WATCH | Why purpose-driven marketing is the new success story
This Sunday Times GenNext online event discussed the benefits of buying and manufacturing goods locally
A purpose-driven brand will generally perform better than a business driven only by profit, as it attracts more customers and better talent.
The idea is to achieve return on investment and generate profits, but having a purpose beyond the bottom line is what motivates marketers to push towards that profitability.
Google typically defines a purpose-driven brand as “one where those responsible for it share a core mission”. In a global context, developing economies are the purpose — beautifully coexisting next to the environmental, ethical and social issues brands try to fix.
In the SA context, where high unemployment rates and volatile economic growth are a reality, a brand's social purpose doesn't fully influence mass market purchase decision-making as much as price and practicality. However, this doesn't mean purpose-led brands are irrelevant to developing economies.
Brands that will stand out are the ones with a strong social and environmental focus, with the emphasis on how manufacturing and buying locally make an impact on businesses, communities and the youth, who are the backbone of the purpose-driven brand support.
Host Zanele Potelwa discussed the benefits of buying and manufacturing goods locally with industry experts during the Sunday Times GenNext webinar, in partnership with Proudly SA.
The discussion was centred on purpose-driven marketing strategies with the emphasis on localisation and highlighting the importance youth places on brands with a local purpose-driven agenda.