Over at Forbes, contributor Billee Howard highlights the growing intersection between the collaborative sharing economy and the growth of purpose-driven brands. By combining the core tenets of collaboration with the core tenants of cause marketing to create purpose-driven content, Billee argues, companies can do well by doing good.
By Rick Ferguson
Why is creating a purpose-driven brand story so important? Howard quotes JLK Marketing's Jessica Joines in her paper "The Rise of the Consciousness Economy." Money quote from Joines:
"Consumers want health and happiness for themselves and good things for the world. Purpose-driven brands are playing an increasingly powerful role in an era where socially evolved companies are introducing products and services that foster true social change through their platform, mission, or simply to uproot an imbalanced status quo."
How can companies leverage the rise of the "Consciousness Economy?" Howard argues for collaboration and sharing between the brand and its best customers through interactive communication and meaningful engagement via a collaborative content platform. Her five key themes to develop through this collaborative content push (all text from Howard):
- Economic Profitability: consistent positive earnings and long-term value to shareholders
- Social Profitability: purposeful contributions to society at large
- Environmental Profitability: proactive investment that serves to advance and protect the world.
- Future Generation Profitability: ensuring a positive future for generations to come.
- Engagement Profitability: building engagement across all key constituencies with an eye on driving increased revenue and long-term growth
The intersection of purpose-driven branding and customer loyalty is clear: loyalty programs provide a potential ecosystem of best customers desirous of a deeper, more valuable relationship with their favorite brands; integrating purpose-driven collaboration with your loyalty ecosystem can drive a strong emotional connection that will be difficult for your competitors to match. Howard's article provides some useful guidelines to get started; read the entire piece here.
Rick Ferguson is CEO and Editor in Chief of the Wise Marketer Group.