Having a social purpose is one of the most important steps for brands in their quest for success, according to the majority of marketers who took part in a recent survey carried out by the World Federation of Advertisers (WFA) and Edelman, quoted by Marketing Week.
The poll found that 83% of senior marketers agreed that having a sense of purpose is key for brands and 81% of respondents stated that social purpose created more business opportunities. Despite this common conviction in the importance of having a purpose, less than half the brands with which the panel of marketers were working at the time of the poll had really defined this. Moreover, only around one in three believed that they have successfully presented the meaning of purpose to their organisation or to consumers.
About four in five marketers share the view that purpose should start from the top down, from the CEO, while three-quarters think the CMO should be involved in designing and developing the purpose of the brand. Only half of respondents, however, think that all employees should be involved in the process of defining the purpose. More than two in three marketers say that other people that are not related to the organisation should also contribute to the idea, including customers and other people from the supply chain.
Meanwhile, 69% of those polled think that social media is a major tool for engaging people with brand purpose. Overall, marketers agree that purpose can be defined as programmes that have a positive impact on communities, protect the environment and promote ethical business activities, the report found.