Have you heard of the new marketing approach many companies are taking to increase sales and improve brand loyalty? It is called Purpose Driven Marketing and also gives brands a competitive advantage that helps them stand out from numerous other companies.
Why are brands adopting this new marketing style? Because according to a survey by Accenture, around 63% of consumers prefer to purchase from a purpose-driven brand. So, when an individual sees that a brand supports a cause that they are invested in too, they feel a connection.
If you are wondering whether you should consider taking this approach too, this blog is just for you! Listed below are all the reasons why you should start using a Purpose Driven Marketing approach.
Purpose-Driven Marketing: What is it?
Purpose-driven marketing is an approach companies take to show their efforts toward supporting a social cause that aligns with their core values. Since 86% of Americans believe that companies should support issues that directly impact or are impacted by the business, it is crucial to be able to make a change.
Benefits of Purpose-Driven Marketing
It doesn’t matter if you are a big company or a local business, it is just as important to have a purpose. Why? Because it helps you align yourself with your customers’ beliefs.
Besides, following this marketing approach has several benefits which include:
Significantly improves brand loyalty: When you use a purpose-driven approach, it is easier to form strong relationships with customers. Since the customers relate to and support the same social cause as you, they feel satisfied when purchasing from your brand.
Makes it hard for competitors to copy: One of the best reasons to use purpose marketing is to gain an edge over your competitors. If you choose a cause that you deeply care for, your competitors can’t copy it as their customers would notice they copied you.
Gives your business a sustainable advantage: When you can correctly follow purpose marketing, you will be able to reap the benefits. These will be seen even after a long period since your customers will remain loyal.
Challenges of Purpose-Driven Marketing
While purpose marketing seems like the best option, it does come with some risks. You should consider getting help from an agency that provides marketing services in West Chester to avoid making the following mistakes:
- It is a long-term strategy: When you use a purpose-driven marketing approach, you should be patient. If you try to derive benefits quickly, customers will see right through you.
- Customers will test your loyalty: Customers are tech-savvy and know how to check if they are being lied to. If you fail to support the cause, they will find out about it and it could lead to your brand getting “canceled.”
- The business model has to support the cause: You have to put your money where your mouth is by consciously supporting the cause. Your business model must showcase your support and concern towards it.
Purpose Driven Brands
Over the last few years, there have been various social issues that are a concern for the public. Climate change, Black Lives Matter, the #MeToo movement, and gender identity have become issues that need to be spoken about. Many brands have made the effort to speak about these issues through purpose-driven marketing, including:
Ben and Jerry’s: Ben and Jerry’s are on a mission to innovatively make the world a better place. They are following their core values at every level of their business. The company supports economic and social justice for marginalized communities, advances human rights, and protects and restores the Earth’s natural resources.
IKEA: This Swedish furniture brand has committed to being sustainable. Their project called H22 is set to take place in Helsingborg, Sweden, and will explore the true definition of home. Ikea also aims to completely remove single-use plastics and have zero-emission homes delivered by 2025.
Adidas: Though it seems impossible for sustainability and fashion to go hand in hand, Adidas has made that happen. From 2024, they aim to only use recycled plastic and want to make sustainability a part of their culture.
Do you want your brand to stay relevant after 5 to 10 years? If yes, then you should switch to a purpose-driven marketing approach. It will help your brand grow faster than its competitors, develop brand loyalty, get higher market share gains, and increase customer satisfaction.
Along with gaining a competitive edge over other businesses, customers will also relate to your business. So, what are you waiting for? Contact Dub-C Digital to grow your business today!