Following my previous blog post, The What, Why, And How Of Values-Driven Marketing and speech at CX APAC 2023, I wrote a report to elaborate on values-driven marketing more thoroughly: How To Embed Values-Driven Marketing Into Customer Journeys. The report shares Forrester’s 2023 data that shows values matter to customers. Many online adults regularly purchase from brands or companies that align with their personal values – 43% in Australia, 78% in metro China, 79% in metro India, 38% in the UK, and 46% in the US.
Values-motivated Consumers Are A Lucrative Consumer Segment
Forrester defines values-motivated consumers as those who evaluate their purchases not just in terms of the direct benefits they’ll receive but also in the context of the brand’s or company’s values around employment and manufacturing practices, environmental and social stances, and commitment to other causes or beliefs. They are more likely to:
- Spend more shopping online. Forrester data shows that values-motivated consumers tend to be younger, better educated, have a higher household income, and spend more shopping online than the average online adult.
- Pay a premium to support the values they hold. For example, 35% of online adults in the US, 36% in the UK, 38% in Australia, 69% in metro China, and 71% in metro India are willing to pay more for sustainable or environmentally friendly products.
- Be more loyal. US online adults who regularly purchase from brands or companies that align with their personal values are 57% more likely to buy something from a retailer they have never purchased from before because they like its corporate values, according to Forrester’s 2022 data.
Introducing The Values-Driven Marketing Model
To give B2C marketers step-by-step guidance on how to embed values-driven marketing into customer journeys, Forrester is introducing the Values-Driven Marketing Model, which consists of three layers:
- Defining the customer lifecycle for values-motivated customers. Values-motivated consumers are likely to evaluate options from a values perspective prior to purchase. During the purchasing process, they are likely to buy from channels that align with their values. Post-purchase, they engage with brands and connect with their peers to unlock and advocate for these values.
- Applying the four pillars of values-driven marketing. Objectives are how you can help consumers complete their tasks at each stage. Initiatives are what marketing elements you can consider including. Tactics are the details of paid and owned touchpoints and content. Ownership decides who should be responsible, accountable, consulted, and informed.
- Accelerating with collaboration and governance. To succeed, marketers need to get everyone in the organization — including sales, customer experience, and IT — on the same page. Evaluate media, agency, supply chain, and other partners to ensure that they share the same values. Keep privacy, security, and ethics in mind and continue to measure and optimize your values-driven marketing performance.
The Values-Driven Marketing Model puts values-motivated customers at the center and provides a holistic understanding of audience experience throughout the customer journey. It offers marketers a structured step-by-step approach to achieve values-driven marketing objectives and helps them clearly define ownership at each step to involve key stakeholders and encourage collaboration. The model can be customized and continuously optimized. B2C marketers can build values-driven marketing strategy iteratively by applying this model. To learn more details, Forrester clients can read the full report or request a guidance session.