Supercharging Your Brand - Purpose as the 5th P of Marketing
It's no secret that purpose-driven brands have become increasingly popular in recent years. According to recent research by Porter Novelli, consumers are 4x more likely to purchase from brands with a strong purpose, 6x more likely to protect the brand in the event of a misstep or public criticism, 4.5x more likely to champion the brand and recommend it to friends and family, and 4.1x more likely to trust the brand.
So why are so many brands still struggling to unlock the power of purpose across their marketing mix?
At Conspiracy of Love, we think the trick is to not look at Purpose as a ‘bolted-on cure-all’ for the brand but as an integrated part of the entire marketing mix. In today's marketplace, it’s still critical to get the four Ps – product, price, place, and promotion – right. You need a great product, found in trusted places, at fair prices, and promoted effectively. But with purpose as a guiding force, these elements can take on a new level of meaning and impact. Let's explore how purpose can influence and inspire each of the four Ps and why it's important to keep all of them in mind when building a purpose-driven brand:
Product
When it comes to product development, purpose can be a powerful inspiration. Purpose-driven brands are often focused on making a positive impact in the world, whether that's through sustainability, social responsibility, or other means. This can guide everything from the materials and processes used in manufacturing to the features and benefits of the product itself.
Barbie is a great example of a brand using purpose to inspire product development. Driven by their purpose to ‘Inspire the limitless potential in every girl,” they have created a series of breakthrough innovations that earned the brand several awards, including TIME Magazine’s Best Inventions of the Year. Their last innovation is the first Barbie Doll with Down Syndrome to celebrate the limitless potential of millions of girls who are often overlooked in our society.
As Barbie described it: Designed with purpose and inclusivity at the heart of every choice, this beautiful doll was created in collaboration with the National Down Syndrome Society, with a focus on promoting inclusivity and diversity. It includes common physical features seen in women with Down syndrome, such as a shorter frame, rounder face, smaller features, and a single line on the palm. She is also dressed in colors and symbols that represent the Down syndrome community, including matching ankle foot orthotics and a three-chevron necklace that symbolizes the three copies of the 21st chromosome. By including these features, the doll aims to raise awareness and represent the unique characteristics associated with Down syndrome. Ultimately, this doll celebrates the "lucky few" who have someone with Down syndrome in their life and promotes the importance of inclusivity and acceptance.
Lesson: Barbie shows Purpose-driven product development can be a powerful tool for brands seeking to make exciting and remarkable offerings that make a positive impact in the lives of their customers. By aligning product development with their values and business, brands can create impactful products that drive growth.
Price
Purpose can also have a positive impact on pricing strategy. Consumers across all generations—from Baby Boomers to Gen Z—are now willing to spend more for sustainable and ethically made products.
Thus, a company that sources sustainable materials or pays fair wages to workers can often charge more for its products than a competitor that doesn't prioritize these values. This creates a massive opportunity to tell not only the value of your product but the values that live within them. One great example is Patagonia.
The story of Patagonia's Fair Trade efforts provides a model for how purpose-driven companies can align their pricing models to be profitable while creating positive change in the world. Patagonia has been making Fair Trade Certified (FTC) clothing since 2014, offering more FTC-sewn styles than any other apparel brand. Their pricing model ensures every customer purchase delivers a quality product that can last a lifetime while providing fair wages and safe working conditions for workers in their supply chain. Patagonia has gone a step further to show the impact of its model, which has helped 75,000 workers in 10 countries fund community projects, purchase necessary goods, or take a cash bonus. By continuously telling stories of their purpose and values, Patagonia's customers know that when they pay a premium on price, they are not just purchasing a product but also supporting a set of values and a shared vision for the world.
Lesson: While pricing models may vary, the key lesson is to make pricing an expression of your purpose and values and tell the story of why your price is an investment in the type of world consumers want to buy into.
Placement
When it comes to placement, purpose-driven brands must carefully consider where their products are sold and how they are distributed. By carefully selecting the right distribution channels and retail partners, purpose-driven brands can reinforce their brand message, build trust and credibility with customers, and increase the impact of their social and environmental initiatives. Furthermore, effective placement can help purpose-driven brands reach new audiences, increase their visibility, and ultimately drive positive social and environmental change.
Sephora is a company that understands the power of placement and wields it intentionally. They view retail as an expression of their purpose to expand how the world sees beauty by empowering the ExtraOrdinary in each of us. For example, their Accelerator program, which they launched as part of its commitment to the fifteen percent pledge, focuses exclusively on cultivating, launching, and providing BIPOC-owned brands with access to its immense retail network. By continuing to find ways to expand access to its shelves, they have made Sephora a home for purpose-driven entrepreneurs and a place where consumers can discover brands that align with their values and diverse needs.
Lesson: Brands should use placement as not just as a point-of-sale but also as a place-for-story. Consider how you use placement as a strategic tool to tell your story and convey your values, creating a meaningful connection with customers, retailers, and local communities.
Promotion
Finally, purpose can play a powerful role in a brand's promotion strategy. Purpose-driven brands often have a compelling story to tell, which can be a powerful tool for connecting with consumers and building brand loyalty. However, it's important to remember that purpose-driven messaging must be authentic, aligned with the values of the brand, and backed up by action. An example of this is Dove.
Dove believes beauty should be a source of confidence and not anxiety. Thus, its purpose is to help women and girls everywhere develop a positive relationship with the way they look, helping them raise their self-esteem and realize their full potential. They have brought their purpose to life since 2004 through their “Real Beauty” campaign to improve women's self-esteem by promoting women's real beauty and not the distorted reality created by the media. It has become one of the most remarkable and successful promotional campaigns ever, helping to expand definitions of beauty while inspiring women and girls to express their authentic beauty through Dove products. It has also evolved with the times.
Dove’s most recent promotions under “Real Beauty” are tackling Online Safety. The 2023 Dove Self-Esteem Project Research for Kids Online Safety revealed 8 in 10 youth mental health specialists say social media is fueling a mental health crisis. They are connecting mental health to their focus on beauty through a new film that explores the real-life consequences of harmful beauty content on the lives and well-being of young people. You can see the film here:
For the first time, they are connecting their promotions to a call to action, inviting consumers to sign a petition to pass the Kids Online Safety Act to make social media a more positive place by taking a stand against its harmful design.
Lesson: Build promotional campaigns that go beyond the product to help bring your purpose to life in ways that are relevant to the needs of the time. Over the past twenty years, Dove has consistently used its promotional muscle to tell the story of the change it wants to help make in the world, and in the process, it has attracted millions of people who want to be part of that change.
In summary, as the business landscape continues to evolve, purpose-driven brands are becoming increasingly important in making a positive impact on the world, and they are more loved by consumers for it. But in order for purpose to unfold its full impact, it's crucial to remember that purpose as a bolt-on is not enough to guarantee success for your brand. It must be integrated into every aspect of your business and balanced with the foundational elements of your brand. Purpose can drive product development, open up new distribution channels, create price premiums, and drive promotional efforts. By coupling purpose with the four Ps, brands can differentiate themselves from the competition and win the loyalty of consumers, employees, and investors.
It's no longer enough for great brands today to only have a "share of mind" via a great product found in trusted places at the right prices and a "share of heart" through emotive promotions. Brands must also, as our friend and brilliant marketer Jonathan Mildenhall says, win a "share of spirit," showing how they can uplift the world through positive social impact.
The brands that will win in the future will put purpose at the heart while continuing to excel at their fundamentals.
If you’d like to learn more about what we can do for you, please contact us at purpose@conspiracyoflove.co.
