Kantar research shows that brands with an actualized purpose have experienced twice the growth of competitors. It’s understandable since younger adults want to use brands that have a point of view and stand for something.
It’s not enough to have a singular brand identity. Brands must have values that mirror those of their consumers. And that’s not so easy to do. Some 76% of marketers think their organization has a defined purpose, but only one in 10 have a corporate purpose statement that’s backed by a meaningful activation plan.
About 60% of consumers think brands should post about their opinions on social media, according to a Sprout Social study. Thirty-nine percent of consumers think brands should donate to social causes, and 37% think they should encourage their followers to do the same.
But standing for your brand purpose can be harder than you think. Take for example the McDonald’s stunt to flip their iconic “M” to “W” during International Women’s Day. Their female friendly action stirred up negative sentiments about lack of pay equality and sexual harassment with the company.
Kantar advises brands they must articulate their purpose, infuse their organization both internally and externally with their purpose and then amplify their purpose. That’s still a tall order for many brands.