopping at retailers that share their values, and are more likely to share personal information with them as well.
A brand’s alignment with personal values is important to 52% of Millennials, 48% of Gen Xers and 35% of Baby Boomers, according to the Evolution of Retail: The Brand Perception Effectstudy from Euclid. While brand perception has the strongest effect among Millennials, it still matters across all generations: 44% of all consumers say they want retailers they shop at to share their values.
“This is part of a broader theme that we talk about it, which is that traditional advertising and marketing is changing pretty dramatically,” said Brent Franson, CEO of Euclid in an interview with Retail TouchPoints. “If your marketing is not relevant, consumers, particularly younger generations, will tune out.”
Inclusion Draws Millennials; Baby Boomers Want American-Made
Expressing positive values is more likely to elicit trust from consumers than opposing negative issues. Diversity and inclusion were the most important values among Millennials, with 52% of this generation finding them important. In comparison, 33% of Gen Xers and 17% of Baby Boomers agreed that these issues matter.
“I think what we’re seeing with the younger generations is more diversity being represented and resonating,” said Franson. “That makes sense, because we have such a diverse population.”
Some retailers already are embracing authenticity and diversity in their marketing. Nike has launched the Pro Hijab and features female athletes from the Middle East in its ads. CVS Health is giving its beauty ads a makeover as part of its “Beauty in Real Life” campaign, which features unaltered imagery of a diverse cast…