Marketing Strategy: Channeling The Power Of Purpose
Given today’s proliferation of digital channels, traditional marketing practices no longer apply when it comes to creating a marketing strategy, regardless of your industry.
Eduardo Conrado, senior vice president and Chief Marketing Officer for Motorola Solutions, has seen this sort of marketing transformation firsthand. During yesterday’s BMA-KC luncheon, Eduardo talked about the division of Motorola into two companies, one of which is Motorola Solutions. As a result of the split, Conrado helped guide Motorola Solutions through a rebranding campaign that not only changed the external vision and image of the company, but also focused internally in order to educate and engage employees.
The Importance of Purpose
As the Motorola Solutions team began to craft the rebranding and marketing strategy, a primary question emerged: What do we do with the brand? The company already had an external consumer image, and the team didn’t want to lose the company’s heritage at the expense of the redefinition.
Marketers are likely familiar with the four “P’s,” but Eduardo said a fifth “P” emerged during the rebranding process: purpose.
When a business becomes purpose-driven, it not only guides a new marketing strategy—it’s also an effective way to translate the company and employee values into leadership. Storytelling is an important part of effectively communicating a company’s purpose, and that storytelling not only helps customers and clients more closely connect with a brand—it also inspires employees, too.
“Creating a purpose-driven brand has a huge impact externally and internally,” Eduardo says.
That’s an important distinction to understand. Much of today’s marketing discussion is centered on the digital space. And although that’s an undeniably important component of today’s marketing landscape, there are other factors to consider, too—namely engaging with customers and employees. So many brands have tunnel vision and solely maintain an external focus. But employees are important, too. The more they’re engaged with and invested in the brand, the more likely they are to serve as brand ambassadors, fulfilling critical customer service roles and sharing their own experiences that can be woven into the larger brand story.
If you’re skeptical, let’s talk money. Eduardo shared a chart that showed Motorola Solutions’ stock significantly increased in value as a result of this purpose-driven rebranding campaign. Research shows that purpose-driven companies tend to outperform competitors, not only as a result of the message but also because these new marketing strategies unite various departments like marketing and sales, creating a stronger presence that can more effectively reach current and prospective customers through relevant content, updated sales initiatives and other strategies.
The New “P’s”
Focusing on purpose is important when redefining your brand’s marketing strategy, but it’s also a good idea to take into account how the four “P’s” of marketing have shifted:
Product –> Solution
Promotion –> Education
Price –> Value
Place –> Access
Today’s marketing strategies are about more than delivering a message. They’re about promoting, educating, informing, sharing and engaging. By creating and sharing your brand’s story, you’re more likely to build a relationship with customers (and employees), a more valuable outcome that can lead to a far bigger ROI than a single, one-off transaction. And what business owner doesn’t want to sell more products and make more money?
If you’re at a point at which you’re starting to take a long, hard look at your brand’s marketing strategy and where you’re headed, you should consider how to shift your business to a purpose-driven entity. Purpose motivates employees and provides a platform in a way that products can’t. And by channeling that focus and motivation, you can better serve your customers and demonstrate that you’re actively invested in not only fulfilling their needs, but also in fostering brand loyalty and a lasting relationship.
What’s your take on Motorola Solutions’ rebranding campaign? Would you consider incorporating purpose into your own company’s vision and marketing practices?
Image by David A. Riggs via Creative Commons