Value with values
With globally increasing prices, the democratization of life’s necessities becomes highly purposeful. Price matters a lot, but people still yearn for other values. The most loved companies will be those that understand what matters most to which customers and can identify value-balance trade-offs between their needs and wants.
We’re at a point of dramatic global income divides and raging inflation in many parts of the world. Increasing prices and unemployment are top worries for people, and consumer pessimism is currently at levels worse than those seen at the beginning of the pandemic. This makes democratizing life’s necessities hugely important and very purposeful – people should be able to buy what they need.
The study shows that the general public believes it is very important that companies ‘Make things affordable for many people’. But it also shows that offering quality products and services is very important, and that a long range of sustainability aspects are as well. Price matters, but so do many other things, and to different groups.
And this trend is already a reality. Consumers are thinking hard about what they buy and migrating to discounters and value brands. Times like these cause people to question old loyalties. Companies and brands need to emphasize their worth, or risk being replaced.
This presents great opportunities for companies with purposes built around democratization that can offer both value and values. The challenge lies in understanding which values matter most to which customers and identifying value-balance trade-offs between needs and desires. For example, one hugely relevant trade-off which must be resolved is the friction between low-price and environmental sustainability.
Examples
Companies scoring high on associations related to shared personal values.
Data deep dive
Everyone wants access
The challenge of ‘Making things affordable’ is shown to be a top priority for companies to tackle according to the general public in all seven markets surveyed in the study. It’s the only non-environmental challenge among the top tier ones where companies are delivering below expectations.
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Explore more trends
Care for resources
We’re at a point in time when environmental responsibility must be a top concern in business, because it’s a top concern of people. Companies that fail to minimize their impact on the planet and use resources carefully will be questioned by many critical recession customers.
Trust matters
Companies will need to meet the critical and demanding recession customer with openness, honesty and transparency. Smart companies will invest in building trusting relationships with customers and the public, because they understand how trust amplifies the effect of any corporate initiative.
Value with values
With globally increasing prices, the democratization of life’s necessities becomes highly purposeful. Price matters a lot, but people still yearn for other values. The most loved companies will be those that understand what matters most to which customers and can identify value-balance trade-offs between their needs and wants.
Local color
In a contracting world, people have the greatest trust in the companies that are close to them. Local companies and brands have a greater understanding of local context and culture and can therefore be present and responsible in a locally relevant way. The challenge for international companies will be to understand how to act local in coming years.
Thoughtful employers
Being a thoughtful employer will be one of the most important roles for companies in the coming years. Record numbers of employees are reevaluating career choices and people are looking for employers that will make them feel valued. Companies that act on this will have a great advantage in talent search and retention in the future.
Bold problem-solvers
The public has high, but largely unmet, expectations of companies to lead the way toward a brighter future. Companies have a lot to learn from how Big Tech approaches problem-solving, and a lot to gain if they are able to combine that with action to create real positive change for people, the planet and society.
Safety first
An uncertain, and today often scary, world has made safety-related issues a top priority with people. It’s time for companies to decode what safety means to their customers and to align with the public’s expectations of how they should contribute to making both their physical and digital lives safer.
Healthy living
Health continues to be a priority for people and today’s health concerns involve both physical and mental health, and direct and indirect effects. Companies that assume health-focused positions and strategies will be highly relevant in the future.
