What It Takes to Be a Meaningful Brand in the Me-Conomy: Ep. 37 of Red Sky Fuel for Thought Podcast What You’ll Learn in This Episode: * What the “Me-conomy” is and how it’s driving the creation of new services, products and purpose narratives * How cultural and societal forces are changing what it means for a brand to be meaningful today * Key considerations for brands that want to make meaningful connections This episode of the Red Sky Fuel for Thought podcast examines findings from Havas’ new 2023 Global Meaningful Brands™ report, “Welcome to the Me-conomy.” The report, which serves as a playbook for how brands can be meaningful in people’s lives, examines the cultural and societal forces changing what it means to be a Meaningful Brand™ today. In the first phase of the research, Havas partnered with leading pollster YouGov to survey more than 91,000 people across 10 markets, generating 782,000+ data points across 1,300 global brands and 42 categories. Linda Descano, CFA®, and Red Havas EVP, moderates the roundtable discussing the report with its co-creators, Seema Patel, global managing director of Mx Intelligence, Havas Media Global, and Mark Sinnock, global chief strategy officer, Havas Creative Network. As Seema tells us, Havas has measured Meaningful Brands™ annually since 2009. Now, nearly 15 years into this landmark proprietary study, it continues to be a vital sense check about people’s aspirations, guardrails and expectations of brands. The methodology examines a brand’s impact and equity based on consumers’ perceptions and expectations across three key pillars — its personal, functional and collective benefits (listed across 40+ dimensions and attributes). The most Meaningful Brands™ are the ones performing well on all three metrics. “[The report] explores the strength of a brand's role and how it translates to business performance through our proprietary metric, the Meaningful Brand Index,” says Seema. “It identifies how brands can meaningfully engage with or through media, customer and brand experiences. It also really helps to identify the deficit or gap between what consumers’ expectations are versus a brand’s delivery.” As compared to years previous, Seema says the report signaled an energetic shift from a doom-and-gloom mentality (the last report was called “The Age of Cynicism”) to more positivity and resilience. “People want to engage with brands that are optimistic, that bring them joy, that support their health and wellbeing, and that at the end of the day, make their lives simpler and easier,” says Seema, who explains that the expanding definition of purpose is leading people to expect brands to provide more tangible benefits in their day-to-day life. That’s where the Me-conomy comes in. People are now acutely aware that we’re living amid global crises affecting nearly every aspect of our lives — environmental, economic, political, societal and health crises. All are carrying a huge threat to our ability to survive and thrive. Consequently, people are having to adapt and change, and with that, what they require from brands is changing too. With 54% of those surveyed saying they’re optimistic about the future, despite experiencing crisis in their lives, the time is right for brands to turn their more austere pandemic-era purpose conversations into optimistic narratives that are focused on enabling citizens to do good, says Mark. “People want brands to help them feel more energized and alive. They want to feel good about themselves. [The report has] a strong theme around how brands can help people generate greater well-being.” After citing the finding that 71% of people feel that companies and brands should be improving and supporting their personal health and wellbeing, Mark says,
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