Scotland’s AAA sector is rapidly maturing, transforming and attracting increased investor interest. But with over 200 business, research centres and academic stakeholders across the sector, how do you ensure your company stands out for investment?
In this blog dedicated to the animal health, agritech and aquaculture sectors, Weber Shandwick’s team in Scotland looks at two audience groups – regulatory and consumers – and why investing in your brand is key to successfully engaging with each as a foundation for growth.
With more than 4 billion people voting in elections this year, and some elections already producing unexpected results, understanding the ambitions of regulators and government (at a national, regional and local level) will become increasingly important to companies across the AAA sub-sectors. New and emerging policies can present opportunities or risks to your organisation. While aiming to improve standards and protect consumers and business alike, done poorly, these changes can have unintended consequences which hamper genuine economic and sustainable growth. To thrive, the animal health, agritech and aquaculture sectors need a favourable and supportive investment and regulatory environment.
The importance of brand value signalling
As governments change and get started on implementing new policy, engagement from industry and other stakeholders is crucial in the development of better legislation. Industries which face higher levels of mistrust or are deemed to be operating irresponsibly are much more likely to see increased intervention and over-regulation. Establishing your presence with a strong brand narrative, building trust and demonstrating your commitment and investment is a crucial step in ensuring regulators and political stakeholders gain a greater understanding of your positive impact and can better advocate for a more supportive business environment.
To build this trust, it is important to become a familiar organisation to your key stakeholders. From inviting stakeholders to site visits, providing them with industry insights and new reports, co-operation and collaboration is key. Political stakeholders are working through streams of requests daily. These competing demands mean it’s even more important for industries, especially ones as complex and nuanced as aquaculture or animal health, to cut through in a way that resonates with stakeholders and helps them easily understand your challenges, your asks, and why they matter.
So, with elections in the UK and across the globe bringing in a raft of new decision -makers, mapping the stakeholders that are most important to the success of your business is critical. Understanding whether your policy issue is a devolved or reserved matter is a crucial first step. Knowing what policy proposals are on the horizon, identifying the right people and engaging with them in the right way is fundamental to enabling your business to thrive.
Finally, in tandem with identifying and engaging with these all-important stakeholders, businesses need to ensure they have a narrative that effectively tells your story, in a way that is compelling, persuasive and aligns with their values and political outlook.
In a year of turbulence and instability, there is a unique window of opportunity for those operating in AAA sectors to inform and help influence the policies that will shape the industry for the next decade. Only by working closely with policymakers and political stakeholders can businesses fully realise the potential of this rapidly evolving and innovative sector.
Case study: Our Scottish whisky client has a significant rural presence and significantly contributes in terms of economic value, sustainable industry, tourism and CSR. Weber Shandwick’s support was sought to ensure this value is effectively communicated to stakeholders.
We developed a series of briefing papers and an engagement plan focused on communicating the company’s areas of strategic focus and facilitated meetings with political and local stakeholders to draw attention to the company’s investment, expansion, and contribution. The result was positive stakeholder support, parliamentary recognition and strong working relationships with key decision makers. Thanks to this, the company has been well-placed to communicate their challenges and potential policy solutions to senior stakeholders in a positive and collaborative way.
WHY TELLING YOUR BRAND STORY TO CONSUMERS IS A CRUCIAL FOUNDATION FOR GROWTH
By being laser focussed on corporate performance, partnerships and progress, the C-suite can unwittingly find themselves further and further away from the sharp end of business. Understandably so – it can be easy to overlook the importance of consumers when your primary customer is a retailer, manufacturer or other offtaker. However, with so much competition in the market, the quality of the product itself is not the only reason to buy a product; the brand story is of equal – if not greater – importance.
For example, taken side by side, two slices of salmon may look the same. They may taste the same and even cost the same. Deciding which salmon to buy in this circumstance goes beyond flipping a coin. For most of us, it’s about how buying salmon A makes us feel as opposed to salmon B.
Studies estimate that as much as 95% of our purchasing decisions are subconscious, and while there are varying schools of thought about this – particularly during times of economic stress – it speaks to a broader truth, that people are emotional creatures, and we buy what makes us feel good.
And so, faced with two seemingly identical products, the one presented by a brand that we have positive associations with is most likely to end up in the basket. Retailers and offtakers understand that – and when assessing which products to buy, they look for products that tell a story capable of aligning with consumer attitudes and trends.
And there are many stories to tell. For example, provenance is an enormously helpful source of trust, but what do you bring to the table beyond that? Are you an organic producer? Perhaps you have a unique employment structure, or contribute some of your income towards a relevant cause?
These details might seem trivial at first glance. But taken together, they demonstrate the value and impact your products can have and create a narrative that consumers can relate to and believe in. And with 68% of consumers saying that brand stories influence their purchasing decisions, it is anything but trivial.
Of course, there are other considerations. How do I know my brand is right for my product? How should I evolve it to change with my business? What should I do if the brand I have now is not right for the direction I want to go in? These are questions we all face as we grow our businesses.
In this digital age, where consumers are continually bombarded with information, all businesses must continually evolve and refine their narrative to maintain relevance and engagement with their audience. Continue to reflect on whether your brand is doing its job – so you can get on with doing yours.
Case study: Fresh salmon is a regular basket item for the UK’s older shoppers, but younger shoppers don’t regularly buy or cook it. In addition, competition has pushed the price of salmon down significantly over recent years. Fish farmers are therefore faced with a product that is getting cheaper and an ageing customer base. When our client briefed us to launch a new premium consumer brand of chef’s cut fresh salmon to reinvigorate the category and win new young consumers, we undertook research to analyse the target audience and understand what inspires them to buy ingredients.
Tapping into the resulting insights – a trend for wellness and the increasing belief that what you eat can affect your mood – we developed a relatable brand platform that spoke to target audiences’ attitudes and desires on the digital channels they visit for recipe inspiration. Within weeks we reached millions of consumers, gained thousands of positive brand interactions and increased purchase intent for the client’s products.
