Over 65% of consumers prefer to purchase products and services from purpose-driven companies.
And over 70% of people are more likely to refer a business that supports a cause that they support.
Whether you are a small business owner or Marketing Director for a popular brand, the consensus is “purpose and profit tend to go together.”
When your company’s purpose intersects with your customers’ values, magic happens. This powerful combination of purpose aligning with values is the foundation of purpose-driven marketing.
Benefits of Purpose-Driven Marketing
- Provides a Deeper “Heart-Level” Connection With Your Market
- Generates Greater Brand Loyalty, i.e. Raving Fans
- Competitive Copy Cats Are Less Likely Because You’re More Difficult to Copy
- Builds a More Sustainable Advantage
Challenges to Purpose-Driven Marketing
- It’s a Long-Term Strategy (You Won’t See the Benefits Overnight)
- Your Authenticity Will Be Tested (So If You’re Doing It For the Wrong Reasons, You’ll Be Found Out)
- Put Your Money Where Your Mouth Is (Don’t Tell Me, Show Me)
How to Get Started
So you’ve weighed the challenges and benefits and are ready to move forward, but how do you get started?
We recommend that you begin with your brand promise.
Of course, you already know that your brand promise is the promise you make and keep with your customers.
Traditionally, the brand promise is made up of two elements:
- Your Value Proposition
- Relevant Differentiation (or what your competitors are not addressing)
Purpose-driven brands take it a step further by overlapping their organizational purpose.
Your organizational purpose should not be confused with the typical mission statement. Corporate mission statements are intentionally vague and uninspiring.
A purpose-driven business focuses more on articulating why they do what they do.
Take for example TOMS Shoes and Blake Mykoskie’s purpose to create a for-profit business with giving at its core. The idea? For every pair of shoes the company sold, a new pair would be given to a child in need.
By building their business around their “why” rather than their “what,” they are able to connect with people on a more emotional, visceral level.
Emotional branding drives greater results because people make decisions based on feelings.
Dale Carnegie, author of “How to Win Friends and Influence People” knew this over 100 years ago when he said, “When dealing with people, remember you are not dealing with creatures of logic, but with creatures of emotion.”
Dr. Antonio Damasio, neuroscientist at the University of Southern California proved this scientifically when he studied people with damage in the part of the brain where emotions are generated. He discovered that although they seemed normal in every way, they could not make decisions because they were unable to feel emotions.
Simon Sinek, in his record-breaking TED Talk and NY Times Bestseller, “Start with Why” introduced the world to The Golden Circle which is based on human psychology and behavioral economics.
We agree with Mr. Carnegie, Dr. Damasio and Simon Sinek. And we know this purpose-driven approach to constructing and presenting your brand promise will deliver results regardless of the size of your business.
- Why do we exist?
- Why do we need to exist?
- What is the contribution we want to make?
- Why is the world better because we are here?
The answers to these questions will help you determine your purpose, or as we like to say, the difference you are trying to make in the world. Once you have this, you should see how this aligns with your value proposition and what your competitors are not addressing in the marketplace.
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