Basic economics will tell you that price often has the final say with consumers. Torn between two choices? The less expensive option will win. But that was before consumers saw brands as another opportunity to support their beliefs. Today, consumers are prioritizing a brand’s values over price when making purchase decisions.
We can see it in the numbers: 51% of Generation Z considers a brand’s values when making a purchase. Millennials have the highest expectations for brands and 50% self-report as brand conscious. Social media has also brought transparency to a new level as consumers engage with brands in real-time. With young people focused on the larger meaning and impact of brands, companies need to assess how they share their values as these consumers’ purchasing power grows.
Consumers gravitate towards companies that support their personal values, shown in how their production impacts employees, consumers, and the environment. Patagonia is a leader in this, bringing “quality and value” to consumers. Instead of creating excess in their production, Patagonia recommends mending products and purchasing less, which young consumers have loved. That the company donates 1% of its profits to environmental organizations means these consumers can have their high-quality products while supporting their values.
Alignment with brand values is much larger than just one company’s moves. We can see this in the rise of sustainable clothing and the fall of fast-fashion empires, the booming market for natural beauty products, and organic foods becoming grocery store staples. Companies are hearing directly from consumers that these values are important and they are responding with new business models and products.
This is just as important, if not more, when it comes to service-based companies. Salesforce CEO Marc Benioff prioritizes putting your money where your values are. When you support your beliefs, profits will come. Decisions have to be made based on values – putting what is right above what is profitable.
Based on these current shifts, advertisers need to assess where they stand in relation to consumer priorities. I am proud to work for Jun Group because we strive to create valuable products that support our mission of truth. Our products are based on a value exchange model, meaning consumers choose to engage with our advertisements in exchange for a reward in their favorite mobile games. JG allows users to opt-in so we are not interrupting their online experience, which clients also appreciate. Clients trust us because of our commitment to transparency, shown in the results we deliver.
Prioritizing quality products and fundamental values is where marketing should be headed. No matter what business you’re in, supporting customer values is good business. Company transparency and strong values will be better for consumers and brands alike.