Consumers need brands to convey social values in addition to a product's conventional functions, says leading ad agency McCann World Group Thailand.
Varidda Voraakom, the company's chief innovation officer, said a major trend for 2014 is consumers seeking a new definition of value besides money, which is clear from social media forums.
"Social value is a new platform for products and brands to interact with consumers and exchange brand values," she said.
Consumer activities and ideas as well as social media interaction can create brand value.
This trend is a response to urbanisation and consumer stress from daily life, which has more competition and expectations than before, she said. Brands can reduce urban pains by promoting spiritual well-being and life enrichment.
A spiritual anchor helps ground consumers with a personal mission in life, allowing them to fulfil their ambition to make the world a better place. This socially-minded attitude is a shift from self-indulgence and taps into the power of social media.
Consumers need the perception of an inspiring message.
"Brands can use online media platforms to bridge the gap with consumers, thanks to the proliferation of mobile devices," said Ms Varidda.
On the media front, the internet is the world's second-largest medium behind TV, capturing 20.6% of 2013 global ad spending, reported Zenith Optimedia, a media research firm.
Consumers are realising the potential of a truly immersive experience, which integrates new technologies, media channels and insightful brand visions. They are using the wealth of information at their disposal to make smarter consumer choices. Brands need to communicate honestly on social media because authenticity is valued, she said.
"Consumers are raising the bar on what they look for in brands by turning to value. Adapting to this consumer demand can help companies get a jump on their rivals," said Ms Varidda.