How marketers can put social purpose into practice
Brands need to replace the outdated concept of CSR with a social purpose that is intrinsically linked to their core objectives.
Brands need to replace the outdated concept of CSR with a social purpose that is intrinsically linked to their core objectives.
Speaking to Marketing Week to promote The Venture, Chivas whisky’s $1m competition for social enterprises, the wine and spirit maker’s chief executive Alexandre Ricard claimed today’s consumers will uncover any lack of authenticity in corporate social responsibility efforts.
Brands that don’t match words with deeds when it comes to their impact on society face the threat of vigilante justice, with Greenpeace having forced brands such as Tesco, Lego and Waitrose to change their ways over recent years.
Having a social purpose is helping brands such as Ben & Jerry’s, owned by Unilever, build a relationship with customers beyond sales transactions.
While the UK’s ad market grew 6% in 2023, total growth when discounting high inflation rates was -1.2%, according to the latest report from the AA and WARC.
Inclusive marketing drives meaningfulness and differentiation for Lego, says brand boss Carolina Teixeira, measures closely linked to price elasticity.
Marketing boss Richard Warren claims boards see advertising as a running cost, meaning marketers shouldn’t “cloak” campaigns in the word “investment”.
Overall digital advertising spend grew 11% in 2023 to £29.6bn, according to data from IAB and PwC.