Why 'purpose driven' brands are succeeding - 2017

26-Jul-2017

Before you work on any planning in your business and your marketing communications… it is crucial to be clear on your Brand’s ‘Why’.

Why are you in business?

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Why are you selling the product/service that you do?

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Why is your product/service of any value to customers?

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Why will your target audience flock to you?

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Why will your customers become your ambassadors?

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Why will your customers come back to you again and again?


With multi-channel and digital marketing, it has made a very busy ‘brand space’ and we are all competing within a very crowded content driven market for our customers’ attention and business. So brands are becoming more sophisticated (which is a good thing), and if you are looking for ways to improve the effectiveness of your brand building awareness and market-share growth initiatives then this is worth looking at.

Once you have identified your brand’s purpose then look for ways you can tie your purpose, your product and cultural insights together. Answering the questions that I have outlined above will help you find the answer to ‘what your message is’ when you effectively tie your purpose, product/service and relevant cultural insights together.

An example of a brand that has done this successfully is Vodafone’s DreamLab campaign. Vodafone Foundation and Garvan Institute have created an app that allows users to help find a cure for cancer by pooling their smartphones’ computing power to create a ‘supercomputer’. The brand ‘Vodafone’ are not claiming to be more than what they are (a Telco company) but they are using the power of its customer for a greater societal benefit.

The latest trend here for successful brands is 'Shared Value'. I don't mean 'shared value' in the sense of social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. 

"A purpose mobilizes people in a way that pursuing profits alone never will.

Economic value and social value are not mutually exclusive. Today’s sophisticated business leader (and effective Brand Strategists) recognise the concept of shared value: creating economic value while addressing social needs and challenges".




REF:

https://www.fastcompany.com/3048197/why-purpose-driven-companies-are-often-more-successful