On Tuesday 3rd September, MKTG hosted their second seminar of the year — “The Purpose of Experience”.
Managing Director Michael Brown opened the session by explaining that people expect brands to live up to the values they proclaim through their advertising, and to be held accountable when they fall short. The modern consumer now demands to see evidence of how such values are lived in the real world. Brands are expected to have a true purpose which is conveyed authentically at every touchpoint.
With the value of ‘stuff’ declining, the more conscious consumer demands experiences from brands that match their personal values — whether it be environmental, promoting equality and diversity, or fair-trade. The ‘cost of switching’, which is the perceived effort a person needs to make to move from one product or service to another, used to create customer inertia. Now, if consumers feel a brand or business is not genuine in its actions, or doing the ‘right’ thing, they are ever more inclined to move their money elsewhere.
“The Purpose of Experience” seminar touched upon several themes, from how brands can identify their purpose, why having a mission matters, how to remain authentic in conveying a purpose, and how to connect to audiences with like-minded values.