Why purpose-driven marketing?
It will help you grow
As leaders we always have the choice to either be proactive or reactive. Waiting around for things to change means you get left behind. Right now, there is a spotlight shining on brand purpose and it’s not going away anytime soon.
Purpose-driven organisations that successfully align their values with their employees and customers are well positioned to unlock growth and genuine value exchange.
A recent study by Porter Novelli and Quantum Market Research, entitled ‘Purpose Premium‘, found that authenticity matters for Australians, and offsetting less responsible behaviours with a CSR program will no longer cut it. A whopping 91% of respondents agreed that a company’s operations must be aligned with their claimed purpose.
The Great Resignation &
the Rise of Conscious Consumers
Companies can no longer keep doing what they are doing. They need to unpick previous business approaches to create a new way of operating – leading with purpose.
Millennial and Gen Zs – who make up an increasingly large majority of our workforce and customer bases – are fast becoming the most valuable consumers. They are also more loyal to purpose than price. Intensely googling what a brand stands for and if their actions live up to their claimed purpose before they buy, invest or work for them.
So what does all this mean for businesses today?
There is a monumental shift towards purpose-driven business. Companies are starting to measure their impact (purpose) alongside people and profit.
Take a look at Patagonia – pioneers of purpose, a few years ago, changed their mission statement from: “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis” to a clear purpose-driven mission “Patagonia is in business to save our home planet.”
Last year, from Black Friday sales the company donated $10 Million to protect the environment. Sales were five times more than their expectations.
The potential for businesses to impact the planet as well as profit is huge. This applies to companies of every size.