THE STATE OF THE STORY — TRENDS REPORT

THE STATE OF THE STORY — TRENDS REPORT

BY MAGNET MEDIA

BY MAGNET MEDIA

Key Takeaways from 'The State of the Story' 

1. Consumers expect companies to lead societal change, not just make profits.

Marketers spend too much time looking for ways to force customers to pay attention to their messages and not enough time thinking of ways to make customers want to pay attention. Consumers are leaning towards brands that react to challenging times by uplifting their communities and care about honest, open dialog.

2. Brand purpose is mainstreaming... but at what cost?

There are risks associated with not standing behind your purpose –especially when businesses are being called upon to demonstrate their ability and integrity during a crisis. Those who project a higher share of voice than their market share will significantly outperform those who are cutting down on their communications in critical times.

3. The purpose should not be a stand-alone initiative, it should be a core of the brand. 

The purpose should be woven into all brands' operations. It should guide and inspire responsible actions and the creation of economic and community value. To support their narrative, brands need to tell authentic stories as they provide substance, shareability, and believability.

In 2020, we also hosted a virtual roundtable with Jill Cress of PayPal, Tomas Kellner of GE, Susan McPherson of McPherson Strategies, Jennifer Cohan of Edelman, and Adrianne Smith of WPP, who shared best practices on how to authentically tell brands' stories while creatively connecting with consumers. You can watch this session on-demand here. 

Key Takeaways from 'The State of the Story' 

1. Consumers expect companies to lead societal change, not just make profits.

Marketers spend too much time looking for ways to force customers to pay attention to their messages and not enough time thinking of ways to make customers want to pay attention. Consumers are leaning towards brands that react to challenging times by uplifting their communities and care about honest, open dialog.

2. Brand purpose is mainstreaming... but at what cost?

There are risks associated with not standing behind your purpose –especially when businesses are being called upon to demonstrate their ability and integrity during crisis. Those who project a higher share of voice than their market share will significantly outperform those who are cutting down on their communications in critical times.

3. The purpose should not be a stand-alone initiative, it should be a core of the brand. 

The purpose should be woven into all brands' operations. It should guide and inspire responsible actions and the creation of economic and community value. To support their narrative, brands need to tell authentic stories as they provide substance, shareability, and believability.