5 Ways To Build A Purpose Driven Brand In Collaborative Economy

5 Ways To Build A Purpose Driven Brand In Collaborative Economy

The sharing or collaborative economy is growing daily around the world and quickly morphing into a recognized driver of purpose as much as democratized access and convenience.

By combining the core tenets of profiting with purpose with the new notions of trust and borrowing vs. ownership the collaborative economy is based upon, the global business landscape is experiencing a groundswell shift as powerful as the one felt in the days of the Industrial Revolution.

As this movement continues to evolve, we are seeing the new economy positively impact all walks of society including: innovation, economic development, equity, safety and implementation. Examples of this are rampant across the business landscape as brands seek to embrace the new guiding mantra of purposeful business.

 

Companies following a purposeful business approach should work to build brand narratives around the following themes:

  1. Economic Profitability: consistent positive earnings and long-term value to shareholders
  2. Social Profitability: purposeful contributions to society at large
  3. Environmental Profitability: proactive investment that serves to advance and protect the world.
  4. Future Generation Profitability: ensuring a positive future for generations to come.
  5. Engagement Profitability: building engagement across all key constituencies with an eye on driving increased revenue and long-term growth

In a recently published paper, The Rise of the Consciousness EconomyJessica Joines, Founder of JLJ Marketing, identifies an emerging economy of ‘consciousness’ that is fueling a global economic revolution and born out of the collaborative economy. “ Consumers want health and happiness for themselves and good things for the world . Purpose-driven brands are playing an increasingly powerful role in an era where socially evolved companies are introducing products and services that foster true social change through their platform, mission, or simply to uproot an imbalanced status quo,” said Joines.

As this new approach to business continues to flourish amidst the sharing or collaborative economy, a corollary collaborative approach to purposeful marketing and communication becomes imperative.

At the heart of tackling this new reality, is building collaborative ecosystems for brands that drive two-way communication and meaningful engagement. This is where the idea of creating collaborative content platform models that function in essence as “entertainment studios” comes into play.

 Customers and employees engage with brands they love.  They are interested in the story, who created the product or service, why and how it was created, its impact on the environment and how the company gives back to society. Purpose-driven brands like this require engaging and skillful storytelling to fully convey that rich, purpose-driven brand experience,” said Joanna Black, CEO of Up to More Good.

As the line between journalism and entertainment content continues to blur, brands have the opportunity to step up as purveyors of not just winning products, but producers of purpose driven content that can drive both engagement as well as specific business outcomes that directly correlate to improved business performance.

The studio or collaborative content platform model, which focuses on the phases of development, production and distribution, all with an eye on building an audience that can be monetized both immediately as well as overtime, is a forward thinking approach any CMO should consider in today’s ultra competitive landscape.

Following are 3 easy steps that will help CMO’s “executive produce” their brands in ways that both “push” and “pull” purpose driven content, as well as drive audience reach and measurable engagement, and leverage creative content to solve business problems:

Development: Think of a Brand Story as a Movie that is Being Written & Cast

    • Clearly identify the purpose centered brand story you want to tell
 
  • Analyze the cultural landscape to assess best way to frame your purpose driven story amidst current conditions
  • Collaborate with leaders at various levels to shape story and identify desired business outcomes
  • Develop one guiding brand narrative that captures the core story and works to identify who your purposeful brand is, as much as what it does in ways that bridge from mere product or service to emotional experience
  • Select cast of characters best suited for your programming
  • Assess current market engagement on topic before you begin to assess impact

Production: Think of Your Content Platform As Your Movie Set

  • Collaborate with creative partners to develop content strategy and content products that will best convey your story, and be able to be absorbed and shared by and with key target audiences.
  • Translate content ideas that frame the brand narrative, story and elicit a call to action into programming that doesn’t just inform, but seeks to also delight and entertain
  • Create purpose driven content platform model, not one campaign strategy, upon which to display content and offer unique destination experience and opportunities for engagement.
  • Develop content vehicles based off of core programming that can be customized by distribution channel (i.e. Internet, Facebook, Twitter etc.)
  • Work with your cast to ensure effective message delivery that both informs as well as adds an authentic layer of humanity to every story

Distribution: Imagine All The Ways In Which You Can Sell Tickets to Your Show.

  • Identify who you want to reach and assess where they reside in the digital world
  • Develop content distribution strategy designed to connect with key audiences where they live, work and play in seamless ways that drive engagement
  • Work to develop custom strategies that involve traditional and social media, as well as content and syndication partnerships
  • Develop customized plans that have specific calls to action, encourage sharing, and also have the ability to be globalized
  • Build in metric/analytic system that can be used both in real-time to assess how content is being received and tweak accordingly, as well as long term to demonstrate how content platform and collaborative approach to communication and marketing is driving specific business outcomes and desired improved performance.

Billee Howard 

Source: Forbes.com 

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All, 2017

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