In today’s internet-driven world, social issues are more straightforwardly discussed by people on a variety of digital platforms such as social media and web forums. At the same time, with online search at their fingertips, people have become more informed and conscientious about the products they buy, the services they avail, and the businesses that they support.
As such, more and more companies are seeing this as an opportunity not only to create more meaningful connections with people that share the same sentiment as them but also to influence and drive their target audience to participate in worthy causes.
Known as Marketing 3.0, purpose-driven marketing or campaigning is a concept that has been gaining traction for years now and is considered one of the fastest movement in the business industry today. In a 2016 survey of over 1,000 top global CEOs, 80% believe that demonstrating societal purpose is a differentiator in their industry, while 79% of CEOs attribute the driving force for sustainable change to brand trust and reputation.
Read on as we discuss in this infographic what purpose-driven campaigning is all about, what it has to do with the millennial customers, and how it can be integrated into digital marketing to produce results for your business.
What is Purpose-Driven Marketing?
It is theorized that all people have a sense of purpose. Most of us, in fact, seek to further our sense of purpose even in the smallest ways – such as buying an environment-friendly product at a grocery store or participating in awareness events.
Purpose-driven marketing basically aims to help the target audience of business to fulfill their sense of purpose – all by initiating campaigns that seek to address the most important issues in the society.
Recent research also shows that initiating purpose-driven campaigns provide significant benefits, such as:
- 72% of consumers are more likely to recommend a brand that supports a good cause.
- 73% of consumers are willing to swap brands in order to support one that stands behind a cause they believe in.
- 88% of consumers want to know that the brands they’re supporting have a real impact.
These statistics imply that the brands that will make the biggest impact in the coming years are the ones who are able to drive social change – and therefore stand out in the minds of potential consumers.
How Millennials Drive Purpose-Driven Campaigns?
Many studies have shown that of all generations, Millennials, in particular, are very optimistic about their capacity of bringing changes into the society, whether they are a part of any institution or not. As such, it is very important for them that the brands they do business with do align with their own values and concerns.
To put this generation’s commitment to making a social impact in perspective, 91% of Millennials would switch brands to one associated with a cause, and 6 out of 10 said a sense of purpose is part of the reason they chose to work for their current employer.
In the business standpoint, it is now imperative for digital marketers to personalize their campaigns for this specific demographic. According to Pew Research, Millennials are projected to overtake Baby Boomers as the U.S. largest living adult generation. Not only in America, but Millennials make up a vast amount of individuals linked together through multiple digital platforms, especially social media. Due to the vastness of this generation, businesses focusing on them become a necessity rather than an optional decision.
Another reason why businesses should be concerned about purpose-driven marketing and the Millennial customers is the wealth shift. Over the next 30 years, an estimated $30 trillion of wealth will exchange hands from the baby boomers to Generation Xers and millennials. For brands, this means that ignoring their call for social action can mean a significant loss in potential revenue and market share.
Purpose-Driven Marketing In the Digital Age
A lot of companies integrate purpose-driven marketing into their digital marketing initiatives these days in order to increase their exposure, build trust, and stay relevant with their target audience. One of the most popular strategies businesses use to make social change using digital marketing is through social media.
In fact, some of the biggest social impact campaigns that went viral on various social channels are from brands. One example is P&G’s 2017 “We See Equal” – a campaign designed to fight gender bias and work towards equality. The multi-channel marketing campaign ran on social media and TV soon after the US general election and was one of the first campaigns from brands that decided to take a stand about issues relating to gender and sexual equality in the U.S.
Even small businesses have also initiated their own purpose-driven campaigns and used their digital real estate to make these campaigns happen. For instance, responsible durable goods brand United By Blue side-stepped the Black Friday mayhem by encouraging customers to participate in a nationwide DIY cleanup effort entitled Blue Friday. In order to attract as many people to join in their cause, the brand created and shared a digital cleanup guide and used the hashtag #bluemovement to build a presence on social media.
Another way companies integrate purpose-driven campaigning into their digital marketing strategy is through online advertising. By running highly-targeted purpose-driven ads, businesses can increase their engagement from the younger audience. In fact, recent research from Channel 4 has found that 60% of consumers aged 16-34 notice ads more if they deal with important issues. This is compared to 55% of 35 to 44-year-old and just 37% of those aged 45 and over.
By leveraging the power of purpose-driven marketing in your digital marketing campaigns, you will be able to connect with the younger audience that can potentially drive the success of your business for the next 50 years. If your organization is making a positive impact to the society using all the digital platforms at your disposal, you can make your brand stand out and rise above the competition in the long run.
Download this infographic.