Purpose isn’t just the latest marketing buzzword or moment-in-time tactic. Not only do Americans expect companies to lead with Purpose, they are ready to reward these companies in a variety of ways. In fact, companies that lead with Purpose will stand to build deeper bonds with existing consumers, expand the consumer base and enlist those brand advocates to share the brand message.
We are pleased to share the newly released 2018 Cone/Porter Novelli Purpose Study. The study, examining consumer expectations and behaviors toward companies that lead with Purpose, finds Purpose-driven brands can build stronger emotional connections with consumers that go far beyond a transactional relationship.
Key findings include:
- Americans expect companies to lead with Purpose: 78% of Americans believe companies must do more than just make money; they must positively impact society as well
- Creates deeper bonds: 77% feel a stronger emotional connection to Purpose-driven companies over traditional companies, 79% say they are more loyal and 73% are willing to defend that company if someone spoke badly of it
- Expands the consumer base: 88% would buy a product from a Purpose-driven company and 66% would switch from a product they typically buy to a new product from a Purpose-driven company
- Builds brand advocates to amplify the brand message: 78% would tell others to buy products from Purpose-driven companies, and 68% are more willing to share content with their social networks over that of traditional companies
- Purpose trumps cost and quality: Purpose leads over low-cost or high-quality products in 5 of 8 consumer actions
Today’s consumers are hyper-engaged and are seeking out more than a transactional relationship with brands. Americans want to support companies that embed their unique Purpose at the forefront of their brands – and communicate that Purpose in a variety of ways. In order for brands to “walk the talk,” they must ensure they are aligning their internal operations and creating the programs and policies to back that up. Businesses that take a Purpose-driven approach will be rewarded with an entirely new level of consumer engagement.