A recent study conducted by the South China Morning Post (SCMP) in collaboration with the Interactive Advertising Bureau of Hong Kong (IAB HK) delivers a profound message: in an increasingly polarised world, brands need to stand as unifying entities. The partnership has culminated in the production of a white paper aimed at enabling companies to unlock the potential of marketing as a driving force for business growth, offering valuable insights to seize forthcoming opportunities.
According to the white paper, although consumer behaviour appears to be returning to the “old normal” pre-Covid, the socioeconomic landscape has undergone substantial transformation. Consequently, brands face pressure to cater to a customer base with increasingly divergent values. It underscores the urgency for brands to inspire hope, leverage compelling storytelling, and unite people to propel the business forward.
Suresh Balaji, Global Head of Marketing and Communications at Standard Chartered Bank, emphasizes the importance of such branding strategies in today’s fragmented world. He mentions the need for brands to be emotive, aspirational, and filled with hope, as these are the aspects that can bridge the gaps in a polarised world.
In light of these changes, marketers have reached a crucial juncture. They are transitioning from performance-focused marketing to a more emotive approach, placing emphasis on storytelling, real-world experiences, and strategic partnerships. They face the challenge of connecting with their audiences in a meaningful manner, transforming their marketing messages into tangible experiences.
Marilyn Yeong, Regional Client Vice-President at Assembly, indicates the shift she sees among clients. Their strategies have been evolving from tactical advertisements towards brand-led creatives, which she believes is the key to growth. Echoing this sentiment, Rudi Leung, Director and Founder of Hungry Digital, stresses the importance of understanding customers, sharing their values, and delivering products or services that cater to their needs and desires.
The panel in a recent SCMP Advertising+ discussion agreed unanimously that great brands tend to be emotive and hopeful. Simone Tam, Group CEO at dentsu Hong Kong, asserted that all brands exist to make a positive impact. Communicating a brand’s purpose and finding shared values are instrumental in establishing relevance.
Alex Law, Marketing Director at foodpanda Hong Kong, underlines the importance of having a clear purpose for your business, which goes beyond merely making money. He notes that every successful business has a unique story and purpose.
Looking towards future-proofing businesses, the study underscores the importance of staying attuned to what engages customers. For instance, today’s consumers show significant concern towards environmental issues – how can a brand align itself with this narrative?
The importance of brand evolution and establishing powerful connections with consumers and stakeholders is a message echoed by Tam. As a concluding note, Paul Phillips, Strategy & Insights Director at SCMP, encourages marketers to reassess their relationships with their audiences and understand how their businesses can create value in the new socioeconomic environment.
READ MORE: