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BizReport : Advertising : March 17, 2020

Poll: Even B2B brands need a purpose

Several studies have shown that consumers want to know what brands' stances are on renewable resources to how they support different non-profit causes. New data indicates that businesspeople are just as interested in the purpose of the businesses with whom they do business.

by Kristina Knight

New data out from The Harris Poll, the Association of National Advertisers and Carol Cone on Purpose finds that most B2B brands (86%) believe a defined purpose is important to their growth but that fewer than one-quarter (24%) believe that purpose is 'embedded into' their business to the point that it influences how they conduct business.

"There's so many inflection points and positive pressures to change the way capitalism is conducted today," said Carol Cone, Carol Cone on Purpose. "Purpose is a lens for our strategy development, our behaviors internally, our product development, the suppliers we work with, and then how we engage with society,"

Other interesting findings from the report include:

▪ 21% of employees are 'believers' in a company's purpose
▪ 96% say when they buy-in to the purpose, they defend their employer
▪ 56% say 'purpose' feels like public relations for their company
▪ 51% say purpose 'doesn't play a part' in their competitive set

"Gen Z and millennials really want to work for companies that have purpose, and those companies tend to be [business-to-consumer]," said Kristin Kenney, Senior Associate, Carol Cone On Purpose. "Interface is radical in its approach to upend the way companies approach sustainability, and that is highly attractive to younger generations who want to work with companies that 'get it' in terms of operating responsibly, especially given the state of the climate today."

More data from the report can be accessed here.

Tags: advertising, B2B tips, B2B trends, business purpose, ecommerce, Harris Poll, loyalty marketing, purposeful marketing

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