Gordon Gecko would not approve.
Deep in the heartland of business – in the hard-nosed world of B2B (where fluffy B2C marketers fear to tread) – there is a surprising idea taking root.
Whilst B2C leaders have been busy placating activist investors, responding to charges of 'greenwashing' and dealing with a cooling off around ESG - their B2B counterparts have been quietly trying on purpose for size.
Consider the following:
- 57% of B2B business leaders are more focused on purpose today than they were three years ago Cone/Harris/ANA2020
- 77% of B2B brands already take a public stance on social issues (or intend to within the next 12 months) Transmission 2022
- 6 of the top 25 brands in the ‘Purpose Power Index’ are now B2B – having been identified by the general public as ‘brands with purpose’ Purpose Power Index 2022
That’s right, it seems B2B has finally ‘found purpose’. Much like the hard-as-nails type who suddenly finds Jesus, few can say they saw it coming. But in many ways, it makes sense for B2B to become the new torchbearer for purpose.
Here’s why…
In B2B, things tend to get personal
Could anything be more personal than putting your reputation on the line? And yet that’s what B2B leaders do every time they choose a brand. It’s one of the reasons why B2B customers are actually more emotionally connected to their providers than B2C consumers are. Put simply, the stakes are just higher.
There’s another reason why purpose matter more in B2B. Unlike the world of say consumer products, most B2B deals are struck directly with employees of the business. Suddenly abstract ideas such as culture and values come into sharp focus. Let's be honest, it matters more that the people you're doing business with (B2B) actually care about what you care about compared with the people you're buying some household products from (B2C).
It’s one of the reasons why a recent report by US-based Association of National Advertisers found 86% of B2B leaders agreeing that communicating their purpose had led to deeper customer relationships (with 73% stating their focus on purpose had helped motivate sales teams).
Put another way, purpose inevitably plays a bigger role in your life as a B2B decision-maker than it does your life as a B2C consumer.
In B2B, most brands struggle to stand out
Let’s be honest, most B2B brands suck. They are easy to forget, and hard to remember. The reason? According to a recent global survey, B2B marketers believe it's down to the failure of the brand in the following three areas:
- Personality
- Creativity
- Stand out
And therein lies an opportunity for the ‘true believers’. In a world where safe, dull and corporate is still the norm, where few B2B brands seem capable of tapping into true emotion and humanity – there is still room to take the high road, a chance to build a brand around your ‘why’ (instead the more rational ‘what’ and ‘how’).
B2B leaders are waking up to the realisation that maybe – just maybe – purpose is how they can finally stand out from the crowd (and inject some much-needed personality and creativity into their brand).
In B2B, content is a constant headache
With 95% of your audience not ready to buy, the need for content marketing is ever-present in B2B. It’s also a cause of much consternation for B2B marketers (who cite their biggest challenges as identifying the right content to create, creating content consistently, and ensuring their content is differentiated).
The answer for those walking the talk around purpose and impact? Start leaning into it – everything from the core reason the company exists, to stories of values lived out, to social impact initiatives supported, to the practical response to climate change. It’s a rich source of brand-led content, which too few B2B brands are effectively tapping into.
Savvy B2B marketers are realising that authentic purpose might just be the pill to make their content headaches go away. As Jon Evans, CEO of global marketing research firm System 1 recently put it:
“Purpose is much more correlated to effectiveness in B2B advertising than it is in B2C. When it comes to employee and customer engagement…purpose actually plays a much bigger role in B2B.”
A word of warning, and a note of optimism
For any marketers tempted to 'conjur up' a shiny new purpose or cause-based campaign to boost the ailing brand, we would say: don't do it. There's enough brand purpose BS out there already - you don't need to add to the noise.
But for B2B leaders who genuinely give a damn, and who can see space in the market for a brand that genuinely stands for more, all the signs are there: B2B buyers want to do business with B2B companies who give a damn.
It’s enough to make Gordon Gecko rethink his assumptions.
