#Purpose vs Profit for Good; can they co-exist, or is it one or the other? - Siew Ting Foo
I had the amazing opportunity to attend one of Chris Burggraeve’s sessions where he talked about purpose and pricing power as part of the #Institute of Real Growth CMO session. He shared his proven concept of how Purpose if done right together with long term brand building has the immense ability to impact pricing power and hence has a direct correlation to profit and the creation of stakeholder value.
This helps bust loads of myths about cutting short term investment in marketing especially during economic recession. But on the contrary, it helps drive immense impact on value creation. What is the trick and secret of success for CMOs to overturn this myth?
My five key learnings:
- Extend brand building beyond marketing into a multi-stakeholder view — across Employees, Corporate Reputation, Finance, Shareholders, Cross functional within organization.
- Quantify Marketing ROI, not just in terms of short-term impact on efficiency. Demonstrate marketing effectiveness by talking through the value creation of intangible brand assets on the P&L.
- Prove economic modeling on how the brand can impact ‘pricing power.’
- Collaborate and Connect with internal and external stakeholders to change the narrative.
- Position marketing function purposefully to help drive as a LEVER of GROWTH.
After all this it requires vision, purpose and personal accountability of the CMO to align the company vision to their team’s purpose.
What are your thoughts on this topic? I welcome your thoughts, battle scars, tips, learnings — big or small …..
The article that inspired me to write about my learnings on the topic of Purpose vs Profit:
#purpose #pricingpower #marketingisfinance
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Siew Ting Foo is a future — focused, human- centric growth leader. She has delivered growth across diverse industries, through helping organizations re-imagining brands, businesses and organizations. Siew Ting is highly energetic, purpose-driven collaborator, who believes in harnessing people’s potential to build brands, business and people. She combines “art” and “science” in marketing and harness community to build powerful brands.
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