Nine out of 10 (91%) UK marketers believe their brand must evolve to keep operating, and more than a quarter (28%) that a radical overhaul of their business model is required for it to survive, new research has shown.
According to the Chartered Institute of Marketing (CIM), which carried out the survey across 500 marketers, consumers’ expectations are changing as they are living through “extremely turbulent times”, against a backdrop of the pandemic, rising inflation and the war in Ukraine.
A total of 83% of marketers said they believed convenience has become more of a priority for consumers since before the pandemic, with 78% saying value for money is now more important, as is the environmental impact of brands.
How companies respond to societal issues, including sustainability, racism and sexism, was highlighted by 74% of respondents as being more of a prominent issue for consumers compared with pre pandemic.
Chris Daly, chief executive officer at CIM, said: “We are living through extremely turbulent times; from the pandemic and the ongoing climate crisis – to rising inflation, and most recently the Ukraine crisis.
“It’s clear from today’s results that consumers now expect brands to do more than just deliver value, but also actively engage with societal and political issues. If our industry is to really bounce back, marketers must invest time in getting to know their customers, and carefully consider what matters to them most.”