Purpose-driven branding is an interesting concept as it applies to brand marketing online. Per Adscovery, purpose-driven branding “is where a company works towards a larger purpose considering profit-making to be a by-product”. Companies like Google, Whole Foods, and many other companies do purpose-driven branding. These companies are not just contributing to a good cause or sponsor a sporting event once in awhile. These companies truly have a higher purpose and profits are a by-product (a very important by-product) of their business.
Purpose-driven product branding should work well in brand marketing online when it comes to social media. Social media is all about connecting to things that you think are important. This can be people, ideas, things, and even a company that has the same ideals and purpose that you do. Product branding using a viral video on YouTube.com may get a product some publicity in the short-term, but it does not have the “stickiness” of purpose-driven branding where customers actually identify with the brand. Social media networks such as FaceBook, LinkedIn, Twitter, are online places where people and companies acquire online reputations. If you have a good reputation, you become well connected.
In the near future it may be the case that if a product or business is not well connected “socially” online, there will be limited opportunities for these “non-connected” businesses to make a sale online no matter what their marketing budget. Online marketers and scammers that are just trying to make the “quick buck” may soon be out of business on the internet. It makes sense that people will stop buying from companies where they do not have a connection or someone in their social network cannot vouch for the product or company. Low price will always be important, but a product’s online reputation now becomes critical. See Adscovery’s posting, Purpose-driven Branding for more information on purpose-driven branding.
Tags: online marketing, social media