Purpose-driven marketing is a strategy used by an organization to center its external communications efforts around a social cause that aligns with its core values. It helps develop a deeper rapport with their consumer base by creating authentic connections based on shared values. As such, why is it the best approach today?
Brands with societal purpose will also drive more business growth. This has been proven by extensive research and social analysis over the past few years, driven by different organisations. What’s been made clear is that purpose-driven marketing strengthens your brand authority and credibility, and it can open doors to new opportunities with companies, customers, influencers, etc. who share your values. Having a clearly defined mission, that is linked to a clearly defined purpose and then investing in that purpose and living it every day, can strengthen an entire organization and build a strong connection to your target market.
A study from Zeno stated consumers are four to six times more likely to purchase from, protect, trust and champion purpose-driven companies. It also states that 94 percent of global consumers say they value companies with a strong sense of purpose and are willing to reciprocate through brand loyalty.
Aside from opening new doors to opportunities and building a strong connection to your target market, a purpose-driven marketing strategy improves the rate of customer loyalty. This form of marketing signals to your customers that your brand cares about more than only generating a profit.
A purpose-driven brand is not solely about marketing; it’s a way of doing business and a way of operating. Purpose-driven businesses are successful for several reasons:
- They have more motivated and energised employees who have better job satisfaction and stay longer
- Their customers love purpose-driven brands with excellent customer service! They will be loyal and talk to others.
- Purpose and values-driven businesses are proven, over time, to out-perform others in their industry by a factor of twelve.
Not just internally, but purposeful marketing also involves businesses actively participating in CSR projects to help the community and by doing so, leaves a positive impact not just on the community but to the business’s brand.
Leveraging the power of purpose-driven marketing can play a key role in attracting and retaining the best and strongest talent to your organization. Being authentic and purposeful makes you legendary, then profitability, valuation, and market leadership follows.
If you want to know more about knowing your business purpose first, check out this blog.
