At Havas, we believe meaningful brands are better for business and the world we live in. Meaningful Brands build equity across three dimensions.
1.
Functional: the quality of the customer experience.
2.
Personal: brand behaviours that enhance people’s wellbeing.
3.
Collective: the contributions that brands make to wider society.
Meaning pays off because it encourages empathy with people’s needs. The economic crisis is hurting people. And this is having a domino effect on the retail sector, as 1/3 of consumer spending goes through retail.
We posit four opportunities to change the fortunes of brands in the sector.
1.
More connected
Create more connected systems for people across channels. Meaningful brands outperform by +42% on connected customer experiences.
2.
More personal
Retail is the #1 most meaningful sector but underperforms on personal relevance. Meaningful brands overdeliver on this by +65%.
3.
More sustainable
People are tired of empty commitments to address the climate crisis. Brands can become platforms for good to encourage conscious consumption.
4.
More creative
Brands can counter the wellbeing challenge by “helping people feel energised and alive”. This is a communications challenge. To address it, retail brands must use creativity to win the battle for attention.
It’s these opportunities that will form the three episodes of our Wake Up To Retail event series.