Today, during day three of the 2018 Cannes Lions Festival, Y&R Global CEO David Sable and Laura Jones, Executive Strategy Director of Y&R’s BAV Group, joined Kantar during a session focused on brands and the power of purpose. They examined the ways in which brand purpose can drive staying power and longevity in the market—as well as the many pitfalls to achieving these goals.
They discussed the increasing momentum for brand Purpose within recent years. According to Y&R’s BrandAsset® Valuator (BAV) data, the impact of brand Purpose on Differentiation has grown by 19% since 2007.
But as hugely powerful as Purpose can be for a brand, it can be a double-edged sword; managed poorly or inauthentically, missteps are a pervasive risk to the perceived realness and “authenticity” of a brand.
With this in mind, the 10 perspectives on brand Purpose boil down to the following:
- Purpose can be polarizing
- Purpose can be unifying by bringing brands and people together
- Purpose can make a tangible difference
- Purpose cans save lives with their message
- Purpose should come from the brand DNA
- Purpose can be political
- Purpose can be personal
- Purpose should inspire
- Purpose can protect a brand against crisis
- Purpose requires Tensity
The bottom line, however, is that price, convenience and rewards will always trump Purpose. When the delicate balance of Purpose is achieved, it can mean sustainability for a brand that can go above and beyond in its market not just financially, but ethically as well.