Brands must use purpose as their “north star” to guide decision-making and avoid mistakes

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 15, 2020, 12:33 PM UTC

A purpose-driven strategy can help account for gender disparities and pays across the organisation.

This article states as businesses use purpose to justify their existence, they must ensure they’re driven by authentic values, roots, heritage and employees. Rather than using purpose as a gimmick for marketing, brands should leverage it to support the society they do business in.

Being honest and transparent about their past and leading onwards with purpose can help brands strengthen consumer relationships and build trust. The author contends brands must evaluate their past mistakes to find new opportunities of growth, development and innovation.

Having a cross-functional purpose team helps account for their manufacturing practices, fix broken values and steer leadership in the right direction. For organisations to define their purpose, they must assess their values, speak with stakeholders and create a SWOT analysis.

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[4 minute read]