SANITIZE YOUR BRAND
The world is today seeing a progressive movement from the bad to the good. Except for the casualties and deaths, the pandemic has brought along many valuable learnings for mankind. The emerging new order in business will have humanity as its pivot. In such a scenario, it will not suffice to focus on the product alone to drive business. The post-pandemic buying psychology would possibly be equated to the iceberg concept. According to iceberg theory, 80% of the reason for brand adoption would be based on brand essence, and not product benefits or features. Simply put, brands should shed excessive thrust on Value Proposition and switch to what we call the 'Value Purposition'. A recent research by Accenture reveals that 63% of consumers prefer to purchase from purpose-driven brands, 65% say they prefer brands that treat employees well, 62% support companies that have reduced the use of plastics, are environmentally conscious and adhere to ethical values, and 74% want transparency i...