We have recently appointed Chris Davies as Managing Partner, Growth to help businesses define their challenges and develop solutions. Chris brings with him a wealth of experience, having worked across the entire marketing industry from agency, to client, to intermediary and trade association.
We have seen that more organizations than ever before understand the power that purpose can bring to their business, especially when it’s integrated and properly embedded in the culture and helping to drive strategic business decisions.
"Purpose is greatly misunderstood and misused by businesses. There have been too many examples of ‘purpose’ starting and ending within the marketing department."
Its true value is when it’s aligned with culture and brand to drive emotional behaviour, internally and externally.
Take his favourite purpose-driven business Finisterre, for example: “They make their purpose accessible to shoppers by being great at producing their own content. For me, their Sea7 Series debunked what activism actually is.
“Other than the obvious global, macro-challenges like inflation and supply chain, talent is a challenge that will always remain constant. Now that flexible working has been accelerated, it has become easy for companies to attract talent with cheap benefits. The ones that will win the talent game are those that focus on building a purpose and culture that endures.”
Employees are increasingly looking to work at businesses whose purpose aligns with their values. No one is excited about maximizing shareholder returns – but making a difference in the world, that’s something employees can get excited about.
“Purpose is the foundation for everything, from setting the vision, to developing culture, to designing a brand identity and experience. The key is aligning it all and not using it in a siloed way.”
In the last two years, we have seen some trepidation with businesses in response to big upheaval in many industries, causing them to become more risk averse. But Chris’ take on how brands in the sector should respond to these challenges is to not take their foot off the pedal.
History has shown that fortune favours the brave in times of recession and disruption.
"Some rebrands have been too safe in recent years; there is certainly a creative opportunity for new and existing brands. The IPA have been banging the drum about ‘The Cost of Dull’ in communications for years, and it applies to brand just as much. There’s also opportunity across the marketing mix; take media, for example – as budgets shrink it becomes cheaper to gain share of voice.”
According to Chris, there are plenty more opportunities for businesses to grow, particularly if they utilize their purpose.
“There have been hundreds of examples of businesses ‘purpose-washing’ to appear benevolent during the pandemic and it’s always transparent. Clearly linking your business story to your brand story ensures authenticity, which is vital,” he says.
Ultimately purpose, brand, and culture are the foundations for a successful business – and foundations are tested during times of seismic change. We’re certainly in the middle of one now, so there has never been a better time for brands to ensure those foundations are solid.
