How purpose-led marketing can boost business growth
A brand purpose is the crux of your company’s existence. It is linked to the broader picture rather than focusing on just profits.
Companies using purpose-led marketing have a larger market share and are growing three times faster than their competition. On the other hand, they are also achieving higher levels of employee and customer satisfaction. If you want this to be you, you will need to look into your market and current processes and do some serious hard work.
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What is purpose-driven marketing?
It is a marketing model that emphasizes purpose as the key distinction. It goes beyond the benefits or features of the solutions being sold to highlight the positive effect they could have on the industry, environment, or community.
For example, a company might emphasize that all products are ethically produced, and sold fairly, that the operations are being made sustainable, or that the company is actively advocating for and supporting gender issues. Purpose-led marketing could also highlight other corporate social responsibility initiatives being run by the business.
Why is it important?
A brand purpose is the soul and distinctiveness of an organization that provides both a platform on which to build and acts as a reflection of the brand presence. It formulates why the organization exists, what problems it needs to solve, and who it wants to be for every person it meets during its lifecycle.
While companies considering their existence and customer perception is not a new idea, the current trend based on our research shows that companies are making closer connections with consumers. They are also analyzing their social impact to enable better attraction and retention for improved results. There are several benefits to consider:
· Brand loyalty
When you end up generating an emotional connection to customers with the purpose of your business, they feel safe buying from your company. This supports customer retention and also encourages user-generated promotion.
· Brand recognition
When your brand purpose is relatable and attracts many customers, your marketing content is automatically shared which leads to greater brand recognition.
· Customer engagement
Customers identifying with and being guided by the purpose of your company encourages higher engagement and open communication.
How to implement it?
Designing and accomplishing a brand goal or a timely statement about a social issue often falls within the realm of marketing and business operations.
1. Encompass the strategy
The first step in creating successful targeted marketing strategies is to study the company’s practices to make sure they align with the values your brand seeks to communicate to the target market. This requires a willingness to accept organizational change; the purpose of the brand should not be empty words for business.
2. Identify the purpose
Purpose-driven marketing is a long-term approach. You cannot just pick something that is trending and try to incorporate it into your marketing campaign. You need to decide what your goal is if you do not already know it, and focus on it throughout your communication and branding strategies, going forward. Be consistent with your purpose, message, and core vision.
3. Build a foundational strategy
A strategy is necessary for any marketing campaign as it allows you to align your messages with your overall goals. Purpose-led marketing is no different. Make a plan and stick to it to make sure your targeted marketing aligns naturally with your core values and also connects directly to what you are offering.
4. Know your audience
This point is basic marketing however, you will be amazed at how many companies do not understand the importance of this point. You may have a blurry idea of the demographics or profile of your ideal client. However, this is insufficient. Purpose-driven marketing requires a deep understanding of your audience as real people with real wants and problems.
You must know your audience as you would know your own. Understanding them fully will allow you to communicate with them in a way that will feel more natural. This will help to talk about the issues and values that are important to them in an open manner.
One of the best ways to understand your customers is to talk to them. It can be one-on-one, through a survey, or even holding polls on your social media pages. People feel valued when you allow them to express their opinions, so use this as a chance to truly understand your target market.
5. Capitalize on user-generated content
Once you know what your values are, who your target market is, and what matters to them, you can design spaces for them to be more involved in the company processes. It is referred to as user-generated content, and the majority of consumers trust it more than any other form of marketing.
It is possible to build an effective purpose-driven B2B marketing strategy. However, the significance of this strategy depends on your ability to position, communicate and fulfill this goal in your daily customer engagements. To do this, you need to make sure you can deliver a reliable customer experience that aligns with the values you share.
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