Business 101: the best product at the best price wins, right? Features, convenience, quality and brand reputation drive purchases. Not so for the “CorpSumer.”
Enter a powerful new factor…[tweet_dis]33% of Americans base brand decisions on alignment with their personal values[/tweet_dis]
A new breed of consumer, coined the “CorpSumer” by MWWPR, comprises one in three Americans. They are a customer that invests their money and loyalty in brands with values similar to their own. Furthermore, they will sacrifice quality, price and convenience to show loyalty to a company that shares their values and publicly advocate against those that don’t.
Recent research by MWWPR with Wakefield Research found:
- 67% of CorpSumers would pay full price for a product that reflects their personal values or supports a cause they believe in rather than buying a product at a discounted price.
- More than 50% of CorpSumers have stayed with products or services they weren’t satisfied with because they supported other efforts made by the brand or the brand’s values aligned with their own.
This segment is a game changer and packs a significant economic punch
CorpSumers span age and gender, with some of the most attractive attributes brands desire. They are more likely to be millennials & Gen-Xers, well-educated, full-time workers, high-income earners and parents.
The MWWPR research comes on the heels of a recent Edelman survey that discovered 57% of global consumers are more likely to buy from or boycott a brand because of its stance on a social or political issue. The survey also found that consumers are 30% more likely to make purchase decisions based on a brand’s beliefs than they were just three years ago.
Brands that embrace these consumers not only benefit from a sales and market share perspective, but also benefit from this group’s ability to influence others, make change and move attitudes and markets.
Part advocate and part objector, CorpSumers are the “influencers next door”– brand activists who change the opinions and behaviors of their friends and families.
But brands are woefully unprepared to deal with these expanding consumer expectations
The challenge for marketers has been not only how to identify and understand the most relevant values and motivations that are driving the decisions of their customers and prospects, but how to do it in a way that keeps pace with the speed of the consumer and digital ecosystem. This is further fueled by social media activism and an evolving 24/7 news cycle that shifts consumer relevancy on a continual basis.
The answer lies in knowing the values, beliefs, causes supported, and drivers behind the purchasing decisions of the consumers engaging – or not engaging – with their brand in real-time.
Only real-time consumer profiling allows brands to stay flexible in dynamic environments and understand what matters most to their audiences
At Resonate, we help brands win the influence and wallets of their customers and prospects by providing real-time consumer data and insights based on our in-depth proprietary profiles on 200M+ US adult consumers, at an individual level, that includes the underlying values and motivations that drive consumer decisions to buy or support certain brands or products. We simplify how marketers (1) understand and engage with their audiences, (2) ensure that brand identity, creative and messaging are continuously relevant, and (3) find look-a-like customers across all marketing channels with precision and at scale.
The growing presence of consumers who are voting with their wallets and motivated to buy based on their values presents a great opportunity for companies to make an investment in truly understanding the real-time values, motivations, and societal issues driving the purchasing behavior of their customers and prospects.
Read the next article in the CorpSumer series to find out more details about this consumer segment.
For the companies that do it right, making a difference and making a profit become one in the same
We’re here to help. For the most accurate understanding of your customers and prospects for maximum engagement and conversions, contact Resonate at 855-855-4320 or success@resonate.com.
