Essay on Purpose-Driven Marketing: Attracting Customers With Psychographic Elements

Currently, marketing has become a significant pillar to the success of companies, and the more a company uses a more defined marketing strategy, the more it attracts more customers. Purpose-driven marketing is evolving to become the most preferred marketing strategy as it establishes a meaning to its customers (Andrews & Shimp, 2017). The target market for this strategy is defined by the psychographic elements, which include the changing interests and attitudes of customers and increased use of social media for marketing. The product-driven marketing strategy can be initiated via online platforms to reach more customers from various places.

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Supporting a purpose-driven marketing strategy enables a company to earn higher revenue through brand loyalties. Because building a marketing strategy with good deeds have a positive impact on its bottom line. Having bevy brands that offer similar products and services and that champion for a worthy purpose causes a differentiator that assists a company stands out (Sheth, 2017). To beat the competitors in the market, purpose-driven marketing is the best tactic as in the current market, buyers always purchase from brands that support some social issues that they believe in assisting them. It has been estimated that about seventy-two percent of consumers endorse a company that supports a worthy cause, which does market that has a purpose. Also, for consumers within 16 to 34 years, about sixty percent of them are more likely to look at an advertisement that is purpose-driven (Sheth, 2017).

Purpose-driven marketing in an always-on digital marketing world is essential to the process of customer engagement and changing the customers' behavior. Concerning various advertisements currently in social media, there is a transformation in how brands communicate with customers. Hence, positioning a brand purpose is a way of evolving marketing content that will keep up with customer behavior and habits that are changing very fast.

In strategizing purpose-driven marketing, the company has to know why its brand provides a building foundation. All the marketing mix or 4ps are well defined to do powerful marketing that is driven by purpose. For a marketer using a purpose-driven strategy to successfully put the right product at the right place with the right intention, the 4ps such as product, place, price, and promotion have to be considered with priority. Starting with the product mix, the company product, either being tangible or intangible, have to be developed to meet the demand and specific customer needs. In the purpose-driven marketing, the product should be designed to precisely suit the target customers, and fulfill their needs (Sheth, 2017). The problems that a product has to solve should be identified during the product life cycle, and potential customers should be well understood after identification to launch a product that directly serves a specified purpose. In the second mix, price directly affects how a product sells due to customers' perception of the product's value. So, a company that is going for purpose-driven marketing with intention creating a value toa consumer should first assess the value of a consumer to set prices that customers will get attracted. Then, on the promotion mix, the communication strategy is through advertisements via social media. The promotion strategy has to communicate the company's purpose in offering the product, and it should clearly state how it assists in meeting customer's needs. In place mix, a vital placement strategy has to be identified to enable in taking the product to the customer. A distribution strategy should be desirable and tailored to allow the product to reach the customer in time to fulfill the purpose for the customer purchased.

The foundation of purpose marketing is the fact that these days' customers want to feel they are part of something bigger; they are more passionate about their causes and love companies that offer the best brands (Nanda, 2013). When a company product or brand becomes is loved by customers and supports it because of the purpose attached to it, then potential customers are captured, and they will be turned to become passionate brand ambassadors. A purpose-driven marketing strategy takes a company brand's cause available to potential customers assisting them to connect to the brand as a whole fully.

The best means of utilizing purpose-driven marketing to reach out to the target customers is via targeting a cause that has meaning to the customers. Then, be consistent in offering the brand message to the customers by telling them the reason chosen matters a lot to them, and to establish the purpose better than the company brand needs to set differently from other companies. It has been seen that 88 percent of consumers are eager to know the type of brand they want to support as having a real impact on their needs. Where 73 percent of the consumers are willing to change brands to help the one that stands with a cause, they believe (Nanda, 2013). Purpose-driven marketing does not only impact customers positively, but it also redefines the company business as a whole. The reason developed creates a common mission that offers business something critical, a factor that brings every stakeholder together.

In analyzing the market condition to implement the purpose-driven marketing, a company has to carry out PESTEL analysis as some factors are internal and external and which affects the bond between a company and customers. The tool determines external marketing factors, which include political, environmental, social, technological, legal, and environmental factors. The analysis will enable a company to identify some threats and weaknesses that might affect the aim of the purpose-driven marketing strategy (PANDEY, 2017). It is usually utilized in a marketing plan when a company is directing its marketing strategy to a particular audience, and PESTEL will tell what is going outside the territory of the company. The threats and weaknesses identified by PESTEL analysis will be corrected before launching the marketing strategy.

Some of the advertising and promotional recommendations are the use of social media websites such as Google, Facebook, and others in marketing. This form of advertisement and promotion is direct, and it is at its best. The potential world customers are connected via social media. The other recommendation is the use of End-Cap Marketing and Point-of-Sale Promotion because of its convenience and impulsiveness. The products are advertised online then advertised through stores. The product is positioned in a way that is convenient for customers' access.

References

Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated marketing communications. Nelson Education.

Nanda, A. K. (2013). Social marketing: A literature review. International Journal of Science and Research, 4(9), 697-702. Retrieved from https://pdfs.semanticscholar.org/14f2/69f046f02c2fbd770c15371ef51c7ffad7a3.pdf

PANDEY, B. C. (2017). Nike Inc-Complete Analysis: SWOT, PESTLE, and Marketing strategy. BookRix.

Sheth, J. (2017). Revitalizing relationship marketing. Journal of Services Marketing. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/JSM-11-2016-0397/full/html