Google has emerged at the top for 2023’s most Meaningful Brands; Amazon, Youtube, Whatsapp, and Flipkart trail behind.
Google has secured the top position among India’s most Meaningful Brands in 2023 by delivering effectively on both personal and collective benefits. Others in the top 5 include Amazon, Youtube, Whatsapp, and Flipkart.
According to the Havas’ Meaningful Brands 2023 India report, brands must become hyper-focussed on meeting the individual demands of their consumers. Additonally, brands must acknowledge that apart from a sense of purpose, people should be at the centre of what brands care about most.
The latest edition of the report reveals how consumers have moved from being cynical with purpose-washing by brands to an analysis of the relevance of purpose that is more inward-looking and personal. This year, the Global Meaningful Brands study surveyed more than 91,000 people, with over 1300 brands across 10 markets and 42 categories.
According to the study, consumers wouldn’t care if 73 pc brands disappeared today. This highlights a shift in consumer demands and expectations, with individuals rewarding brands that meet their new criteria. While brand purpose and meaningful work remain important, the study emphasises that purpose must be deeply integrated into people’s daily personal lives. As individuals grapple with the personal impact of ecological degradation and economic upheaval, brands have a role in helping consumers navigate these challenges.
The study also indicates that 67 pc people prefer to engage with purpose-focused brands rather than profit-driven ones, and 68 pc claim they would stop buying from companies that disregard the well-being of the planet or society. However, 58 pc respondents feel that brands are not transparent about their commitments and promises, and 65 pc are weary of brands pretending to care about society while prioritising profits.
Consumers express a desire for individual accountability and being agents of change, with three out of five respondents stating their willingness to make personal sacrifices to protect the planet. Additionally, 66 pc admit to already changing their behaviour to adapt to environmental pressures. Therefore, brands need to understand their consumer base and establish personal connections to meet their expectations effectively.
In India, the study highlights that the Most Meaningful Brands outperform average brands by 39 pc when they provide personal benefits. Consumers in India, with 69 pc agreement, believe that brands should contribute to their health and well-being, encompassing physical, mental, and spiritual aspects. To stand out, brands need to demonstrate resilience and positivity, particularly during times of crisis.
The study also reveals insights about Generation Z, indicating that this consumer group values positivity and prioritises their own needs. Gen Z is shown to be the happiest (71 pc) and most optimistic (70 pc) demographic, and they strongly assert their sense of self. Brands that assist Gen Z in expressing their individuality meaningfully outperform average brands by 66 pc.
Furthermore, there is a notable inclination among Indian consumers to favour brands and businesses that simplify and streamline their lives. Meaningful Brands, in comparison to average brands, achieve a 60 pc improvement in enhancing consumers’ quality of life.
Another crucial aspect contributing to consumers’ quality of life is the sense of control. Given the recent pandemic and its impact, consumers emphasise the importance of brands that help them feel more in control of their daily lives and enable them to make smarter decisions with their money and time. This reflects a growing desire for security and certainty, with consumers seeking brands that align with their perception of control.
Speaking about the return of the Meaningful Brands study, Rana Barua, Group CEO, Havas India, said, “The world has changed from 2021 to 2023 and this year’s Meaningful Brands India report couldn’t have come at a more opportune moment. Although we see large-scale global trends emerging, it is the market specifics and category insights that truly sets this study apart. Over the years, we have won many key clients on the back of the knowledge we have drawn from this proprietary study, and we continue to leverage it to take actions: to bridge the gap between consumer expectations from brands and their experiences. Staying ahead of the curve is a given when we have a tool as robust as the Meaningful Brands study.”
Sanchita Roy, Chief Strategy Officer, Havas Media India, said, “Our new Meaningful Brands study has put the focus back on consumers. The study finds that brands that have understood how to be meaningful in the lives of consumers are significantly outperforming the market across parameters including driving a greater share of wallet, generate higher KPIs and also deliver top and bottom-line growth. Brands can effectively leverage our findings to make their consumers feel empowered, engaged and enabled.”
Anirban Mozumdar, Chief Strategy Officer, Havas Creative India, added, “While it is important for brands to deliver functionality and to be socially responsible, the personal element has gotten missed out. Between solving a skin problem and helping save Orangutans in distant Borneo, brands and marketers have forgotten the personal and immediate payoff for those we serve – beyond mere functionality and the tokenism of a distant good. Consumers want brands to support their personal quest for health and well-being, bringing optimism and energy, stand with them with shared resilience and positivity – above all, help express themselves as individuals. With so much going wrong and out of control, they want brands to simplify and give them some control over their lives.”
