August 7, 2018
It’s been happening for a while. Consumers are holding companies accountable for their contributions to the greater good. According to the recently released 2018 Cone/Porter Novelli Purpose Study, nearly 80% of consumers say they are more loyal to purpose-driven brands than traditional brands, and nearly 75% are more willing to defend them.
The study also suggests companies that lead with purpose have a greater chance at building loyalty as well as profits.
- 77% of people surveyed say they feel a stronger emotional connection to purpose-driven companies
- 70% would be proud to be associated with a purpose-driven company (e.g., wear that company’s logo)
- 75% would try an entirely new product line from that company
- 73% would share information or stories about that company
- 67% would be more willing to forgive a purpose-driven company if they made a misstep
Purpose leads to an important, valuable connection with our audiences. From education to environmental protection to hunger or poverty, there are a myriad of social issues brands can help impact. What’s important is for a company to look within and determine which issues it can authentically support.
Once that vision and commitment have been set, it should be embedded into the organization and communicated broadly. Anyone who interacts with that brand should understand its values and what it’s trying to achieve. Today more than ever, purpose is powerful.