Why purpose-driven marketing is so important right now.
Being a brand with purpose has never been so important. Consumers, especially younger consumers, expect the companies they engage with to be involved in improving the world.
It is no longer enough to have a great product: a deeper connection – and a sense of shared responsibility and community – with consumers is paramount.
To build that meaningful relationship, brands need to do more than offer a transaction.
The Impact Of Culture study by Twitter and PG Mediabrands resource MAGNA found almost half of all Australians expect brands to positively impact society. In the US, that figure is 78 per cent.
And that expectation can translate to improved business.
Outdoors clothing company Patagonia has built its socially responsible credentials over four decades and now enjoys turnover of around $US800 million a year.
Extensive research has found brands which get involved in issues that matter to consumers most – the environment, social issues, charities – will reap rewards.
The latest Cone/Porter Novelli survey found that 66 per cent of American consumers would switch to buying products from a purpose-driven company. This figure goes up to 91 per cent with Millennials.
According to Fuse marketing, Gen-Z consumers are 85 per cent more likely to trust a brand, and 84 per cent more likely to buy their products, after learning the brand supports a social cause or is socially responsible.
Nearly two-thirds of Australian Gen-Zs and Millennials said brands have the power to create communities based on common interests or passions.
But it’s not enough to pay social responsibility lip service. It is a 24-7, 365-day-a-year commitment. As a Spotify study of trends found, Gen-Zs and Millennials want to know that your brand is about more than just a timely hashtag.