People want purpose!
The days of solely chasing profits are fading faster than Twitter. Younger generations demand more from the brands they interact with. They crave purpose, authenticity, and a commitment to making a positive social and environmental impact.
Looking for some proof of that? You’ve come to the right place!
More than a decade of statistics speak loud and clear:
91%
of millennials
would switch brands to one associated with a cause
In Why 9 out of 10 Millennials Will Switch Brands Bill Sharpe of Simmons Sharpe makes the case for purpose-driven marketing as smart marketing - not just for boutique brands, but for major advertisers in major markets, backed by research and data.
84%
of people
globally would “tell friends and family” about a company’s CSR efforts
The Cone Communications/Echo Global CSR Study delves into the global perspectives and expectations of consumers in different countries around the world when it comes to social and environmental impact.
Key takeaway:
Corporate social responsibility is no longer an option — it is emphatically and indisputably a must-do.
74%
of Americans
said how companies behaved during the protests would affect their desire to purchase from them in the future
This statistic from the GFK Consumer Pulse Study of 2020 shows how the murder of George Floyd in 2020, the ensuing protests and the rise of the Black Lives Matter movement further amplified the public’s demand for organizations to take a stand. We have since seen a growing demand for corporate accountability, transparency and action on a variety of social issues
74%
of consumers
believe companies can take actions that both boost profits and improve economic and social conditions for their local communities
The Business of Purpose - Statistics page has a wealth of information for anyone who needs more proof that purpose pays off - in more ways than feeling good about your work (which shouldn’t be underestimated!).
As they put it:
A highly curated collection of stats and numbers to showcase purpose-driven business’ juicy return on impact. To get even more inspired, or convert that one Board member stuck in yesteryear.
70%
of millennials
would be willing to pay more for a product associated with a cause they care about
This Matchable article, Millennials are shifting CSR from Bonus to Necessity, does a great job outlining the bigger picture of social responsibility. It is not just about keeping market share. It is about attracting talent, 64% of Millennials say they would not accept a job at a company they deem to be not socially responsible, employee retention, and overall reputation. People are paying attention, and they care.
65%
of GenZ women
expect brands to actively support causes important to them
Purpose-Driven Brands Lead on Business Performance from GFK notes countless studies have now reinforced the link between purpose-driven brands and business performance.
“Companies absolutely must be mindful that social responsibility is now key to attracting and retaining customers,” says Gonzalo Garcia Villanueva, Global Chief Marketing Officer at GfK. “Most organizations are finally realizing that social-impact initiatives are not just good for the world, but also for business. Consumers are increasingly driven by social conscience and they also want to buy from brands whose values they see themselves reflected in.”
These numbers aren't just trends; they represent a cultural shift.
In A call for accountability and action: The Deloitte Global 2021 Millennial and Gen Z Survey 55% of survey respondents agreed society is “at a tipping point and there will be positive change from this point forward” on the issue of racial discrimination. This optimism suggests that consumers are ready to support brands that are actively contributing to solutions.
People are no longer satisfied with simply buying a product or service. They want to connect with brands that share their values and actively work to make the world a better place.
And it is not just the purpose-driven converts seeing the value of social impact. Forbes is well-known for recognizing riches, regularly distributing lists of global billionaires. Now even Forbes cannot ignore there is value in purpose. In their article Silence Is Not An Option: Research Shows Consumers Expect CEOs To Take A Stand On Political Issues they note that 35% say they’re more likely to trust brands when they take a stance, with 43% favoring companies that do so on social, environmental and political issues.
So, what does all this mean for organizations?
It means it is well past time to move beyond profit as the driving force of what “business” means. Here are some ways to make these statistics actionable:
- Define your purpose: What does your brand stand for beyond just selling products? How do you make a positive impact on the world?
- Be authentic: Don't just jump on the bandwagon. Ensure your purpose aligns with your core values and resonates with your target audience.
- Stand on purpose: Don't just talk about it, be about it. Check out Aligning with your purpose: a roadmap to living your values for ideas on how to integrate your purpose into every aspect of your organization.
- Be transparent: Share your progress, challenges, and impact openly and honestly. Build trust with your audience by showing them you're walking the walk. Don’t be afraid to be vulnerable and allow your audience to join you on your journey.
Purpose isn't a marketing ploy; it's a way of life. By embracing purpose and making it the core of your brand identity, you can connect with consumers on a deeper level, build loyalty, and contribute to a more positive future.
Now is the time for organizations to integrate purpose into their business model, brand and all marketing and communications efforts. Let us know if you’d like to chat about how to get started.