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Competitive Agility (To affinity and Beyond, the rise of the purpose led brand)
It will take you approximately 5 to 7 mins to read this research report by Accenture. It presents interesting statistics regarding purpose led companies and how purpose is driving consumer purchasing decisions more than ever before. Further, the research identifies factors that influence the form a brand purpose might take and how it will affect their competitiveness. Interesting statistics:
- 62 % of customers want companies to take a stand on current and broadly relevant issues such as sustainability, transparency and fair employment practices.Companies that don’t, pay the price.
- When consumers are disappointed by a brand’s words or actions on a social issue, 53% criticize, 47% walk away and 17% never come back.
- Companies that stand for something bigger than what they sell are more likely to attract customers, influence purchasing decisions, and retain relationships thereby improving profitability and competitiveness.
- Understanding how to install a sense of “brand belongingness” through a clear and relevant purpose is quickly becoming a prerequisite for competitiveness.
- Authenticity, creativity and acting humanly are the three guiding principles that set purpose driven brands apart.