Having a strong purpose at its core makes sense for a brand, both in terms of earning consumer trust and also as a strategic decision. 57% of consumers in a Deloitte study indicated that they are more loyal to brands that commit to addressing social inequities.
We talk a lot about edge computing, which brings computation and data storage closer to the location where it is needed. As a chief futurist who helps drive innovative solutions for companies, I believe the same principle will be applied to purpose-driven marketing in the future.
Companies have become aware of data like 5WPRs (via PR Newswire), which shows that “71% of Millennials will pay more for a product if they know some of the proceeds go to charity.” Big investment firms like BlackRock are holding companies accountable for helping society and addressing climate change, as the firm explained in its 2021 Stewardship Expectations report.
Some of the most sophisticated companies have extended their brand’s purpose into external-facing promises, or expressions of the benefit and experience that employees, partners, and customers can expect to receive from the company or brand. These have manifested into some of the most inspiring and innovative “acts of the brand” or experiences, especially in the past year.