The Story Wave 17

1: One Company’s Struggle is Another Company’s Opportunity – Case Study

Online home products retailer Overstock.com had a difficult 2022. They ended the year with a 30% drop in revenue from 2021. Despite the unfavorable numbers, Overstock used a lean year to set themselves up for future growth:

• As Bed Bath & Beyond teetered on the brink of bankruptcy, Overstock attracted their vendors with quicker payment cycles.
• Overstock gained more young consumers with their app, new credit card, and influencer marketing.
• Overstock’s multi-pronged growth strategy paid off. If we compare Overstock’s QuestBrand brand equity data from Q4 2022 to Q1 2023, we can see a significant lift in overall brand equity (+5.4), consumers’ familiarity (+8.3) with the Overstock.com brand, and purchase consideration (+10.7).

Download the case study for the full story.

2: AI is the Nuclear Bomb of the 21st Century – Newsweek Op-Ed

Harris Poll co-CEO Will Johnson partnered with Rachel Bronson, CEO of the Bulletin of Atomic Scientists, to pen an op-ed on artificial intelligence’s (AI) potential threat to society. They parallel the launch of AI with the advent of the atomic bomb. In both cases, scientists warned that society as we know it is at risk of destruction. According to a recent Harris Poll survey:

• Two-thirds of US adults do not trust AI and think that it presents a threat to humanity.
• More than four-in-five US adults think that it would be simple for someone to abuse AI to cause harm.
• More than half (53%) of Americans think AI should be regulated, while only 15% said that there should not be industry regulation.

“The challenge of generative AI is too important, however, to leave to scientists. As was the case at the dawn of the nuclear age, we all have a role to play in demanding governance of this new technology. Scientists, along with society more generally, have made it clear that now is the time.”

3: While Questions Abound, Speaking About Finances Remains Hush-Hush

In a recent Harris Poll survey for Empower, we explore Americans’ discomfort with discussing finances, and how having open conversations about money can support financial freedom.

• More than six-in-10 (66%) US adults believe that having open conversations about money is key to finding financial freedom; however, 62% do not talk about money.
• While 28% of Americans know Elon Musk’s net worth, fewer (24%) know their family’s net worth.
• Nine-in-10 (86%) US adults have questions about money, including how to make more (67%) and how much to save for retirement (63%).
• More than half (56%) of Americans wish that discussing salaries was not taboo. Younger Americans may get us there – 53% of Gen Z and 58% of Millennial adults would be willing to share their salary information on LinkedIn to help with potential career opportunities.

“We continue to see brands that leverage new media and culturally relevant partnerships win with Gen Z. If it’s Dr. Squatch releasing special edition soaps for ‘The Mandalorian’ and Jurassic Park, Lego bringing new attention to Indiana Jones and classic Disney characters, or Kraft Heinz partnering with Ed Sheeran to plug its new hot sauce, top-performing brands are recognizing they can reach new heights (and audiences) by tapping into cross-promotion.” – Harris Poll Co-CEO Will Johnson 

4: Legos Aren’t Just for Kids – Brand Story

Founded in 1932, popular toy manufacturer Lego just celebrated its 90th year in business as a privately held company. Despite its age, Lego is far from past its prime. Lego CEO Niels B. Christiansen dubbed 2022 a “milestone year” for the brand.

• Lego ranked 4th in our latest AdAge-Harris Poll Gen Z brand tracker. This quarterly index uses QuestBrand data to rank the top 20 brands by brand equity growth among Gen Z adults (ages 18-24).
• Lego has successfully attracted Gen Z adults with large-scare sets designed for builders ages 18+ and featuring favorite franchises, including The Lord of the Rings, Guardians of the Galaxy, and Indiana Jones.

Read the full brand story to explore Lego’s rise in popularity with this young group of adults.