What is Impact Marketing? Framing the Evolution of Traditional Marketing
In today’s ever changing world, traditional marketing is not enough. Phillip Kotler's 4Ps are now 10Ps! The belief that it is enough to have a great product, with an affordable price, snappy logo and a catchy tagline is passe.
Today’s founders need to go beyond building an amazing product.
Your positioning, partnerships and presentation matter in our hyper-connected digital world.
Move beyond attention, Trust is today’s currency.
The Rise of AI, sustainability risks including climate change, supply chain, diversity, inclusion, accessibility and justice issues are real. They have no easy answers.
How is your ecosystem communicating your positive impact to your stakeholders? Founders need to address clearly how their products and solutions are contributing to making a better world.
Leaders need to think about how they are affecting and creating a positive impact as consumers, investors and founders. Stakeholder awareness becomes important for your survival as an organization. These massive shifts in behavior are pioneered by consumers and shareholders. Governments follow, and drive change through regulations. Businesses have to pay attention and respond quickly to all these changes.
FounderJar found that consumers are willing to pay up to 50% more for products from companies that make a positive impact
According to PwC, 80% said they would pay up to 5% more for sustainably produced items
Kantar found that brands with a high sense of purpose have experienced a brand valuation increase of 175% over the past 12 years compared to the median growth rate of 86%
Yavnika Khanna, CEO of Impactika Consulting, began her advertising and marketing career at the beginning of 2000s and has seen the shift up close. This was the time of rapid rise of the internet, when businesses and nonprofits grappled with challenges of measuring the impact of TV and Radio ads, and wanted to monetize blogs and emails. Today, we have come a long way. We have TV- streaming services that offer the reach of television and measurement capabilities powered by AI.
“Your customers these days have tons of options and they want everything. But companies can't please everyone. You have to think clearly about what you stand for. Your purpose is your anchor. If you can earn trust and be crystal clear about your purpose, you're heading in the right direction. And with marketing changing so fast, your "why" needs to make sense to both real people and AI models”, she advises founders.
Burt Hamner, Impactika’s advisor, sustainability expert and cleantech entrepreneur advised founders to look at the issues from the lens of the Sustainable Development Goals (SDGs), create a roadmap and metrics for what SDGs you are impacting and partner with like-minded organizations (non-profit, government or businesses).
“Pay attention to what the non-profit organizations are saying about the changing world. They stay current on sustainability and social impact trends. Founders need to know the burning issues and have answers on how they are addressing these through their startup solutions.”
Global issues are nuanced nowadays. Consumers and investors are more aware. It is not enough to have a great product. Founders need to listen to stakeholders. They need to think and rethink the SDGs they affect. They need to align messaging and build partnerships. Speed is important, and so is thoughtfulness on how best to communicate complex ideas. Your marketing has to reflect your purpose, deliver solutions for the new world and solidify trust in your brand.
This article is based on what conspired during the June 2024 edition of our monthly panel discussion hosted by Impactika Consulting. The topic was "Boosting Your Impact Marketing".
About Impactika Consulting
At Impactika Consulting help do-gooders do better through purpose-propelled® consulting. We are a digital marketing, strategy, and social change consulting firm. We help for-purpose organizations take on the world’s toughest challenges in digital rights, social and economic justice, education, and more.
As an advocate for both business and doing good, Impactika is a women-led team committed to helping organizations around the world find impactful and meaningful ways to market their purposes and connect with others. We don’t do memes. We will never buy followers. We will not create spam. We believe in creating and spreading the word about purpose-propelled people and businesses.
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