Is your company ready for “status currency”?
The way consumers interact with brands is changing rapidly – driven by demographic trends. This shift has also led to a new level of importance being attached to the way a brand interacts with the public, especially among those in the 18 to 24 age bracket. This is according to research from the Boston Consulting…
The way consumers interact with brands is changing rapidly – driven by demographic trends. This shift has also led to a new level of importance being attached to the way a brand interacts with the public, especially among those in the 18 to 24 age bracket.
This is according to research from the Boston Consulting Group (BCG), which coined the term “status currency” to describe the preference that younger people have for brands that are deemed to be authentic and relatable.
In particular, individuals are preferring brands that are active contributors to their community and illustrate a commitment to social values. Among young buyers, 64 per cent felt that brands ought to help those in need, compared to just 54 per cent of all male respondents to the survey.
Clearly there is a growing need for companies to make corporate social responsibility (CSR) a larger part of their communication strategies. Considering that between 35 and 51 per cent of respondents from the different countries surveyed reported a preference for brands that are engaged with social concerns, businesses will need to address this need for information on their CSR habits.
It isn’t just information on social responsibility that young consumers are demanding, either. BCG suggested that younger buyers expect a greater level of information from organisations on how they perform, as well as conducting their own research through third-party channels.
The result is that one bad experience with a brand is quickly spread by young people, especially through social media channels, meaning this status currency is easily lost when negative online publicity begins to gain traction.
With younger consumers having greater access to information and channels than ever before, organisations and public relations experts will need to ensure they are earning this status currency if they want to remain relevant.
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