What Is Your Brand’s Purpose?
If you’re just in it to win it, you are going to have problems with the new digital economy. Today’s consumers expect more from brands.
Consumers care that brands care, according to research by the Havas Meaningful Brands 2017 study. It found that 75% of global customers (70% of U.S. customers) expect brands to contribute to “our well-being and quality of life.”
The CEO of Accenture Interactive stated that “companies that strive to bring more meaning and purpose to experiences they create are destined to reap big business benefits in terms of loyalty, positive word of mouth, increased revenue and sustained success.”
A shoe company that donates shoes to needy people every time you buy a pair adds value to the experience. A sock company that donates socks to homeless people every time you buy makes you feel good about the purchase. It isn’t just the giving away; it must be part of the corporate culture. It is more than a meaningless donation.
Some of the causes that U.S. consumers want organizations to care about: job growth (94%), racial equality (87%), women’s rights (84%), higher ed costs (81%), immigration (78%), climate change (76%), gun control (65%). (Source: 2017 Cone Communications CRS Study)
The Cone study found that 84% of people surveyed felt businesses have a responsibility “to spur social change.” It is expected that you have a brand with purpose.