Healthcare marketing insights: brand purpose and the bottom line
Putting purpose beyond products and profits actually enhances the bottom line.
That’s the collective view of the heads of marketing for three of the country’s best known brands. The Ad Age interview – How Purpose Affects The Bottom Line – included the global
chief marketing officer at Gap, VP-corporate marketing at IBM and VP-global ad strategy and creative excellence at Coca-Cola.
The executives answered these three questions:
1. What is your brand’s purpose in a sound bite?
2. Will purpose continue to gain steam or is it just a fad?
3. What impact can purpose have on the bottom line and your place among competitors?
Upshot of the interviews is that at the heart of every great organization is a purpose that drives through every facet of the organization and guides its internal teams. As a result, their collective point-of-view is that purpose-driven branding and marketing is going to get more and more important. And that purpose, so to speak, definitely sells.
Their opinions mirror that of Jim Stengel, former global marketing officer at P&G, who wrote the book “Grow: How Ideals Power Growth and Profits at The World’s Greatest Companies.” It showed that the world’s 50 best businesses, based on a 10-year growth study he conducted with Millward Brown Optimor—demonstrate a direct correlation between brand purpose and financial performance.
Takeaway for healthcare marketers should be to think beyond the typical, undifferentiated “antes” and consider what drives you, what you stand for and why they should care. And once you arrive at the answer, to use that “core energizing idea” as a filter for all of your actions and communications both internally and externally.