In the last few years, one of the most popular business trends has been purpose-driven business operations and promotional efforts. Back in 2019, there was a Harvard Business School study published that linked the positive performance of companies on the stock market to their purpose.
Yet most of the purpose-driven businesses and promotional efforts around the world have been largely driven by companies in the B2C industry. The pandemic gave companies in the B2B industry the opportunity to join in on that trend and promote themselves as being purpose-driven.
Pandemic Reaction
The global pandemic made a lot of people realize how important companies in the B2B industry are. Businesses once largely considered operating "behind the scenes" became essential to keeping everything working as normal as possible.
That's why these days, whenever a brand in the B2B industry talks to the public about its mission and relates that mission to improving people's lives and helping the world run smoothly, consumers, along with investors tend to appreciate those brands a lot more. The purpose-driven brands in the B2B industry have become a key element to people's daily lives, and society at large, as a result of their work throughout the pandemic.
Purpose-Washing
Plenty of B2C companies lost out on the attention, along with sales opportunities when consumers realized that they were only "purpose-washing" instead of taking action regarding their purpose.
That means only talking about social issues without taking any action. On the other hand, most companies in the B2B industry have largely focused on taking action toward their core mission and values, which shows their consumers that they truly care about their consumers and the world.
Trust in Brands
All over the world, the trust levels that people have in their governments have been diminishing, but that's not quite the case with consumers and B2B brands. While people might not trust that governments can improve or innovate society, and help them overcome challenges, or provide new opportunities, they trust that B2B brands can do all of that and more.
This is precisely what makes the most innovative companies in the B2B industry seem a lot more valuable to consumers. It also connects the consumers to those brands, creating deeper relationships. One example of such an innovative brand is Intel, which has the purpose of "creating world-changing technology that improves the lives of every person on the planet".
Another example is Space-X, a company that's trying to improve space technology and allow people to travel to or even live on other planets.
The key behind purpose-based marketing is companies actually doing something that's tangible behind their purpose, instead of solely talking about that purpose. When companies are able to do that, they'll rise above being an afterthought in the eyes of the public to get a lot more praise, credit, and success.
