Brand-building cheat codes for the flip flop economy.

90s nostalgia’s in and with a general election beckoning, those of us who can remember ‘97 are reminded of a time when New Labour swept to power.

These days, it’s hard to imagine the optimism we all felt back then. An entire nation drunk on the belief that ‘things could only get better.’

What we’d all give for a smidge of that hope right now.

In truth, many consumers and businesses are struggling to figure out whether they’re coming or going.

Inflation’s falling, but mortgage rates remain high. Consumer confidence is creeping up, but we’ve just dipped into recession. Tax cuts are being mooted, but the IMF has downgraded its forecast for UK growth, warning cuts may not be wise.

It’s not that there’s nothing to cling onto right now, but we’re miles away from that heady sense of Blairite fuelled euphoria that intoxicated us over a quarter of a century ago.

Keep the D:ream alive.

Looking ahead through 2024, with consumer sentiment ebbing and flowing and the UK economy’s hazard lights blinking through the gloom, how do food & beverage brands stand fast and power growth?

Of course, there is no simple answer, no silver bullet to magic the pain away. But with consumers responding to the ongoing squeeze by increasingly trading down to private label products, it’s imperative brands position themselves for these topsy-turvy times.

The good news is, despite the challenges, there are still proven ways to steal a march on the competition. And without getting all L’Oréal on you, in times like these, brands must prove they’re worth it.

Prove you’re worth the money you charge.

Understanding that consumers are currently searching for that extra bang for their buck, it’s clear that in an economy that’s spitting and spluttering, brand’s must demonstrate the added value they bring.

In the past, for brands in F&B, this would have meant communicating their virtues in respect of quality and flavour. However, times have changed. These days brands operate in a far more complex and diversified environment.

In addition to quality and flavour, the consumer appetite for sustainability has seen a proliferation of brands marketing themselves on purpose-based platforms. But while sustainability remains a hot topic, in the wake of Covid-19, new demands have emerged.

Naturally, products with proven health benefits have become increasingly sought after. According to Mintel, nearly half of European consumers see natural ingredients and health-giving properties as a leading indicator of value, while less than a third see environmental claims as important.

This represents a clear shift in demand and brands should recognise the evolving mindset when bringing new products to market.

Customer comes first was never more apt.

Keeping these shifting attitudes in mind, if you subscribe to the belief that effective marketing’s rooted in consumer needs and desires, the challenges presented by the stagnating economy create a new world of opportunity for brands.

Problems may be plentiful. But problems are there to be solved and brands that step up with value-adding solutions will still make hay despite the lack of sun. Because value is the currency brands trade on.

Whether you’re launching new products or marketing a household favourite, it’s the value you offer that propels you ahead of the competition, elevating your brand above the ‘me-too’ private labels.

How you communicate your value is the key.

The golden triangle of social, psychological and functional.

To avoid falling victim to the lipstick effect, brands must be more provocative. They have to be more persuasive.

Talking about what you do isn’t good enough. Why anyone should give a toss is what counts.

To convince consumers why your brand matters, it’s helpful to understand that beyond economics, there’s a golden triangle of value drivers – social, psychological and functional.

If your product brings people together, lionize the moments they share and create a polarising friction by confronting the villains they stand against.

If your product creates a feel-good vibe or provokes an emotional response, evoke those feelings with your marketing to win both hearts and minds.

Or, if your product offers a functional benefit, shout it from the roof tops. But never ever be functional. What matters is the real-world effect function creates.

Emotional reasons to believe are essential.

Whether your value resides in the social, psychological or functional, tapping into its emotional impact is the secret to extracting that value’s full worth.

As Red Bull’s lead creative agency around the world, at Kastner, we’ve made a fine art of

finding the emotion in product functionality. And in helping to build from scratch the world’s first energy drink brand, we’ve helped create a genuine disruptive innovator, establishing an entirely new product category.

Now, when you think of Red Bull, your mind probably jumps to the glamour of Red Bull Racing or Felix Baumgartner’s epic leap from space. Which is all very cool. From the outset the brand was a radical, anti-authoritarian to the core, going where the likes of Coke and Pepsi had never dared to dream.

But, crucially, everything the brand does, every impossibility it defies, is inspired by product functionality.

Brought to life via the iconic claim ‘Red Bull gives you wiiings’, the energy giving properties of the drink have taken on new meaning. The brand doesn’t just give you energy. That’s the ‘what’. This is the brand that launches creativity and helps consumers the whole world over realise their ambitions.

And it’s this more emotive storytelling that conveys the reason why.

How to make your brand’s marketing count.

Digging deeper into the creative ways brands can prove their worth, we’re all set to host a FREE online panel discussion, featuring speakers from the Food & Beverage world.

Going live at 11am on 6th March, we’ll be joined by Colin Horan, Strategic Partner for FMCG at Clear Channel, andJASON KIDD, Founder of Outcast Brands. With more guests soon to be confirmed.

Bringing you fresh insights and plenty of food for thought, we’ll be asking:

-       In 2024, how can F&B brands step up to the challenges posed by economic stagnation?

-       What role can innovation play in driving brand growth through testing times?

-       How can brands respond to the ever-increasing demands of their consumers?

-       And what more can brands do to extract the full value their marketing?

It goes without saying, we’d love to have you on-board. So why not register today? Just visit Kastner London’s Eventbrite channel and reserve your spot while you can. https://www.eventbrite.co.uk/e/808830242027?aff=oddtdtcreator