If meaningful brands no longer existed, how would that affect your personal well-being?
Umair Haque, Director of HAVAS media lab says that:
"The Meaningful Brands® framework analyses and tracks the connections brands have with our quality of life and well-being. To us Meaningful Connections describes how we connect brands to people and create shared value for brands and communities."
It does raise an interesting discussion and one that provokes many emotive feelings straight away. What if the brands that make you happy, brands that excite you, disappeared tomorrow? People become brand ambassadors as they are passionate about the culture and value that the brand represents. An organisation with a very high brand value enriches people’s lives and effects their quality of life.
A new metric to measure brand strength by the Havas Media Group analyses the connections between humans well-being and brands at a business level. The Meaningful Brands index (MBi) measured the impact of the brand’s benefits alongside different states of well-being such as health, happiness and relationships.
Below we highlight some key findings from the above mentioned study.
The MBi measured over 700 brands, over 134,000 consumers across 23 countries. In these hard financial times, the brands that will prosper are the ones that have a purpose beyond profit. Those that are financially viable and able to focus on people and the planet with the aim to improve overall quality of life. The study analyses the relationship between the personal and collective well-being with the brand’s Meaningful Brands index score. Only 32% of consumers feel that brands communicate honestly with them and 54% of us don’t trust brands at all.
The key takeaway point is that large companies need to be more involved in solving social problems, leading to a better quality of life. People want and expect brands to enrich their lives and their communities. Brands are now integrated into our daily lives through the innovation of smart home appliances and have a real opportunity to address social and economic challenges faced by the average consumer. View the Meaningful Brands index Infographic and watch an introduction to the framework below.