In an environment that changes almost daily, marketing professionals are constantly adapting and adjusting to new techniques. But what happens when the buyers you’re selling to start changing? In the past few years, there has been a shift in how consumers consume. In a study from 2018, 78% of Americans felt that companies need to do more than just make money. Companies are now expected to provide positive change to their communities. Purpose-driven brands are succeeding.
So the market has changed, plain and simple. How does marketing change?
The Market
It’s no longer enough just to have the lowest price. In fact, Americans are willing to spend more on something if it comes from a purpose-driven company. 50% of consumers said that they would form an emotional attachment to companies based on their purpose, while only 20% of them said that price was a factor. This is just one of many examples of how much impact the purpose of your business has on your customer base.
This is evident in the success of many companies that have become more purpose-driven. Some examples are KIND Healthy Snacks, Nike, and Dove. KIND and their dedication to transparency and good ingredients have built a large, dedicated following, now the third-largest snack bar company. Not to mention Nike and their commitment to social impact as well as Dove and their purpose of improving girls’ confidence around the globe. These brands (and more) have seen immense growth in a very loyal customer base because of this.
The Marketing
So how do marketers make this a positive, not a negative? Well, highlighting community initiatives, a brand’s purpose and other things they’re doing to cause social impact are good places to start. Doing this will create deep bonds, build brand loyalty and increase the number of customers that come back. When it comes to the numbers, 79% of people said they would feel more loyal to a brand with purpose. We’ve discussed the importance of brand loyalty in-depth in the past, and stand by that now more than ever. Marketers, companies, and brands all stand to profit by embracing this change.
So if you’re looking for a company to dedicate their time to promoting your purpose, apply to be a client with Wolf & Key today. Together we can put a spotlight on why you do what you do.
