Embracing the new currency of brands – purpose!


Khensani Nobanda | Group Marketing and Corporate Affairs | Nedbank | mail me

Most brands understand that the new world is here, and they need to adapt their strategies to be relevant and sustainable. More and more data prove purpose is good for business and should be the nucleus of any business and brand strategy.

In a world that is attempting to regain its balance after a devastating pandemic, and a future threatened by global warming and climate change, coupled with societal inequalities, world hunger and inaccessibility to basic survival needs such as clean water and sanitation in developing countries, it has been interesting to witness more and more brands embracing the concept of purpose over the past decade.

Equally so, consumers have become increasingly and unapologetically decisive about spending on brands that have the best interest of the environment and their communities at heart. According to a recent Sustainable Brands report, 80% of consumers say they are more loyal to a company if it contributes to achieving what can be called a ‘better life.’ The data is clear that purpose is good for business.

The number of businesses that are committing themselves to purpose-driven consumption is also on the rise where executive decisions have been made to only do business with like-minded enterprises that produce products or provide services that are friendly to the environment and are uplifting of society.

Mkhulu lom’sebenzi’

The reality is that the challenges and problems of the world, and the threat to the future sustainability of our environment are too colossal for governments and only a set number of companies to tackle on their own. ‘Mkhulu lom’sebenzi,’ a Zulu phrase for

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Read the full article by Khensani Nobanda, Group Marketing and Corporate Affairs, Nedbank, as well as a host of other topical management articles written by professionals, consultants and academics in the August/September 2022 edition of BusinessBrief.

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