consumer values

The ongoing pandemic has created a change in people’s relationship with technology, work, consumerism, and the world.

That’s why companies have had to shift their approach to innovation, design, and growth.

These days, people have a growing sense of agency over how they’re able to make purchases, re-enter the workplace, and relate to other people.

For example, according to a study, about half of the US population has stated that they’ve either already stopped, or are ready to stop purchasing as much apparel, footwear, and furniture in order to become more sustainable.

Additionally, consumption that’s driven by consumers’ values is continuing to rise all over the globe. In fact, products and services that are marketed to be sustainable tend to outperform their conventional counterparts across a number of categories.

That’s why companies should find a balance between sustainability and affordability, and innovate in that segment of the market.

At the end of the day, most consumers tend to do their best and find a balance between their basic needs and the good of the planet when trying to make the best possible purchasing decision.

However, at the front of the mind of businesses should be caring for others, which means both in terms of self-care, as well as caring for other people.

That’s why companies should be striving to create both challenges and opportunities for employees and consumers alike.

The responsibilities around caring for one’s self and others are going to continue to be highlighted and prioritized in the coming months, as over 70% of people these days consider wellness to be a core element of any brand’s strategy.

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In order to build relationships with them that are based on trust, brands and corporations should not only state but also show how they are caring for their employees and consumers. A great example of this has been Unilever, which managed to adjust its communications strategy to highlight feeling instead of looking better.

The brand also removed the word “normal” from its personal care and beauty brand recommendations. Another instance is Nike, which has been coaching both its athletes and its customers on how important self-care is for everyone.

While consumers are changing their relationships with themselves, the people around them, and the rest of the world, companies are facing two big responsibilities.

The first one is taking care of today’s world, and the second one is building a sustainable future for the planet, society, and the companies themselves.

Additionally, the upcoming changes with the introduction of the metaverse are going to create an even bigger shift in digital behavior and culture.

Whether or not a company is successful in the metaverse is going to be based on how well it understands its consumers and how they exist in this new universe.

One of the defining elements of the metaverse is that people get the opportunity to present themselves however they like, which means they’re able to escape the limits of the physical world while spending time in the virtual space.

Those changes are going to be bringing even bigger shifts across consumer markets, and companies should start preparing for them before it’s too late.

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Ronn Torossian is the Founder & Chairman of 5W Public Relations, one of the largest independently owned PR firms in the United States. Since founding 5WPR in 2003, he has led the company's growth and vision, with the agency earning accolades including being named a Top 50 Global PR Agency by PRovoke Media, a top three NYC PR agency by O'Dwyers, one of Inc. Magazine's Best Workplaces and being awarded multiple American Business Awards, including a Stevie Award for PR Agency of the Year. With over 25 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected public relations executives. Throughout his career he has advised leading and high-growth businesses, organizations, leaders and boards across corporate, technology and consumer industries. Torossian is known as one of the country's foremost experts on crisis communications. He has lectured on crisis PR at Harvard Business School, appears regularly in the media and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller. Torossian's strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, a Top Crisis Communications Professional by Business Insider, Metropolitan Magazine's Most Influential New Yorker, and a recipient of Crain's New York Most Notable in Marketing & PR. Outside of 5W, Torossian serves as a business advisor to and investor in multiple early stage businesses across the media, B2B and B2C landscape. Torossian is the proud father of two daughters. He is an active member of the Young Presidents Organization (YPO) and a board member of multiple not for profit organizations.