[Webinar Recording] Is “Corporate Purpose” a Real Opportunity or Just a Marketing Fad?
Learn How "Corporate Purpose" Can Deliver Stakeholder Value
There’s been a lot of buzz about corporate “brand purpose” lately, as well as skepticism - - does it represent a real opportunity for companies or is it just another marketing fad? We firmly believe that identifying a company’s deep core purpose, beyond delivering profit, can be a key to unlocking greater value and generating the kind of stakeholder engagement that gives a corporation strength and staying power.
Why the optimism about corporate brand purpose?
- Identifying a deeper purpose is energizing and rallies not only consumers but employees, investors and the broader communities in which firms operate. A shared sense of purpose can build alignment among all the stakeholder groups who influence a company’s success. Organizations with deeper stakeholder trust perform better, build a reservoir of goodwill, attract and retain talent, and recover more quickly from crisis.
- As trust in traditional institutions (political, judicial, economic, religious) has plummeted, consumers are increasingly looking to corporations to use their leverage as responsible world citizens with an obligation towards a sustainable future. According to a 2018 study by Edelman, an amazing 46% of consumers believe that “brands have better ideas for solving our country’s problems than government” and 64% of consumers around the world say they would “make purchases based on what a company stands for.”
- There’s proof that doing good can also mean doing well. For instance, Unilever announced in June 2019 that “…its purpose-led, Sustainable Living Brands are growing 68% faster than the rest of the business and developing 75% of the company’s growth.”
Defining and committing to a clear brand purpose can have a marked impact. However, implementing purpose requires a disciplined and thorough approach.
View the recording. Key considerations include:
- Finding an area of purpose that makes sense for your company brand. Ideally, purpose should grow organically from the firm’s businesses. For instance, Patagonia’s commitment to environmental issues grows intuitively from its products for outdoors adventurers, it’s authentic and part of Patagonia’s DNA.
- Ensuring the purpose you identify fits with stakeholder expectations. This means understanding the views and values of diverse stakeholders, appropriately aligning the expression of purpose with stakeholder expectations, and developing plans to mitigate potential risk or opposition.
- Driving the sense of purpose through the organization. To be motivating and credible, a sense of purpose must be understood and embraced by employees before resonating externally. This is much more than a simple communications challenge – it must be woven into organizational development goals, the brands and functions within the company, and ultimately in the communities in which you operate.
In this webinar our experts will be sharing case studies to illustrate how corporate purpose can work well (or not!).There’s been a lot of buzz about corporate “brand purpose” lately, as well as skepticism - - does it represent a real opportunity for companies or is it just another marketing fad? We firmly believe that identifying a company’s deep core purpose, beyond delivering profit, can be a key to unlocking greater value and generating the kind of stakeholder engagement that gives a corporation strength and staying power.
Our experts will be sharing case studies to illustrate how corporate purpose can work well (or not!).
Carol Gstalder, Senior Solutions Consultant and Corporate Reputation Advisor, Heart+Mind Strategies
Carol is a respected advisor and collaborative partner to global corporations, industry groups, and non-profits on issues and crisis management, corporate strategy, branding, communications effectiveness, reputation management, talent engagement, and content creation for thought leadership programs. She is a recognized thought leader in brand and reputation management and draws on her experience in maximizing brand equity and reducing reputational risk to drive business outcomes for clients.
Sara Macfarlane, Director of Strategy and Insights, R&R Partners
Sara is one of those unique individuals who knows what drives consumer decisions and preferences. A behavioral scientist exploring the intersections of brand and culture, she has an ambidexterity that allows her to understand the art and the science of effective marketing. Macfarlane uncovers consumer insights that relate to branding and strategy, then guides the effort to integrate these “big picture” findings into clear objectives that align with clients’ marketing goals, engage consumers and drive business impact.
Mallory McLean Hoffman, Brand Strategist, Heart+Mind Strategies
Mallory McLean Hoffman is a Brand Strategist at Heart+Mind Strategies. She focuses on guiding brands to understand their meaning within the context of the human story and the societal forces at play. With the growing pressure organizations face to stand for a cause, Mallory is especially interested in the blurred line between culture and commerce, and how consumers use brands to create and convey meaning.