In these unprecedented times, customer brand loyalty is based on the consumer’s perception of the brand’s contribution to society. Consumer behavior and buying habits have shifted as a result of the crisis. To communicate with their customers, brands will need to implement different communication strategies.
The authenticity of the brands that consumers choose is becoming more important than ever. Consumers are increasingly looking for brands that share or represent their beliefs. Purpose-driven marketing is one way for marketers to strengthen their brand message and, is a way to achieve the “emotional loyalty” that is the talk of boardrooms around the world.
79 percent of consumers remember instances of brands positively reacting to the pandemic to benefit their clients, workforces, and society, according to Deloitte’s 2021 Global Marketing Trends survey report. Nearly one-fifth of respondents strongly agree that such actions influenced their purchasing decisions in favor of a brand; on the other hand, one-fourth of customers claim they would avoid a company that took negative actions.
Also Read: How Can CMOs Improve Their Brand Strategy in 2021
There is a strong balance between an organization’s brand identity and a continued dedication to all stakeholders when its crisis responses are guided by a holistic purpose—connecting the business’s place in society to its long-term value. Following the direction that best embodies their purpose, these organizations transform difficult decisions into easy choices, driven by an authentic, enterprise-wide mission.
Marketers can improve their relationships with all stakeholders and generate positive business outcomes by having a deep understanding of why their company operates, an inclusive understanding of who they represent, and a dedication to following through with purpose-driven KPIs.
Promoting Purpose Driven KPIs
Whether it’s a company keeping its commitments to consumers or an organization demonstrating its purpose across the value chain, organizations can benefit from promoting KPIs that ensure they are living out their mission across three vital dimensions:
- Incorporating measurement into policies – Organizations should create observable strategies that support their mission through business practices across the board.
- Developing team KPIs – An organization’s ideals and vision must be completely supported by its employees for it to truly live out its purpose. Organizations can build on this by communicating to boards on how engagement ratings have changed over time and making sure that purpose-related discussions are a regular part of performance reviews.
- Establishing a connection between benefit and purpose – Businesses can calculate purpose-driven outputs to show the importance of adhering to a common mission if profit and purpose are linked. Success will aid in gaining buy-in and providing insight into what is working for the business
Also Read: Optimizing the Martech Stack needs Smart Management by Stakeholders
Make Purpose a Priority
A purpose-driven business requires collaboration among various parts of the organization. Startups can integrate purpose into their operations from the start, but big, legacy businesses may face difficulties as they pivot to more purpose-driven marketing. Marketers, regardless of their industry or enterprise maturity level, should take three steps to bring purpose to life for their customers and, eventually, for all business stakeholders.
- Owning the brand purpose – Marketers are in a unique position to understand and explain the higher-order “why” behind a brand’s products and services as they are consumer experts. By establishing an emotional bond with customers, and linking the “why” to brand purpose, businesses can unlock innovation, encourage employees, and differentiate themselves.
- Catalyze brand purpose – By adding an “outside-in” viewpoint to C-suite conversations, marketers can start the conversation about enterprise purpose. This may include discussing brand image or presenting data on current views of the business in comparison to the competition.
- Merging brand and company purpose where needed – Are a company’s CSR efforts a big factor in its customers’ brand loyalty? If so, marketers should collaborate directly with public relations to ensure that brand and enterprise messaging is consistent. Marketers should collaborate with the CSR team to boost the company’s voice in the marketplace if this isn’t the case.
For more such updates follow us on Google News TalkCMO News. Please subscribe to our Newsletter for more update
