In an Apple Shareholder meeting a few years back, the CEO of Apple, Tim Cook, was being challenged with a question. He was asked whether his company’s business was a humanitarian purpose or not. To this, his response surprisingly summed up to a new-age purpose business branding. “Many a time, I don’t consider bloody ROI. We want to provide the world build a better future from the present..” It has created a significant impact on purpose-driven marketing.
Nowadays, the boosting of profit is not the main purpose for the stakeholders comprising of clients, the workforce, business partners. The company expects to respect their concern and values too. The digital force has a done a great deal of work to bridge the gap between the home and work, individual and institution; institution and individual; shareholder and stakeholder. The Covid-19 has had an enormous impact on boosting this. It’s like either accepts it or be the last one in the race.
As calculated in a global survey by MIT Sloan Management Review, 72% of the 4000 plus top executives who participated, said that they want to organize in a market-driven purpose they believe in. As we are not allowing the organizations around a shared vision of diversity, inclusion, or sustainability, there’s a growth of “purpose gap.”
In the time of digitization, companies should define their right choices accordingly. One should start with the right culture and right avenues to showcase their brand with purpose in today’s marketing world. In the world of social media, this is not a tough deal to crack.
Here is a list of marketing best practices 2021:
In today’s business, we should focus on inclusive marketing tactics to reflect a genuine and authentic brand voice. Covid – 19 has made this more humanized; empathy is the first step. During these challenging situations, instead of making a kill during adversity, one should focus on caring about customer satisfaction. This will create a different look to the organization’s protocol forever.
Nowadays, in the new digital world, a company is undergoing a different change in different fields, creating new services and developing strategies. The critical difference between a crisis and disaster is readiness and communication. One should take this as an excellent opportunity to showcase new business ideas and create value in front of all stakeholders. Chances are to be grabbed and not exploited.
Being transparent is the new normal. It may be both interactive and a constraint: things said to investors will be heard by employees, and vice versa. But why care? As the digital age drives today’s marketing, there’s nothing better than to see like a proactive and channelized purpose and values through a clean approach.
SUBSTITUTING PROFIT WITH VALUE
The Business Roundtable in 2019 declared that a corporation’s purpose is to create value for all stakeholders, not just shareholders. Market valuation and profit-making can not be the only business priority – caring for customers and contributing to the common good and profit of society should be. The business model design so should be put in positions to face unprecedented crises like COVID better.
Companies like Google, Amazon, and Microsoft are moving from the importance of profit. They have to defend contracts with oil and gas industries following criticism from environmental activities and their own employees. Google eventually stated that it would not build custom AI tools for the use of extracting fossil fuels.
The COVID-19 has made the company’s employee engagement programs center stage. The business stakeholders also want to ensure the company’s policy over their employees’ wellbeing, productivity, and resilience increase. And this is not solely for business reasons – they see genuinely altruistic motives among them in their business practices.
DIGITAL AS A BUSINESS PURPOSE ENABLER
Having only the compelling mission statement, leaders must appear genuinely passionate about their enterprise purpose as they are about strategy, agility, customer-centricity. To ensure new-age digital technologies, an enterprise needs to plan its design, agility, and customer-centricity. The main motive is to enable new technologies to fulfill the purpose that has an operational and aspirational rationale.
The industry changes every year. Every year there is some other transformation. With the change in time, we have to adopt new technological skills for a much better purpose-driven business. This approach cuts across how best we leverage the technology to enable business practices. The main objective is overall social benefit keeping in mind the profit and fulfilling of the commitments made so far, which will help in the larger good of the company.
Humanity is longing to take full benefit of the digital transformation in the future. So the primary purpose is to unleash human energy through various technologies for an inclusive and sustainable future. It should be a trademark to build an inclusive future overall enabled with multiple forms of technologies.
PURPOSE AS A REORGANIZING PRINCIPLE
Brands which are having a definite purpose grow better in their long run, though their start is not so impressive. Having a more vital sense makes them do the work much better and with efficient and effective results from a revenue and share perspective. Now there is a common question that what is the purpose of the business? What is our calling? How to go beyond metrics like productivity and efficiency? How to drive ‘business driven by choice’ instead of ‘business built on necessity?’
In a data-driven world, people get attracted based on the brand. People will always judge the brand name and its services or products found on previous records or history. Some enterprises may have the best technologies globally, but if they lack to express it, then the business will fail invariably. An enterprise needs to work on people and processes to activate them; any transformation might forget. This is the key to mastering the next-generation technologies, aka purpose-driven marketing.