There is strong link between inspiration and brand growth, according to a study by Wunderman Thompson, with inspiring brands able to grow their market share faster and to charge higher prices for their products and services.
What is an inspiring brand?
Wunderman Thompson’s study across multiple markets identifies three core characteristics:
- Elevating brands help consumers build their aspirations with experiences and content that inspires. A great example is Dove showing consumers that beauty can come in many forms.
- Magnetic brands draw consumers towards them by broadening their horizons and stimulating their imaginations. Google performs well here.
- Motivating brands give consumers clear and compelling reasons to act. For example, Microsoft makes academic work more appealing and productive for students.
The power of inspiration as a vehicle for growth presents a significant opportunity. Inspiration may not have been a strategy in the past, but it should be in today’s volatile climate.
Sourced from WARC