Switch to Mission-Driven Marketing for Sustainable Growth

Brands with mission will indeed have an edge in today’s marketplace. And indeed they are the ones that will grow better, increase shareholder value and create sustained growth.

M Muneer
May 12, 2021 / 01:30 PM IST

Every business has a mission – written or unwritten. What is yours? When I ask this question at seminars and workshops, some executives answer “making money”, or “driving growth and profitability”, “becoming No.1 in our industry” or “maximise shareholder value”. But these are not really mission or the purpose of being in business. These are the results of the mission. Even if someone says their mission is to do good things, that philanthropic drive is not a mission for business, either.

Just as companies need to have a mission, brands too should have it. The real mission of your business should be why you want to do business with your products or services, not what or how. The mission should remain in place even if business strategy and tactics have to be changed from time to time to address the changing business environment. In order to build a great company you need to have a strong set of values, which should withstand all kinds of temptations even if some business is lost due to the adherence to the values. For example, if your company has a value system that proclaims a no-bribe policy, will you make an exception when it comes to a multi-crore government tender?

In a similar fashion, a brand too needs to have a mission today. This is so because of two reasons: First, product parity is too commonplace today and consumer not at all notices minor differences. Media clutter makes it impossible to reach out and get noticed for the rational benefits your products provide. Therefore it is critical to find a differentiation bigger than a product benefit.

Second, brands need to create experiences rather than mere advertising in today’s world. People are no more followers of ads. They need to see you in multiple touch points delivering a unifying experience. Brands must develop more, and more relevant, communication opportunities. This is difficult to do with product attributes alone. In the era of social media you cannot do much tweeting, sharing and liking with a brand’s attributes.

By the way, a brand’s mission need not be of high philosophical nature. It need not talk about making world a better place. It can be as simple as having fun. It need not be even at the level Britannia had done: Eat Healthy, Think Better.

muneer column smart growthThe key is in having a mission, which can be helpful in a multitude of ways:

Beyond your products it gives you a “why” instead of “what and how”. You may be making a chewing-gum, but you could have made any other product like soap, shampoo or wine. Why that particular product? Finding why is useful in many different ways. If you look at Surf, which has been in India over decades and has gone through many changes over its lifetime so far. It really did not have a mission years ago, and when it came out with the new version that removes all types of stains, the mission was something the brand team seemed to have made up. They believed that kids should get dirty and that life was about getting hands and clothes dirtied, and that stains were simply a symbol of having lived life to the fullest. And, by the way we will take care of the stains while you enjoy life.

Brands with mission will indeed have an edge in today’s marketplace. And indeed they are the ones that will grow better, increase shareholder value and create sustained growth.

 
M Muneer is the managing director of CustomerLab Solutions, an innovative consulting firm delivering measureable results to clients.
TAGS: #smart growth #SME
first published: May 12, 2021 01:30 pm