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Countering The Great Resignation

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Countering The Great Resignation

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Consumer brands are navigating more complex stakeholder networks

Consumer brands are under pressure to keep consumer loyalty, manage the varied expectations, brand response to social issues and digital advancements. 

Stakeholder expectations for brands are merging with expectations for the companies that build and manage them. The most successful consumer packaged goods (CPG) brands will be those that can guide a wider range of stakeholder groups.

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Research on exploring expectations, importance and actionability

Research on exploring expectations, importance and actionability

In collaboration with McKinsey & Company, Consumer Brands Association studied expectations from the following stakeholder groups: consumers, retailers, employees, investors, and government.

Themes that emerged:

  • Brand authenticity: Be who you say you are.
  • Sustainability: Do something tangible, measurable, and understandable.
  • Diversity, Equity, and Inclusion (DEI)
  • Integrated experiences: Focus on the basics, data and curate across physical and digital touchpoints.
  • Future of work: Talent flexibility and automation will be the norm.

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Brand authenticity

  • All stakeholders ranked brand transparency and consistency as the most valued expectation. Brands that fall short risk losing share, shelf space, and talent.
  • Brand purpose and story: When brands articulate what they stand for, customers, employees and retailers perceive them as more authentic. "A brand for someone like me" is the top loyalty driver.
  • Brand activism: When brands speak out on social issues that align with their brand purpose, they are perceived as more authentic.

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Sustainability

  • Investors and employees are pushing brands for change and accountability. Employees are energised by sustainability commitments and hold the brand accountable for them.
  • The younger generations show a strong preference for greener brands. Consumers are not the primary influencers for greater brand sustainability. Only 40% of surveyed consumers said environmental responsibility was important to them,  but this will change as younger generations place a greater emphasis on sustainability.

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19 reads

Diversity, equity, and inclusion (DEI)

  • Retailers are spreading the word. Internally, retailers are prioritising DEI efforts. DEI is difficult to track or measure and is often subjective. However, this buyer-driven approach may soon change.
  • Consumer spending habits lag behind. Most consumers do not yet factor DEI into their decision making. But more consumer groups are starting to evaluate if a brand is "for them".
  • Employee inclusion is vital. Brand owners need to commit to DEI to attract and retain top talent and deliver top performance. 

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Integrated experiences

  • Consumers expect a seamless experience across channels. Brands can deliver more integrated experiences by connecting offline retail and digital.
  • Customers look to several sources for direct access to brands. Few consumers visit brand sites directly (only 7%), so brands need other ways to build a strong and direct relationship with consumers.
  • Physical retail still matters. While click-and-collect is on the rise in some channels, physical stores remain the primary point of purchase (about 75 percent).

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26 reads

Future of work

Long-term trends will have a major impact on brand owners.

  • New capabilities are needed to meet expectations. Consumers expect greater personalisation, efficiency, and transparency. Retailers prefer brands that can minimise supply-chain friction.
  • Employee needs and expectations are evolving. The current workforce lacks the skill set to meet future role demands, so brands need to upskill their employees. But, to attract talent, brand owners will need to offer greater flexibility.
  • Automation can be part of the solution to meet labour shortages. Consumer goods can be automated by 64 percent. 

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CURATED BY

nathanielyu

Audiological scientist

CURATOR'S NOTE

Consumer brands and brand owners are under unusual pressure. They need to face more complex stakeholder networks while managing increasing expectations. Brands that accept a call to action to win the stakeholders loyalty could expect increased returns.

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