Anna Sampson, Strategy & Insight director, Magnetic explores why this matters in the current environment
We partnered with Kantar on a new piece of work to look at media channel performance when it comes to brand value. This handy piece of analysis gives a quick steer on media rankings for the key brand metrics of saliency, meaningfulness, and difference using their ‘Meaningfully Different’ methodology.
Much has been written about new consumer behaviours in 2020. Kantar World panel data is a treasure-trove of insight.
All the data we’ve seen suggests brand switching is rife. At the start of the pandemic this was no doubt influenced by availability, but according to recent data from Bauer, this habit is ongoing, with 88% of those surveyed agreeing that they are continuing to switch brands.
With a looming recession price is likely having an influence. Bauer data shows 43% say that they are now more tempted by offers and deals than they were pre pandemic.
Price promotions have a clear role when family finances are a concern, but it’s important to consider other purchase drivers. Panel data reveals that consumers have new expectations of brands, in particular regarding the tone of advertising, according to Bauer, 81% agree that brands should not exploit the crisis.
It’s clear consumers are re-evaluating their choices. A quick look at my own repertoire confirms this, I have discovered new beauty brands, opened a new saving account and introduced my parents to a food delivery service.
Looking at the data and reflecting on my own choices, price is certainly playing a role, but brand is important too. In this context the debate about brand purpose feels particularly relevant. Purpose aside, achieving some kind of meaningful connection with consumers has always been a route to stronger long-term brand performance.
TV is the highest performing channel when it comes to delivering saliency for brands, magazines and TV both contribute to meaningfulness and magazines are the top performer when it comes to delivering brand difference.
At a headline level this confirms the strength of established media in terms of brand building, with magazines and TV doing particularly well, we know digital tends to do better when it comes to activation metrics.
Of course, it’s important not to oversimplify, all channels are increasingly digital. Our own data has shown that magazine digital performs strongly and has a role in the mix particular when used in combination with other channels.
If you are looking for inspiration on how to use magazines to good effect it’s worth checking out the new ‘Great Work‘ section.
To understand how you can deliver meaningful connections as part of a ‘Purpose’ driven campaign check out P&G Body Love or for fulfilling a more everyday consumer need take a look at Smart Energy the Power of 10p campaign.
Magazines can help brands by driving relevance in both the long and short term. Magazine brands build meaningful connections to their audiences via passionate, positive and authentic content. They are well placed to deliver purpose with a big P and a small p for advertisers, making sure a brand stays relevant and meaningful to consumers.