The Missing Link in Brand Purpose: Measurement
- Content: Video
- Date: 16 August 2020
Jim Stengel’s post-corporate pivot was working with companies to discover and act on their purpose. His next move? Helping them measure how purpose pays.
The missing link in brand purpose: Measurement
The idea that brand purpose is key to a company’s success is one Jim Stengel, president and CEO of The Jim Stengel Company, has been talking about for more than 10 years. He focused a consumer products business on it. He researched it, wrote a book about it, and even built a company around the concept. But measuring that connection to business outcomes has always been the end goal.
“Many companies are doing a great job at finding a purpose and bringing it to life, activating it, engaging their employees, and attracting customers,” Stengel says. “What’s missing is the link between purpose activation and the bottom line.”
“What’s missing is the link between purpose activation and the bottom line.”
As companies invest energy, time, and hard dollars in defining their brand purpose and building customer experiences to deliver it, that missing measurement becomes more evident. “The challenge marketers have with assessing purpose is just lack of data,” Stengel says. “We need to find a quant model to show the impact of purpose on business results.”
Stengel’s company is working with BERA and its brand equity assessment platform to develop such a model, demonstrating how purpose is connected to revenue and other important business metrics. He maintains that measuring business outcomes will keep purpose core to business operations. “It has to be valued by leadership, starting with the CEO and the people who report to the CEO,” he says. “They need to believe it will lead to better results.”
Original article appeared in the Wall Street Journal on July 20, 2020
Authored by: Julie Storer, writer, Deloitte Insights for CMOs
* This article is part of an ongoing series of interviews with marketing executives. The executives’ participation in these articles is solely for educational purposes based on their knowledge of the subject and the views expressed by them are solely their own. This article should not be deemed or construed to be for the purpose of soliciting business for any of the companies mentioned, nor does Deloitte advocate or endorse the services or products provided by these companies.