The importance of Brand & Corporate Purpose has grown over the last decade. Companies have understood the importance of Purpose as a growth driver...
Communicating brand intention is pertinent
Creating a brand with a strong and clearly defined purpose has been at the forefront of marketers’ agendas for the past few years, and rightly so.
As highlighted by Jim Stengel, former P&G CMO, in his book, Grow, the top 50 brands with a solid and relevant brand purpose outperform the rest of the market. This is the ultimate proof that brands that succeed in creating a relevant purpose are rewarded.
Millennials are leading and we must keep up
Consumer demographics is increasingly making a shift towards Millennials (Generation Y). Given that Millennials tend to be confident and goal-driven – and are convinced of their ability to impact the world – they seek brands with a purpose– a higher-order reason for existence they can identify with and rally behind. They want to support brands that resonate with their own values and ideals.
Brands that benefit society do better
It’s clear why it’s becoming increasingly imperative for brands to deliver consistent and unique brand messaging that packs an emotional and even societal punch. The Millennial trend of spending more on brands with apparent altruistic motives has caused more and more brands to transition from offering solely functional benefits to offering more far-reaching, societal benefits that feed their consumers’ sense of purpose. Brands must consider ways to create meaningful impact in not only the lives of their target consumers, but also in the world in which those consumers live. As a proof of this, the IPSOS Global Trends report 2017 shows that 68% of people believe that the most successful brands will be those that make the most positive contribution to society.
“Why should I care?”
Unlike Generation X (in the age of scarcity), whose primary focus was functional benefits, the new generation Y (in the age of abundance) is questioning the very existence of brands, asking “Why should I care about this brand?” In an age when brand differentiation is paramount, fostering a sense of purpose on an emotional and societal level, rather than a purely functional one, is key. An abundance of brands have already mastered the art of creating marketing campaigns that position a brand as having a distinct purpose. Some notable examples are Under Armour (I will what I want), Nike (Find your greatness), Dulux (Colour the world), Johnnie Walker (Keep walking), Always (Rewrite the rules, girl power), and Dove (Natural Beauty).
Which brands do you admire for their brand purpose?
Looking forward to hearing from you…
- Jim Stengel “Grow”
- Millward Brown Optimor
- IPSOS Global Trends Report 2017
Author: Arek Melemetci