There’s a good reason marketers and the C-suite alike continue to focus so determinedly on brand purpose—it’s important to consumers. According to a new study, 75 percent of global consumers expect brands to contribute to their well-being and quality of life. And purpose is an especially important consideration when marketing to millennials and Gen Zers, who factor in companies’ positions and efforts on social and environmental issues when deciding what to buy and where to work.
“The boardroom is prioritizing brand purpose, as businesses are keen to play a bigger, more fulfilling and more relevant role in their audiences’ lives,” said Hannah Matthews, managing partner at Karmarama. “Making brands meaningful and rebuilding trust with consumers can equate to significant success for businesses. Those that focus purely on short-term transactions, ignoring this drive toward empathy and purpose in business, could lose out in the long run.”