profit with PURPOSE

With multiplicity of choices for consumers  - platforms x applications x devices x newsfeed refresh x e-mail alerts x ad messages, it seems that consumer attention is a scarce resource. But attention is the end product of a ‘time-value’ correlation (I will spend more time and pay attention for more value) and not a trade-off (I will pay more/ less attention to brands).
 
Value is the inflexible determinant of consumer attention, not time. Consumers will reward you with their attention if there is the likelihood of a value exchange (attention for entertainment, interest for information, visit for experience).  One strong candidate for a value exchange is ‘purpose’ (purpose for participation). When customers see an alignment in their values with a brands actions, they will begin to disproportionately invest their time participating in the brand via attention, purchase, advocacy.
 
A brand acting on its purpose is not altruism. The argument for brands to build or re-discover purpose is not emotional, its economics.
 
A. Profit : When Always ‘Like a Girl’ decided to speak against gender stereotyping its talking about a subject that’s extremely relevant to its core consumers – teen girls/ young women. It lit the spotlight on the issue of ‘confidence’ in young girls, making the conversation mainstream while allowing its consumers to participate and shape the discussion. But, as importantly, by using the connection of puberty to the loss in confidence amongst young girls it puts its brand promise of ‘protection during your period’ in focus. 76 million views, 12 billion impressions, +50% increase in purchase intent and +1.4% share point increase later Always proves that brands that combine purpose with product build profit.
 
B. Relevance : It helps a brand quickly align itself with like minded people telegraphically. “I believe in what you believe” is more powerful than “I understand you” and definitely more compelling that “I have something to sell you”.  AirBnB “Belong Anywhere” builds brand purpose and thereby relevance. Respect for its community has been the bedrock for AirBnBs actions and its paying rich rewards in the form of free marketing. More than 77% of AirBnBs content on Instagram is UGC and it has contributed directly to an uplift of 17% in its followers. AirBnB continues to live true to its purpose at every opportunity. Its “Belong Anywhere” idea has been activated in many ways – earlier this year during the Trump Innauguration, Super Bowl 2017  (#weaccept) and most recently in Australia with a message promoting marriage equality (Until We All Belong).
 
C. Reach
In low involvement/ high media cost categories like FMCGs attaching meaning to a brand is a strategically sound method to make your media work harder-longer for you. Laundry brands like Ariel “Share the Load” have embraced the route of brand purpose and made it a part of their mainstream communications. Sales lift attributed to the campaign was 5% with 1.5 million pledging to ‘share the load’ with their wives in India.
 
D. Captive High Value Audiences : For its Model 3 launch Tesla operated on a $0 marketing budget and clocked $14 Billion in pre-orders in 1 week ! People wanted to participate in the brand, wanted a slice of the future for themselves so much that they paid Tesla a year in advance to buy their car.
 
The argument for purpose led marketing is growing stronger. When done thoughtfully and consistently it plays a strategic role in helping brands capture the hearts and wallets of its targeted consumers.

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