In sum, purpose matter because it impacts your growth, revenue, and profit.<\/p>\n
Purpose-driven brands such as Google, 3M and Chobani are all in on a little marketing secret. The best way to make money is to\u00a0not<\/em>\u00a0prioritize profits. This is because the only way to become successful \u2013 and to sustain that success \u2013 is to have something that is unaffected by external forces as the foundation of your business. You need a purpose.<\/p>\n Why the purpose-driven business model has worked so well for some of the world\u2019s largest companies is because core values will still be there when the market shifts or customer preferences change.\u00a0Brand purpose is the pillar that stands tall, unmovable, as the world turns. When you use this foundation as the unifying force of your marketing strategy, you are tapping into an infinite source of inspiration to energize your campaigns \u2013 instead of chasing the carrot, which is what happens when business decisions and bottom-line needs are what motivate your marketing decisions.<\/p>\n Feel like that frustrated horse, never quite getting a bite of that out-of-reach carrot? Take a lesson from the playbooks of these purpose-driven brands.<\/p>\n An Accenture<\/a> study<\/span> found that 63% of global consumers prefer to purchase from purpose-driven brands. Most participants (74%) cited transparency and ethical business practices as key considerations.<\/span><\/p>\n When CMOs spend on tools in place of brand principles, share prices suffer. Forrester\u2019s research showed that companies redirecting agency spend toward technology and paid media frequently had negative results. Many companies spend inordinate resources developing in-house data science teams when cheaper and faster third-party options could achieve comparable results. In turn, they don’t divert spend from creative efforts. <\/span> Although agencies aren\u2019t telling companies to abandon martech altogether, they’re trying to pull back the curtain on its true costs. B2B strategy firm Renegade\u2019s CMO survey found that while software and tools promise big returns, they also increase complexity. \u201cOur study found that 90% of B2B marketers noted a massive increase in complexity caused by having more target audiences, more technology to integrate and more data to sift through,\u201d <\/span>explains<\/span> Renegade CEO Drew Neisser. \u201cUnfortunately, this increase in complexity has not resulted in improved marketing performance for many B2B CMOs.\u201d<\/span><\/p>\n Tools like CRM systems play a vital part in customer connection, and marketing teams will never return to mail-only copywriting. But no amount of data analysis can replace building awareness and other activities that drive branding. CMOs must first appreciate and invest in building strong brands if they want to reap the value of marketing tools.<\/span><\/p>\n Company leaders can’t fake a purpose. Customers quickly call foul when a company holds a social position it doesn\u2019t back up with action. To build a brand that stands up to scrutiny, the leaders of your company must agree on and work toward a shared purpose.\u00a0<\/span><\/p>\n That purpose doesn’t need to be purely philanthropic to appeal to audiences. <\/span>REI<\/span>, for example, incorporates conservationism into its core business processes.<\/span><\/p>\n Choose a cause that makes sense for your company\u2019s market and resonates with your leadership team. Lean into that purpose to refine your branding as you grow.\u00a0<\/span><\/p>\n Not only are consumers starting to avoid brands that\u00a0don\u2019t align with their values<\/a>, but there is an increasing expectation that businesses should be proactively making a positive impact.\u00a088 percent of consumers\u00a0want brands to make the world a better place.<\/p>\nThe Case for Purposeful Branding<\/h2>\n
![\"Brand](\"https:\/\/marketinginsidergroup.com\/wp-content\/uploads\/2023\/09\/brand-1.png\")
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\n<\/span>CMOs can\u2019t analyze their way to those qualities. \u201cIt\u2019s about having a genuine and meaningful commitment to important principles that consumers care about \u2014 such as health and wellbeing, natural ingredients, environmental sustainability and family connections \u2014 which inform every business decision,\u201d Bill Theofilou, Accenture Strategy\u2019s senior managing director, explains.<\/span><\/p>\n
\n<\/span><\/p>\nUnderstanding Your Brand Purpose<\/h2>\n
![\"REI\"](\"https:\/\/marketinginsidergroup.com\/wp-content\/uploads\/2023\/09\/REI.png\")
<\/p>\nYour Brand Purpose Has to Make a Positive Difference<\/h2>\n