A TIP survey, conducted by Ana Couto Branding and Officina Sophia, indicates that 671% of people are willing to pay more for products from companies with which they share values and beliefs.
Consumers are increasingly seeking connection with brands. This finding comes from the TIP (Transparency, Inspiration, and Purpose) research, a partnership between Ana Couto Branding and Officina Sophia. The study aims to highlight the new role brands play in contemporary society. “A brand reflects this construction of value; it’s what makes people willing to pay more for its services and products because they value them,” explains Ana Couto, CEO of Ana Couto Branding.
According to the research, respondents can already identify two different forms of relationship with brands. The first, focused solely on selling the final product (referred to as generation 1 in the study), and the second, resulting from a combination of concern for sales and customer loyalty (generation 2).
The third type of relationship (generation 3) is still not very clear to the respondents, especially those in social class C. But they already understand that there is more to it than just sales, loyalty, and customer delight. In this relationship category, profit is far from being the only or main reason for companies' existence.
For Ana Couto, the third type of relationship is a new way of thinking about business, with much greater awareness of its impacts on the world and its relationships with various stakeholders.
Sectors
When exposed to the three types of relationships, the telecommunications and healthcare segments lead the ranking of brands that connect solely through buyer-seller relationships. The retail and beauty sectors, on the other hand, rank highly among brands that connect with customers through delight and loyalty. In third place, the technology market is the one that most connects based on a shared purpose, such as values and beliefs.
Based on this, 67% of respondents said they were very willing to buy a product from a brand that connects with them through a shared purpose and were willing to pay more for it, as they saw real value in that purchase. The willingness to buy or repurchase any product that is in the first form of relationship decreases, as does the willingness to pay the current prices of products from those brands.
Among Generation Z respondents, young people aged 18 to 24, 68% stated that they are willing to switch the brands they currently engage with for another brand in the third relationship model and would pay up to 15% more for them.
This article was published by Media & Message. The full interview is published in issue 1710, dated May 16, exclusively for subscribers of Meio & Mensagem, available in print and for iOS and Android tablets.
(*) The TIP is a study conducted by Ana Couto Branding in partnership with Sophia's Workshop. To read in full, Click here.[:]
