Mintel Marketing consultant’s High takeaways from Brandweek 2024

This yr, three of Mintel’s Affiliate Principal Consultants attended the epicenter of brand name technique: Brandweek 2024! Within the scorching 110-degree warmth of Phoenix, Arizona, advertising leaders from iconic manufacturers like Wendy’s, Mastercard, Tinder, and the MLB got here collectively for 4 days full of insights.

From AI’s function in crafting personalised experiences to the evolving panorama of DEI in 2024, the discussions had been as scorching because the climate. Amidst all of it, a transparent consensus emerged on what’s trending and what’s fading. Let’s discover the present hits and misses within the dynamic world of brand name technique and advertising.

Innovating from tradition is in: A number of manufacturers on the Brandweek convention highlighted how profitable innovation may be pushed by cultural occasions and phenomena with inspiration gained from sports activities, trend, music, and extra. With a view to seize the essence of the second, manufacturers have to be agile and internally aligned to activate shortly and thoughtfully.

A technique manufacturers are presently doing that is by co-creating with leisure manufacturers to have interaction in product innovation. Bathtub & Physique Works, for instance, has discovered surprising methods to mix the bodily with the digital by creating novel scents based mostly on hit Netflix exhibits like Bridgerton and Emily in Paris. Mintel knowledge exhibits that 45% of US shoppers spend probably the most time watching exhibits and flicks, and offering one other touchpoint with which shoppers can interact of their fandoms can drive pleasure and model loyalty. Moreover, almost three-fourths of US dad and mom say that streaming leisure exhibits with their children is a key approach they spend time collectively, providing alternatives for multi-generational product attraction and dialogue.

“Single Dimension Experiences” are out: In a world the place the competitors for shopper consideration is at an all-time excessive, manufacturers can now not depend on activating only a single sense to pique curiosity and generate a buzz. Manufacturers should be taught to supply larger experiential values that use sight, sound, odor, style, and contact in surprising but helpful methods. Innovating with sensory-rich experiences may present alternatives to be extra inclusive throughout the spectrum of varied bodily and neurological talents, serving to to achieve numerous shoppers in significant methods. Mintel knowledge exhibits that roughly a 3rd (32%) of UK shoppers report having some accessibility challenge, however merchandise that higher serve widespread points have the potential to profit and higher serve everybody.

“Shelf Advocacy” is in: A number of periods inspired the concept of “shelf advocacy,” the act of advocating to your values with the merchandise in your cabinets. The time period “shelf” may be taken each actually and metaphorically. For manufacturers and retailers, it’s fairly literal: your product portfolios and your cabinets ought to replicate the various communities you intention to serve. This may contain spotlighting Black- or LGBTQ+-owned manufacturers or making certain your vary caters to people of all identities and skills. It’s a concrete option to show your dedication to your model values.

Nevertheless it’s not nearly manufacturers—shoppers play an important function too. They’re inspired to make sure their fridges, drugs cupboards, and closets mirror their beliefs. And there’s a transparent curiosity: over a 3rd of web shoppers desire manufacturers that help equality, and almost 20% favor minority-owned manufacturers. Manufacturers can seize this chance by guiding shoppers in direction of moral, sustainable, or inclusive choices, serving to them diversify their procuring habits and align their spending with their values. It’s about making these cabinets – actual or metaphorical – a testomony to what you stand for.

“Authenticity” is out: The phrase that’s, not the trouble. Entrepreneurs throughout industries agreed manufacturers have been leaning just a little too laborious on the phrase “genuine” to explain their model efforts. In any case, if a marketing campaign or partnership feels genuine to the model, it in all probability goes with out saying. Customers have seen too; Mintel’s 2024 Shopper Traits (client-link solely) explores how shoppers are dropping belief in manufacturers that discuss authenticity however fail to show it by way of their actions. They’re on the lookout for manufacturers that persistently stroll the stroll, with out feeling the necessity to announce it.

Crafting messaging, experiences, values, and partnerships which are related to your model and resonate together with your viewers remains to be the precedence. However calling it “genuine” undermines the technique behind your efforts and raises suspicions. As we transfer ahead, the dedication to significant work continues, however the reliance on the time period “genuine” will probably be left behind in 2025.

Going past meme tradition is in: Constructing a model tradition is greater than inserting your product into trending areas or a sponsorship take care of the most recent influencer. It’s all about model alignment. Customers are more and more savvy and perceive the why behind advertising selections. Actually, Mintel knowledge reveals that almost 60% of US shoppers are inclined to buy from manufacturers whose functions align with their very own values and morals, suggesting that buyers can spot when an activation is a real worth alignment quite than a performative advertising effort.

Manufacturers immediately should combine themselves into clients’ lives by discovering and aligning with their values, pursuits, routines, and social identities. Relatability and relevance imply greater than utilizing “demure” or “brat” in a social put up. It’s understanding what’s culturally important to your shopper base by way of analysis and listening to the patron’s voice, all within the pursuit of making a neighborhood round shared, culturally important moments, and making selective partnerships that amplify your model’s values. This deep integration fosters loyalty and transforms clients into advocates, embedding the model inside their on a regular basis experiences and private id.

Demographic-only segmentation methods are out: At Brandweek 2024, a key theme is the shift from demographic to psychographic concentrating on. And it’s about time – as Ilona Aman, Chief Advertising and marketing Officer at Athleta, stated: “60 doesn’t seem like what it did 20 years in the past and 13 definitely doesn’t seem like what it did 20 years in the past”. What’s extra, 44% of shoppers stated they really feel ignored by manufacturers’ advertising efforts in line with analysis from iHeartMedia. Let’s dive into why that could be.

Manufacturers are transferring past age, gender, and site, recognizing that buyers are higher outlined by their behaviors, values, and pursuits. This shift permits for extra personalised advertising, tapping into shoppers’ existence, attitudes, and beliefs. Psychographic concentrating on fosters deeper emotional connections by aligning model messaging with viewers motivations. With data-driven insights and AI instruments, manufacturers can now cater to particular shopper mindsets so as to create experiences that resonate on a private degree.

For those who discovered these insights useful,  what’s subsequent? To learn how our Mintel Consultants can assist flip this knowledge into custom-made strategic options for you, please contact us immediately.