How resilient brands grow in volatile times
CEOs and senior leaders from over 20 agencies at a pre-briefing.
Trust fuels resilience and growth
Akhil Gupta, director, market strategy & understanding, Ipsos Hong Kong, and Paul Phillips, marketing director, SCMP, shared recent research which showed that up to 41 per cent of affluent people have already cut back on non-essentials or plan to do so.
Left (from left to right): Tom Kao, chief executive officer, Publicis Groupe Hong Kong; Simone Tam, chief executive officer, Greater Bay Area, dentsu; Akhil Gupta, director, market strategy & understanding, Ipsos Hong Kong.
What was fascinating was that the research revealed consumers were up to six times more likely to continue spending on brands they trust, despite cutting back on non-essential spending. They are also willing to tolerate a seven per cent price increase from brands they trust before reconsidering their purchases.
Brands that consumers have faith in are resilient even in the toughest of times. The key drivers of this trust are product and service quality and a robust brand identity. The key to building that identity in a way that resonates with consumers is storytelling.
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