SINGAPORE – A new global study from Havas Worldwide, “Building Brands that Matter: The Sweet Spot Between Trust and Dynamism,” explores the critical factors at play in brand success and consumer engagement. Tracking factors such as transparency, innovation, authenticity, utility, and sociability, the white paper identifies what people around the world truly value in their relationship with brands.
Trust and Dynamism: The Singapore Perspective
In this localised report, we find out how, unlike our Global counterparts who are more inclined to buy products manufactured in their own countries, Singaporeans possess an unspoken stigma over locally produced goods, preferring foreign brands because of their perceived superiority. In short, we note that young local brands generally have to fight harder to earn trust while long-established brands have to do more to drive dynamism.
This unique situation makes for the perfect test-bed for future insights into any young and developing countries, and to help guide consumer preference for any brand.
Several top line findings were made on the attitudes of Singaporeans:
· The value of “local” is tied more to actions than provenance
Having a positive presence in local communities is an important factor in building a brand’s reputation, say 79 percent of Prosumers and 73 percent mainstream consumers.
· If you’re not part of the solution, you’re part of the problem
81 percent of Prosumers and 71 percent of mainstream consumers believe that businesses bear as much responsibility as governments for driving positive social change. It’s increasingly unacceptable to operate solely in service to one’s profits.
· Transparency is essential to trust
85 percent of Prosumers and 71 percent of mainstream consumers say it is important to them that companies operate transparently, letting consumers and others know what they are doing.
· What’s being said about your brand online has the potential to elevate it to the next level—or send it spiraling into oblivion
Online customer reviews (86 percent) and comments on social networks (81 percent) are more convincing than any advertising (78 percent) or what employees say about it (78 percent).
“Our study reveals a powerful insight about brand strength: It is based on what people believe about where your company is headed and the value you will provide to society along the way,” said Sarita Bhatt, director of global strategy at Havas Worldwide. “Truly dynamic brands—those that are authentic, purposeful, sociable, and useful—will be the ones that engage consumers and win their loyalty.”
