Posted by Elena del Valle on March 30, 2016
By Jay Gronlund
President, The Pathfinder Group
Jay Gronlund, president, The Pathfinder Group
Photo: Jay Gronlund
Before the internet, marketers had a relatively free reign for making questionable competitive claims, creating a brand image of superiority and hence demanding a premium price. But the internet has changed the ground rules. Instant access to endless information and objective feedback from friends has enabled consumers to seek and find the truth behind such promises. This has also led to an atmosphere of extensive mistrust of companies, CEO’s and even many established brands, especially among Hispanic Millennials. Today consumers want authenticity.
We are living in an age of growing skepticism and ebbing loyalty for many established brands. A recent poll by Havas, a reputable marketing agency, showed that consumers in America trust only about one fifth of all brands (least trusted – snacks and household gadgets). A report from the research firm, Mintel, indicated that about half of American shoppers trust smaller companies to do the right thing, compared to only 36% for large ones. The impact of these changing attitudes is already being felt by major brands. Catalina, a big marketing consulting firm, reported that 90 of the top 100 consumer packaged goods brands lost market share in the first half of 2015.
Click to read the entire Why Band Authenticity Is Most Important for Hispanic Millennials