A Harvard Business Review report indicates that “purpose-driven companies make more money, have more engaged employees, more loyal customers, and are better at innovation and transformational change.” This quote on purpose marketing appears in the new B2B Purpose Paradox report produced by the ANA, Carol Cone on Purpose and The Harris Poll. ROI in marketing can be maximized if the company has a clear purpose.
ROI in Marketing
The Benefits of Marketing Purpose
Your clients may believe purpose marketing means they should promote the fact that they strive to make every customer happy. That’s no longer enough, even in b‑to‑b circles. Sellers are now encountering buyers who want to understand a vendor’s vision about their impact on the world and how they plan to reach that goal. Surveyed business leaders believe that articulating purpose:
- Improves business growth 47%
- Deepens customer relationships 46%
- Builds reputation 44%
In turn, each of these results greatly benefit the ROI in marketing a purpose.
Purpose Marketing Trends
Over half, 57%, of b‑to‑b organizations say they are somewhat or much more focused on purpose now than they were a few years ago. And organizations in some industries are further along in their commitment to purpose. Financial services and insurance companies (65%), health care businesses (52%) and professional services (48%) have taken steps to articulate their purpose and to expand the vision throughout their organizations. This can dramatically increase each of these company's ROI in marketing. B‑to‑c marketers who promote social responsibility purpose know they are reaching consumers with their message.
When your clients engage with prospects, they should be discussing their organization’s purpose. They should reinforce their position by providing details on the company website (84%) and in sales collateral and other marketing documents (80%).
The commitment to purpose isn’t limited to large companies. In our Selling to SMBs study, nearly 18% of respondents told us that their organization has taken a public position on an important social issue in the past year. That statistic indicates the growing importance of organizational purpose and great potential for a higher ROI in marketing.
You need to keep in mind that buyers today expect to hear a lot more about a selling organization’s purpose. It’s not enough to make profits and sell the best product in the marketplace. Prospects want to hear about a company's vision and how the business is making a positive impact on society. They also want to understand that the seller’s leaders and employees are committed to the purpose as well. That connection will make prospective customers feel good about doing business with the seller.
Are your clients succeeding at purpose marketing? How well are they digitally communicating their purpose? You can get a sense of what’s happening by running a digital audit on them. The tool is available at AdMall by SalesFuel.