THE STATE OF THE STORY — TRENDS REPORT

The State of the Story 2020:
When Brands Take A Stand

How to Build a Mission-Driven Brand?

How to Build a Mission-Driven Brand?

BY MAGNET MEDIA

The State of the Story 2020: When Brands Take A Stand. How brands can show up for their communities? Brands need to commit to the journey of inclusivity and diversity.

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The State of the Story 2020: When Brands Take A Stand

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As stories of racial injustice permeate every channel, marketers across industries are at the front lines of crafting their own company’s responses. Our community of marketers has always taken seriously the responsibility to tell honest and diverse stories; but now more than ever, the pressure is on to deliver.

At our ‘The State of the Story’ virtual event, we hosted a Fireside Chat with Dara Treseder of Carbon and Sherrell Dorsey of The Plug who shared their stories and advice on how brand leaders can use storytelling as a powerful tool for creating lasting, meaningful change in the face of racism.

Key Takeaways from 'The State of the Story' 

1. Representation of Black people in brand storytelling continues to move at an unimpressive pace.

Statistics show that Black people feel far less represented in advertising compared to white people. Studies show large gaps between Black and white representation. These gaps are not only a function of the marketing industry itself, but also replicates the cultural bias and racial injustices we are seeing today. 

2. Brands have a moral obligation to speak out against racial injustice.

Traditionally, brands avoided taking a stance on racism because they feared it would create unwanted controversy. American consumers want brands to educate the public and work towards addressing the root causes of racial inequality. 

3. A brand's statement is not enough. 

Brands must not only provide a statement on where they stand, but they must also take actionable, on-going steps to solidify their commitment to ending racial injustice while promoting diversity. This is a movement, not a moment.

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.

 

Expert Session

If you are looking for an executive guide on how your brand can take a stand, watch the recording of the Fireside Chat and receive your copy of When Brands Take A Stand report.
 

Expert Sessions

If you are looking for an executive guide to mission-driven marketing, watch the recording of the expert session and receive your copy of How to Build a Mission-Driven Brand and Drive Profits report.
 

Expert Session

If you are looking for an executive guide to mission-driven marketing, watch the recording of the expert session and receive your copy of How to Build a Mission-Driven Brand and Drive Profits report.
 

Expert Session

If you are looking for an executive guide to mission-driven marketing, watch the recording of the expert session and receive your copy of How to Build a Mission-Driven Brand and Drive Profits report.
 

Expert Session

If you are looking for an executive guide to mission-driven marketing, watch the recording of the expert session and receive your copy of How to Build a Mission-Driven Brand and Drive Profits report.
 

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