Your Business Needs A Greater Purpose And Here’s Why
Every business is driven by the need to create profit. It’s obvious why since profit helps the company continue with operating. Other firms who further focus on a purpose. The greater good that looks to make a change in the world beyond simply selling products. This idea of “purpose-driven business” is not new, but it’s an important distinction to make for any business. If your company wants to leave a lasting effect on the world, it’s important to have a greater goal. But a strong business with a purpose isn’t enough. A purpose-driven business needs purpose-driven marketing, or it’ll fail to increase profits or make a difference at all.
What exactly does it mean to be purpose-driven? A company with a greater purpose can be as simple as a local coffee shop donating to local animal shelters or as grand as creating awareness for a larger issue like improving poverty or hunger. In the past, brands posting their political views was a bad idea. But recent polls and studies show that consumers today look for a brand with a purpose. Particularly those in the Millennial demographic.
Ninety-one percent of Millennials say they would stop buying from a business that does not support a greater cause.
Having a purpose is only the beginning. Consumers want your business to be proud of a cause and make it a clear message. Like marketing a product or service, customers want to know what your business stands for; that’s where purpose-driven marketing comes in. Your company’s greater message needs clear communication. And having a focus now opens the door to focusing ad campaigns on audiences who share the same greater desire. Consumers may also switch allegiances to another business if the product or service is the same, but their cause is more prominently featured.
Seventy-three percent of consumers say they will switch brands of similar quality if it supported a good cause.
Of course, any message is only as good as how it’s communicated. For many businesses, the purpose is there but the messaging is not. Your purpose not only needs to be clear but consistent. Supporting veteran’s rights, for example, must be regularly communicated across various marketing and advertising avenues. Your businesses social media feed or feeds need regular posts about the cause. It doesn’t need to dominate or overshadow posts about your product or service, but it shouldn’t disappear in the feed either. Consumers want and need to know what you stand for and in our 24/7 media-driven world a message will be missed if not adequately supported.
“Caring to make a difference must be part of your culture.” – Tony Usnik, Chief Corporate Social Responsibility for Christie’s in New York
What does purpose-driven marketing do? First, it strengthens your identity or brand. Second, it opens the door to focusing traditional and digital advertising on a particular audience. Targeting an audience is not anything new for businesses, but a brand with a purpose is a growing trend that industry leaders should not ignore. Younger generations (read: future customers) particularly seek out brands with a cause. And these consumers are willing to reward your company for its stance on that cause.
Seventy-one percent of consumers will help a brand with a purpose promote its products or services. Seventy-two percent would recommend a brand with a cause to other people.
Purpose-driven business with great purpose-driven marketing creates brand strength and loyalty. Social media, more than any other form of advertising, reaches millions of people all around the world who. Many of those people, some 80% according to some studies, want a business with social awareness. Is yours one of them?
Source: Pace Feed