Purpose-driven marketing is a method of reaching your customers by aligning yourself with similar goals to theirs.
This technique involves finding causes important to your organization’s mission and then using those causes to create partnerships with businesses/organizations that will help you achieve your audience growth goals.
When done correctly, purpose-driven marketing enables you to attract and engage a more targeted audience and profit from that increased exposure.
Why is it important to be purpose-driven?
According to a 2017 survey, 70% of consumers are looking for brands with a conscious component. This means that people want businesses they can trust, which align themselves with the same causes as their customers.
The concept of purpose-driven marketing stretches beyond selling products and services; it can be applied in every aspect of a business.
Define your company’s purpose
For your business to properly implement purpose-driven marketing, you first need to establish a company purpose. Your purpose should align with your organization’s mission and value. A great example of a company with an easily understandable mission is Starbucks:
Starbucks’ Mission Statement: “To inspire and nurture the human spirit one person, one cup, and one neighborhood at a time.”
Their purpose is to “inspire and nurture the human spirit” for all people through their different products. An important part of this mission statement is that Starbucks wants you to do more than just drink their coffee; they want you to feel cared about as a person.
This purpose motivates consumers and creates a connection between Starbucks and its customers.
Why purpose-driven marketing matters
Purpose-driven marketing is an asset to any company.
When you use purpose-driven marketing tactics, it enables you to attract a more loyal customer base.
Customers attracted to your brand because of its cause will be loyal and likely spread the word about your business. In addition, purpose-driven marketing encourages people to share content as they become emotionally involved with what you do.
Purpose-driven marketing can improve a company’s branding and reputation, which in turn attracts more customers. People choose businesses they align with, and purpose-driven advertising gives your business a chance to align itself with causes that will make you more appealing to your customers.
How to begin purpose-driven marketing
The first thing you should do is understand how cause marketing works.
Cause marketing includes any partnership between businesses sharing the same goals. This can be done through partnerships in philanthropic work or other social issues.
Once you have identified an organization you would like to partner with, you should develop a plan for how both companies benefit from the partnership. You may decide that you want your customer base to increase the exposure of the partnering company while also gaining additional exposure for yourself.
Companies using this method use each other’s audience as well as their own viewership to sell more products and services.
Common pitfalls to avoid
It is essential for businesses looking to begin purpose-driven marketing that they do it with the correct intentions.
You will run into legal problems if you attempt to use this technique just to make a profit while pretending that your company’s mission aligns with the partnered organization.
You also need to pay attention to regulations that may be in place if you’re partnering with a government agency or non-profit organization.
When advertising yourself as socially conscious, it’s important not to make false claims about what you stand for because you could damage your consumer perception. Unfortunately, there are many charities out there littered with false promises; you don’t want to become one of them.
How purpose-driven marketing aligns with the “new economy”
In today’s fast-paced global economy, trust is everything.
Companies that have built a trustworthy image will be more successful than those that do not.
Purpose-driven marketing does just this by making your company seem like it cares about others and is trying to make the world a better place. It also builds relationships with customers while at the same time helping you reach new customer bases while also bringing in new sales channels.
Businesses can implement purpose-driven marketing; what they choose to do will greatly depend on their own unique business model, but whatever path they take, they should know why they are doing it: to be a business that helps others while improving themselves.
Be authentic
Purpose-driven marketing is when you align your business with a cause and then use that connection to attract consumers.
Any company can claim to be purpose-driven, but it’s hard to prove because the claims they make are not measurable. The key is to find companies that have already established themselves as socially conscious and look for ways to expand upon their mission to connect with more people who share similar values.
How purpose-driven marketing builds community
Purpose-driven marketing allows businesses to build trust by creating an emotional connection between them and their customers.
It builds relationships that allow customers to feel like they belong, which encourages them to spend more money on the products or services offered by the brand/business. People feel good about brands that make them feel better about themselves.
Purpose-driven marketing is not just for big companies
Small businesses can also benefit from purpose-driven marketing, as well.
Smaller companies looking to expand their customer base and profit margins should look into how they can adopt cause marketing on a smaller scale to grow and sustain a business while helping others.
This will help your company stand out among the competition because it shows consumers you care.
You should use social media outlets such as Facebook or Twitter to spread awareness of your company’s socially active participation in your community. Social media is an excellent way for businesses and customers to form relationships with little overhead expense, but businesses need to dedicate time and resources.
Track your progress
The key metrics to consider when using purpose-driven marketing are brand awareness, customer engagement, and total sales.
Use surveys to see how people feel about your business.
Send them out before you begin your purpose-driven campaign, and then have a designated source of customers fill one out after the campaign has ended so that you can get an accurate reading on what works best for your company.
You want to know exactly what the reasons are why some aspects work better than others.
If their survey results say they like this aspect but not that one, make adjustments accordingly. Once you know where there’s room for improvement, fix it in future campaigns by prioritizing those aspects over others.
What makes purpose-driven marketing different from traditional advertising?
Because purpose-driven marketing draws its power from the social good it is doing for others by giving to charitable causes, the compelling nature of cause advertising makes it more powerful than paid advertising.
It’s not just free exposure for a business; consumers see that businesses are doing something productive, and they feel better about them because of it. Having positive feelings toward a company encourages people to take action and helps spread word of mouth about that brand/business.
What does this mean for Your business?
Purpose-driven marketing won’t make or break your company, but it will increase sales and create connections with customers.
If you have any doubts about whether you should invest time and money into being socially conscious, here are some benefits:
* It will make your company feel more like a family
* More people will be willing to refer your business or recommend it to others
* It helps you reach new audiences and market to consumers who might not otherwise be receptive
How do you begin purpose-driven marketing?
First, find the charities that are closest to your heart.
Then, spend time with those charities and learn about what they need the most help with. Identify ways that your business can provide assistance or give of their own time and resources.
If you can’t donate directly, try being an “angel donor” by asking if there’s any way for you to assist them in promoting the cause on social media outlets such as Facebook or Twitter. Your social media audience is a great way to spread awareness about them and their cause.
Conclusion
Purpose-driven marketing can help smaller companies grow and sustain their business, but you should use social media outlets such as Facebook or Twitter to spread awareness of what your company does to be socially active in your community.
Social media is an excellent way for businesses and customers to form relationships with little overhead expense, but businesses need to dedicate time and resources.
While getting clear on your company’s purpose, you can increase your brand value, brand loyalty and inspire social change while increasing customer satisfaction.