The Power Of Brand Honesty In The Age Of Inflation
In case you hadn’t noticed, inflation has been a hot topic as of late. Everything seems to have gotten more expensive. With prices rising throughout the supply chain, many companies have little choice but to raise their own prices, and consumers are feeling the pinch. Many might even be considering abandoning their favorite products for more affordable alternatives. So, what can brands do to retain brand loyalty in times such as these?
The answer is simple – be transparent.
Nobody likes to be jerked around. Nobody likes to be kept in the dark. Consumers are people and they want and deserve to be treated as such by the brands they hand over their hard-earned money to. If your brand needs to raise prices, it’s best to be up front about it.
At worst, your customers will be disappointed. At best, you might even deepen their sense of loyalty to your products.
Take Cocokind for example. The food-based, all-natural skincare brand’s mission is to provide clean, conscious, and accessible skincare that empowers women across the U.S. and Australia.
Since its launch in 2014, it has blossomed into a multi-million dollar company with its products popping up everywhere from Whole Foods to Bed, Bath & Beyond. Aside from offering great products at affordable prices, Cocokind has built a loyal following by being open and honest with their fans.
They regularly push out thoughtful letters from the founder and keep their fans in the loop via their blog and social media channels, but one recent post really stood out to me as a powerful lesson every business leader can follow.
Like so many other companies lately, Cocokind needed to raise the prices of several products due to costs of inflation. But, instead of just going ahead with it and hoping nobody noticed, they decided to start a conversation with their fans on Instagram.
When Cocokind had to raise their prices, they were honest about it and it paid off big time.
The Cocokind social team got straight to the point with “Price Increase August 1st” and an image featuring the affected products and their changes in price. The caption that accompanied the image was a potent combination of empathy and authenticity.
It stated how important their community is to them.
The post admitted that the price increase was a tough decision and that they understood if people were disappointed.
It notified people of the change ahead of time, so they could stock up if they wanted to.
They listed the specifics of the increases and even explained what had led to those increases (rising prices in freight and globally-sourced ingredients).
Finally, they thanked their followers for their understanding and support and reiterated how much they meant to the team.
It may have been bad news, but their fans didn’t see it that way.
The post generated thousands of likes and hundreds of comments, many of which the Cocokind team replied to directly. The comments were loaded with praise, appreciation, and affirmation. Many even stated that the post made them love the brand even more! After scrolling through the comments, I found a grand total of one mildly negative comment that simply stated, “ouch.” Otherwise, it was all love.
Nobody likes being the bearer of bad news, but Cocokind proves that doing so in an empathetic and human way can actually strengthen the relationship your brand has with people.
This kind of raw authenticity and transparency is something consumers genuinely appreciate. It also didn’t hurt that it was completely in line with their values and the way the brand has always operated.
Cocokind respected their fans by being real with them, reinforcing why their fans love them. It’s a sign of a brand knowing their audience, their voice, and how to connect. Most importantly, it’s an example of how living by your brand values and empathizing with your audience isn’t just a smart brand decision, it’s a smart business decision whatever your current economic circumstances may be.
If you’re interested in learning more or want EightySeven’s help to build a brand that truly connects with people, give us a shout at hello@madeby87.com