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Tis the season of predictions, and my friends at Marketo (an Adobe company) are not immune to the allure of foretelling what's to come in the marketing industry.
Who can blame them? So much is changing, it's incumbent on us to be prepared for the years ahead. In their new eBook, they've asked 10 of us to look deep into the future.
I'm in good company alongside Jessie Berry, Michael Brenner, Gurdeep Dhillon, Ann Handley, Niranjan Kumbi, Paulo César Freitas Martins, Jaqi Saleem, Ben Scott, and Brian Solis.
My prediction is centered around the precarious state of trust:
Poorly Executed “Values-Based” Marketing Will Fuel Consumer Distrust
Pandering to consumer values when your company doesn’t “walk the walk” is a dangerous strategy.
Today, 70 percent of consumers don’t trust advertising and 42 percent distrust brands, calling them “remote, unreachable, abstract, and self-serving.” This is the deficit from which many organizations will work over the next five years, as the fight for attention and trust only becomes more difficult.
In response, I predict a continual rise in the recent trend around purpose- and social movement-driven campaigns as marketing teams seek to align with consumers over shared values. I also predict dangerous subsequent missteps as many organizations simply pander to these movements.
Why values-based marketing is so tempting for brands
We are living in an era of value-based marketing, one in which companies use marketing to make it clear what they stand for and what they believe as they engage buyers.
Many brands now seek to connect with consumers on a deeper level, one based on conviction and principles. It’s like a good marriage founded on shared values.
Whether it’s feminism, environmental concerns, LGBTQ+ rights, a stance on gun legislation, industry-specific laws, or other social issues, topics historically considered outside the realm of traditional business are now on the radar for many organizations and are built into their marketing and advertising plans.
For example, on International Women’s Day, many brands will launch “femvertising” campaigns (advertising or other marketing that incorporates the use of feminist ideals). In June, Pride month, you’ll see many logos on social media flipped to a rainbow version (some call this “rainbow-washing”).
Organizations seek to align to where the future is going, where the groundswell is, and — more importantly — where the conversations are happening. It’s a battle for continual relevance.
Trend Alert: Millennials Care Deeply about Shared Values.
A growing number of younger consumers seek to make purchase decisions based on shared values. Fifty percent of millennials (18–34) want brands to take a public stance on social issues, compared to only about 25 percent of baby boomers (55+). Across all generations, 6 in 10 will not make a purchase if they don’t believe in what the company stands for.
This is not limited to B2C organizations. Two in five business buyers don’t agree that B2B brands stand for something they believe in, but believe this is an important part of their purchasing criteria.
Pandering to values your organization doesn’t actually practice is risky business
As marketing teams seek to meet these new expectations and create meaning for buyers, it’s critical that they do more than merely express support for values in campaigns.
Unfortunately, many companies that use feminist messaging in their marketing are poor examples of these ideals internally: some pay out millions in lawsuits due to internal pay inequality and discrimination against women, and others help perpetuate the gender gap by promoting unrealistic beauty standards.
The next five years will see more rainbow-pandering, faux-feminism, femvertising, woke-washing, and other virtue-hustling by marketers.
Even if these efforts are well-intentioned, they mask the real work that needs to be done. They hide the reality of being a woman or LGTBQ at work and create an illusion of progress.
McKinsey found that men are more likely to think the workplace is equitable. Women see a workplace that is less fair and offers less support. We cannot solve problems that we cannot see or understand clearly.
Insincere values-based marketing campaigns do nothing for the movements they are pandering to, while introducing untenable risk for the business.
Thank you Marketo and Adobe for letting me weigh in on the future of our industry. Read the full eBook for more predictions or check out the infographic.
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Every week(ish) I send out new ideas, writings, and interesting links on marketing, business, and life. It’s free & curated by me. Get on the list.