A greater purpose. This can mean many different things to different companies. However, there is some common ground that can help determine what a greater purpose means. It’s the idea that the company is doing something beyond making a profit. Whether it’s taking a stand to empower women, offering a natural, environmentally friendly product, fighting poverty, or improving lives, these goals that create meaning in our lives are important. Why?
- According to a poll in Target Marketing Magazine, up to 89% of consumers would switch to a brand of a similar quality if that brand supported a good cause,
- The Stengel 50 are the top 50 brands that centre their businesses around the ideal of improving people’s lives. They grew three times faster than their competitors and were 400% more profitable than investing in the S&P 500 (Havas Media Group).
- People naturally crave purpose. Without it, we may suffer psychological difficulties.
As you can see, having a greater purpose is great for business. Not only does it improve your image among potential clients, but it also helps them identify with you, and can boost your bottom line. By engaging with customers through your greater purpose, people will easily align their values with that purpose and believe more deeply in your brand.
Here’s an example. Dove launched their Real Beauty Campaign in 2004 based on a global poll that stated only 2% of the female population thought that they were beautiful. Challenging stereotypes set by the beauty industry and encouraging women to recognize their beauty became their greater purpose. In the campaign, women of all shapes, sizes, colours and ages were represented.
Following the campaign, a new poll showed that 4% of women around the world said that they felt like they were beautiful. That’s a 35 million woman increase! Financially, it was successful as well. Dove has increased by $1.5 billion in sales in the ten years following the campaign (Advertising Age). That’s a 62% gain!
Feeling inspired? Begin developing your greater purpose or boost your marketing for the one you already have! BottomLine Marketing can help you communicate this effectively.