Customers want brands to be inspirational (72%), but only 53% experience brand inspiration, presenting a significant ‘inspiration gap’ that offers major growth opportunities for brands, a study conducted by Wunderman Thompson revealed. It finds that while brands may be inspiring, they are not doing enough. The study ‘Inspiring Growth’ launched by the company reveals why brands need to be inspirational, how inspiration drives growth and what brands can do to inspire their customers.
The study reveals two ways in which inspiration can drive brand growth; growing market share faster and charging a premium for products and services. Inspiration predicts 63% of a brand’s ability to drive demand, 52% of brands’ ability to command higher prices, and 48% of brands’ ability to convert customers at the point of purchase.
Growth is not just determined by whether people think of brands or their value, but also by what they think of them. While awareness is always an important goal, the study proves that inspiration is a far better predictor of growth and ultimately, the next stage of the marketing evolution.
Brands face immense challenges to grow amongst the economic downturn effects of the pandemic, Mel Edwards, global CEO, Wunderman Thompson, said. “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,” Edwards added further.
As part of the study, Wunderman Thompson developed a proprietary diagnostic tool, the Inspire Score, that ranks the top 100 inspiring brands in the world today, as well as the top brands in more than 45 markets globally. Each year this ranking will be updated to track and analyse the brands that are best at inspiring their customers. This year, Amazon leads, motivating millions of people across the world to think differently as they discover and experience new products and services. Followed by Samsung and Apple respectively, both successful at connecting people to new things and elevating people’s lives to be better.
According to Richard Dunn, EMEA chief strategy officer and co-creator of Inspiring Growth, Wunderman Thompson, the Inspire Score has proven to be an excellent predictor of growth and while small brands have a lot to gain from growing theirs, big brands have a lot to lose from letting theirs fall. “In today’s volatile climate, the study proves that brands can ignite change, making people see new possibilities and compelling them to act on new ideas and perspectives, creating experiences that resonate with a person’s values and motivating people to reach their personal goals. As a result, consumers adopt new behaviours that make them feel good about themselves,” he elaborated.
Read Also: Digital becomes Indian consumers’ lifeline: Kantar report
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