WPP’s Wunderman Thompson has been looking into brand growth and reckons the key isn’t awareness or any of those old metrics but whether or not brands are “inspiring.” According to ‘Inspiring Growth’ 725 of customers worldwide want brands to be inspiring but only 53% reckon they are (which sounds a lot to me.) So there’s a juicy gap waiting to be filled.
The most inspiring brands, it seems, are Amazon, Samsung and Apple (in that order.)
The report finds that inspiration predicts 63% of the variation in consumer demand for brands and also 52% of brands’ ability to command higher prices and 48% of brands’ ability to convert customers at the point of purchase.
WT global CEO Mel Edwards says: “The launch of the study comes at a hugely significant time. Our mission is to inspire growth for ambitious brands, it’s at the heart of our business and this could not be more relevant today. Brands face immense challenges to grow amongst the economic downturn effects of the pandemic.
“However, amongst a backdrop of uncertainty, our Inspiring Growth study unearths the power of inspiration as a strategy for growth, presenting a significant opportunity for brands that perhaps was once overlooked.”
Other findings are:
A brand’s category has a strong effect on inspiration, with technology brands performing extremely well and financials under-represented.
There is a significant difference between categories and regions. Brazilians are most inspired by brands; while people in the United Kingdom, are the least.
Brands have been most successful at being Motivating, helping them “discover new things” and “bring new ideas/suggestions.”
Between categories, brands inspire in different ways. Technology brands tend to inspire by broadening horizons. Retail brands score relatively high on helping people discover new things, while personal care brands do well in creating inspirational experiences.
Consumers in China and Brazil are more likely to experience a shift in behaviour or attitude as a result of brand inspiration.
Mission and brand behaviour are important sources of inspiration.
Interesting that the UK seems pretty resistant to ‘inspiration.’ Can’t say I’ve ever knowingly felt inspired by a brand but maybe they work their wonders in mysterious ways.
The full report is here.