Recent events have turned our world upside down, demonstrating the interconnectedness of financial markets, economics, public health, and socio-politics on a global scale. As a result, brands across industries and markets are reevaluating their business models, rethinking how best to connect with consumers globally, and making the required mindset shifts
. Many already have started to shift to human-centred approaches that place brand values at the core of how they do business. This is a good thing because now more than ever, people across the globe are calling on brands to answer this essential question, “what does your brand stand for?”
Consumers will buy from brands when they stand for something larger than just their product, which aligns with the consumer’s personal values
Many of the trends we are seeing amplified as a result of COVID-19 and other recent events have actually been around for some time. The pandemic has simply pushed the fast-forward button, forcing organisations and the people working in them to evolve at a much faster pace than usual. Healthcare is being transformed, bringing telehealth practices to the forefront. Cloud technology is no longer being thought of as a business advancement but rather a business imperative. Close to home destinations are seeing a surge in interest as the population remains concerned about safety standards. The world is seeing the importance of supply chains. Populations across generations are experiencing the ease of shopping online. And increased attention is being placed on savings and money management habits.
These disruptions are by no means surprising, but the pace at which the disruption is happening certainly is. Gartner calls out that “brands plan for disruptions to their resources and processes, but often times don’t recognise business models can be just as big a threat to operational continuity.” So, if there was ever a time for brands to focus on and potentially reevaluate their business model, that time would be now, because in today’s world, a brand’s business model is their marketing. And above all, today’s consumers want brands to lead with their business purpose. Purpose-driven marketing, which we call Marketing with Purpose
is about building trust through responsibility, values, and inclusion.
Now more than ever, we strive to provide our advertising clients with insights and purpose-driven strategies, like the A Human-centered Approach to Business
webcast and The Psychology of Inclusion and the Effects in Advertising Whitepaper
to reimagine business with human-centred approaches.
The world is at an inflection point. It's time for us to get to the very core purpose of a modern corporation and what it means for the world going forward. That's what our world demands of us.
Satya Nadella, Inspire 2020