In 2012, the public relations firm Edelman surveyed 8,000 consumers in 16 different markets as part of its “goodpurpose® study.” The goal was to explore consumer attitudes around the world with respect to the relationship between brands and social purpose.
To quote the study; “Values are the new currency; Purpose is the new paradigm.”
The study goes on to state, “Beyond CSR, cause marketing or altruism, Purpose is a core strategy for profit and growth based on linking an organization’s reason for being to improving lives and impacting society.
Here Are Some Of The Results From The 2012 Study.
- 76% of global consumers believe it is acceptable for brands to support good causes and make money at the same time (a 33% increase from 2008)
- When quality and price are equal, the most important factor influencing brand choice is Purpose
- 72% of consumers would recommend a brand that supports a good cause over one that doesn’t (a 39% increase since 2008)
- 73% of consumers would switch brands if a different brand of similar quality supported a good cause
How This Creates A Massive Opportunity For You
We’re at the beginning of a new era, as more and more consumers demand social responsibility from the brands they buy.
Those of us who take advantage of this new reality will win in the Purpose Economy.
What should fascinate you about these results is that purpose can, and will, become the ultimate differentiator.
Not only will consumers switch brands because of purpose, but they WANT you to make a fortune while you make a difference!
So, how do you establish authentic purpose within your company? And who are the winners and losers in the new Purpose Economy?
We will explore the answer to this question over the next few days…
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