2018 Cone/Porter Novelli Purpose Study: How to Build Deeper Bonds, Amplify Your Message and Expand Your Consumer BasePurpose isnt just the latest marketing buzzword. Businesses are changing how they operate and what they stand for to have an authentic and impactful role in society. Purpose is more than just a mission statement or a commitment of values. It defines an organizations value in society, which allows it to simultaneously grow its business and positively impact the world. Purpose must be deeply embedded within the organization, the brand and the experience that is delivered. 12018 CONE/PORTER NOVELLI PURPOSE STUDYTABLE OF CONTENTSKEY INSIGHTSTHE EVOLVING BUSINESS AND CONSUMER LANDSCAPEBENEFITS TO LEADING WITH PURPOSEDEMONSTRATING PURPOSETHE INTERSECTION OF PURPOSE + SOCIAL JUSTICEBUILDING DEEPER BONDSEXPANDING THE CONSUMER BASEENLISTING ADVOCATES TO AMPLIFY THE BRAND MESSAGEPURPOSE TRUMPS COST AND QUALITYINUDUSTRY FOCUS: LEADING WITH PURPOSECONCLUSIONABOUT CONE & PORTER NOVELLI0305060810121416182022242The evolution of responsible business is yet again taking an exciting turn as we encounter a perfect storm. Thanks to omnipresent social media and near unprecedented levels of activism across demographics (age and lifestyles), social consciousness is no longer exclusive to the enlightened Millennial or hybrid-loving consumer. Today, mainstream consumers expect companies to have a more meaningful reason for being beyond the products they create. They need a reason to like you, defend you or champion you and price and quality are no longer enough.Businesses that take a Purpose-driven approach will be rewarded with an entirely new level of consumer engagement one that goes far beyond a product-based or transactional relationship. Businesses that lead with Purpose can build deeper bonds with existing consumers by engaging around shared interests about issues that matter. By leading with Purpose and shared values, companies are able to expand the consumer base and enlist these advocates to further amplify the brand message.32018 CONE/PORTER NOVELLI PURPOSE STUDYPurpose is more than just a trend, its the new norm. Americans have expectations of companies to lead with Purpose by not just making money, but positively impacting society as well. Companies need to identify, communicate and live their Purpose to maintain relevance, trust and competitive advantage.Purpose and business practices must be aligned. Americans believe that a companys operations should be in alignment with its unique Purpose, with corporate social responsibility (CSR) as the primary way for companies to articulate and share their Purpose. Companies must “walk-the-talk” to demonstrate their Purpose in action.Purpose must be multifaceted. Americans feel there are many ways companies should express their Purpose, whether that is investing in important social causes or connecting with consumers on the issues that matter most to them. Companies should evaluate how they can uniquely share Purpose in a way that is authentic to the brand.No issue is off limits. Americans expect companies to address important hot-button issues from privacy and internet security to gun control. But this isnt a call for a company to insert itself into every issue that crops up. Rather, companies should use Purpose as a lens to determine what issues to stand up for and how. Purpose is redefining loyalty. When companies lead with Purpose they can create deeper emotional bonds with consumers. These bonds transcend functional product attributes yielding a pride of association and willingness to defend it that is otherwise hard to earn. This multidimensional relationship allows companies to retain entirely new levels of brand loyalists. This report is filled with the need-to-know data and insights on why Purpose-driven brands will lead in the marketplace. Here, we pulled out the overarching insights every practitioner should consider:4Loyal consumers will amplify Purpose. The majority of consumers stand ready and willing to share the content of Purpose-driven brands far and wide, whether they are encouraging purchases or sharing stories. Companies can tap these supporters to even further amplify the brand message and “endorse” the brand to entirely new audiences. Purpose will expand consumer base. Purpose-driven companies will gain the license to enter new markets and expand product lines. Brand devotees are willing to try products in different categories from their favorite Purpose-driven company while new consumers are more willing to test out products for the first timepetitive advantage transcends the cash register. Most Americans consider a companys Purpose and authentic role in society when making a variety of decisions from where to work to what to invest in. Companies must remember to communicate Purpose not just to consumers, but all stakeholders, to meet broader expectations and realize the full benefits. Quality is still an important factor in purchase decisions. When compared to companies differentiating with low-cost or high-quality products, Purpose leads in a number of ways including positive emotional connection, pride in being associated with the company, willingness to share information about the brand and more. Yet, Purpose is no panacea. To remain competitive, companies cannot cut corners on quality as that remains the primary factor in purchase decisions. No industry gets a pass. Americans believe its an expectation across all industries from healthcare to manufacturing. Companies must look inwards to ensure their articulation of Purpose is not only authentic, but differentiating.This study presents the findings of an online survey conducted March 816, 2018 by M/A/R/C Research among a random sample of 1,006 Americans, comprising 502 men and 504 women, ages 20+. The margin of error associated with a sample of this size is ± 3% at a 95% level of confidence. We broadly described “Purpose-driven companies” to respondents as “organizations that are committed to both making money and making a positive impact on the world (e.g., strong environmental practices, being a good employer, supporting critical issues, giving back to communities).”52018 CONE/PORTER NOVELLI PURPOSE STUDYTHE EVOLVING BUSINESS AND CONSUMER LANDSCAPEEvery few years, the world of responsible business goes through a metamorphosis taking foundational elements and building upon them to find entirely new ways to grow the bottom line while making a positive impact. Over time, companies have led with concepts like strategic philanthropy, cause marketing, CSR and now, Purpose. And while one approach does not necessarily replace the other, the bar continues to be raised. In fact, more than three-quarters (78%) of Americans believe it is no longer acceptable for companies to just make money, they expect companies to positively impact society as well. This demonstrates that companies can not only be a powerful force for good its simply an expected way of doing business today.6BENEFITS TO LEADING WITH PURPOSEPurpose-driven companies will gain competitive differentiation across a variety of decisions the first of which goes straight to a companys bottom-line. Nearly nine-in-10 (88%) Americans say they would buy products from a company leading with Purpose. Other important benefits range from that companys license to operate to its ability to garner top-tier talent. Eighty-five percent of Americans say they would be likely to support a Purpose-driven company in their community while more than two-thirds (68%) say they would want to work for that company. Finally, more than half (54%) would want to invest in a company that strongly articulates its role and value in society.Why are Americans compelled to support Purpose-driven brands? It helps them feel that they are making a personal difference. In fact, eight-in-10 (80%) consumers say when they buy products or services from Purpose brands, they feel like they are doing their part to make a positive impact as well. 72018 CONE/PORTER NOVELLI PURPOSE STUDYPURPOSE-DRIVEN COMPANIES GAIN AMERICANS SUPPORT IN THE FOLLOWING WAYS:WOULD BUY PRODUCTS/SERVICES FROM THAT COMPANY88%WOULD SUPPORT THAT COMPANY IN THEIR COMMUNITY85%WOULD WORK FOR THAT COMPANY 68%WOULD INVEST IN THAT COMPANY54%8DEMONSTRATING PURPOSEPurpose isnt elitist or only for the B-Corps of the world. It is multifaceted, with many different ways for companies to authentically live and express their Purpose. When asked in what ways it was important for companies to articulate their Purpose, Americans felt companies should start from within. Most important was that the company operates in a way that benefits society and the environment (89%) through responsible business practices. However, nearly as important was having a North Star and strong values that guide how a company positively contributes to society. But they need to see it to believe it. Americans also want to see how companies are showing up and making a difference in their communities and in their communications.