Nearly two thirds of millennials are actively seeking out brands who show they have a purpose. Brands who stand for something and are perceived to be making a difference are doing nearly two times as well as brands with no perceived purpose. Kantar is singling out purpose as the key to a brand’s success.
Kantar says brands with a sense of purpose have seen an average valuation increase of 175% over the past 12 years. This is over double the overall average of 85% and two and a half times as much as the 70% growth of companies with very low perceived purpose. Mmillennials and younger generations really want to make a difference to the world. People want to see their money making what they think of as a good impact.
76% of marketing leaders think their company has a defined purpose but only 1 in 10 businesses have a purpose statement backed by a meaningful action plan. This means you could be misrepresenting yourself and therefore losing out.
So what should you do?
One thing Kantar says you shouldn’t do is take things too far. The line between sharing your values and pushing them on your customers is a thin one which means the room for error is a big one. For example, Dove’s range of body-shaped bottles backfired on them last year as people were left far from inspired. People found the stunt insulting and made sure they took to twitter to share their frustrations.
Heartfelt ads and campaigns aren’t always a failure, in fact most of the time they turn out really well and it seems P&G’s #LikeAGirl campaign not only scored with people emotionally but it really did inspire more girls and women to participate in sports, giving everyone the space to think more about how capable women are in sports and battle stigmas that have been around for decades. Smart Heart and Smart Heart With a Conscience ads can be tricky. It’s very important not to make them too preachy or harsh on the opinions of people otherwise you end up insulting your customers and again losing out.
If you want to succeed make sure you represent your purpose in values rather than trying to get your customers to embody who you are. Take things lightly and make sure you’re putting in more effort than the customer will have to.
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