GE, Coca-Cola, P&G – you probably know these names. That’s because despite being powerful product marketers at heart, they are also parent companies who have invested in master brand storytelling with proven success.
We interviewed over 1,000 consumers and marketing executives to compare the value of product-level versus master brand storytelling. The numbers prove the power of the parent brand.
THE MISSED OPPORTUNITY
Today’s consumers demand a higher-level, authentic set of brand values. 2 in 3 Millennials, the consumer group with the largest buying power, believe a company’s story is as important as the products it makes.
Building relationships and forming an emotional connection with consumers is what makes the difference between product-level and master brand storytelling.
Especially in the age of recalls, PR nightmares, and unforeseeable events, products and services not armed with a clear purpose will crumble.
The investment in a master story is insurance for your brand – and many marketers are missing out on it.
- WHY IT MATTERS
Meet the customer where they are.People aren’t going out of their way to find out which mega-brand is behind their frequently purchased products and services. But given the chance, the majority of people will choose a product from the company that most closely aligns with their values. Therefore, brands must invest in building an overarching story to stay top of mind to consumers.
- WHERE IT MATTERS
Pay attention to buying power.If Millennials prefer a master brand that aligns with their values, and Millennials currently hold the largest amount of buying power, it’s clear that there’s a need to invest in building that master brand story. Brands must reach consumers with powerful, emotional, and authentic storytelling based on a set of core values.
- HOW IT MATTERS
It works. When brands have worked with Pace to create and deploy a master brand story, it’s led to a major lift in site visits, purchase rate, and organic traffic, and a reduction in customer churn. The benefit for brands from creating a connection with consumers transcends the bounds of one-time purchases and establishes a lasting, meaningful relationship for years to come.
The big opportunity for parent companies? Find meaning beyond the moment and engage beyond the product level — and do so on an ongoing basis.
Read more about the impact of master brand storytelling in our recent white paper.