What PR Professionals Need to Know About Value-Based Spending
COVID-19 has changed everything about our lives in the past year. With a year of a pandemic under our belts, the way businesses interact with their customers has had to change. Not only did 2020 involve a global pandemic, but there were also several movements like Black Lives Matter. All of these things have led to some trends that don’t seem to be going anywhere.
After surviving 2020, as a whole, we have become more aware of where our money is going and when it is important to be selective in where we are contributing. In the past year, there has been a major increase in people spending their money in places where they have the same values.
During the many events in the past year, it seems as if people are beginning to be more aware of the type of companies they are contributing to. At the start of the pandemic, we all knew that small businesses were going to struggle to keep their doors open. During this time people were beginning to prioritize using small businesses when possible.
Even after the Black Lives Matter movement, there was a push for supporting black-owned businesses. This is not a trend that has faded out since the summer, either. It was found in a survey that 65% of people are more likely to support a brand that holds similar values in the future. In addition, 89% of Americans are more likely to support a brand earning a profit if they also have a positive impact on the world.
When it became crucial to support local businesses, drive-thru visits increased by 26% making up 42% of all restaurant visits. Purpose-conscious customers said they wanted to support local businesses because it promotes economic health in their community.
The impact of 2020 was large, and the trends it left behind do not seem to be going away. For a business trying to keep its doors open, it is important to know what the population is prioritizing and how to effectively communicate to them.
Tori Phelps is a senior from Yorktown, Ind., majoring in [ublic relations and visual communications. Phelps is an associate with Fifth Street Communications®, a student-run public relations agency at Anderson University.