Kantar’s study adds to a growing body of research and case studies that demonstrate how important it is for brand marketing to reflect a sense purpose beyond a purely commercial one in order to connect with today’s consumers and, at the same time, the difficulties inherent in implementing this approach.
- Brands with a high sense of purpose have experienced a brand valuation increase of 175% over the past 12 years, compared to the median growth rate of 86% and the 70% growth rate for brands with a low sense of purpose, according to Kantar Consulting’s new Purpose 2020 report “Inspiring Purpose-Led Growth” made available to Marketing Dive.
- Among marketing leaders, 76% think their organization has a defined purpose, but only one in 10 have a corporate purpose statement that’s backed by a meaningful activation plan. Two-thirds of marketing leaders believe that purpose delivers long-term growth, just one-third believe purpose is a company-wide movement.
- Nearly two-thirds of millennials and Gen Z express a preference for brands that have a point of view and stand for something, the report found.