Pioneering the economy of meaning

Companies, marketers and agencies have been talking about purpose for a while. The idea of establishing the “why” before the “what” and the “how” has been around for various years and many brands have developed purpose statements that are driving their marketing activities. But there is a difference in the degree to which purposeful or meaningful thinking is adopted and acted upon across the entire organization.

Brands like TOMS, KIND and Warby Parker have been leading the new philosophy of embedding meaning right at the core of their business model. For them there is no separation between CSR efforts and marketing campaigns, everything they do is rooted in the belief that the brand must be meaningful to the community it serves. This requires more than just creating experiences - which has been the buzzword and currency of the last decade. It means thinking about how a brand can provide physical, emotional or spiritual meaning. How it can give and not just take, how it can build and not just transact.

The demand for this economy of meaning has been brought to the forefront in the last year of COVID-19 shocking our planet and transforming our lives forever. Brands have reacted in all shapes and forms – adjusting their business, marketing and communication strategies to lockdowns and social distancing – but the most authentic responses have come from those who had already crystallized their deeper meaning of doing business long ago.

For example, TOMS is “in business to improve lives” and has always stood for a better tomorrow – one where people feel physically safe, mentally healthy, and have equal access to opportunity. The company started with giving away shoes, but in reaction to COVID-19 TOMS launched the Global Giving Fund. For every $3 they make, they are donating $1 to long-term Giving Partners working to combat the effects of the pandemic through mental health support, hand washing, and medical supplies.

A different category: KIND’s purpose is “to create a kinder and healthier world - one act, one snack at a time”. It considers itself a “not-only-for-profit” organization and has been committed to giving back since day one. In response to COVID-19 the KIND Foundation launched the Frontline Impact Project (in partnership with Project N95), a platform where healthcare and first response organizations can request resources to help meet their greatest needs. KIND also donated 5 million bars to hospitals and other first responder organizations.

Finally, Warby Parker aims “to offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses.” It partners with non-profits like VisionSpring to ensure that for every pair of glasses sold, a pair is distributed to someone in need. During the pandemic, the DTC pioneer has been reinventing the future of safe shopping - drawing on insights from their optical lab in Sloatsburg, New York, which continued to operate as an essential business. All while continuing the brand’s do-good initiatives to help the world see.

Audiences like Gen Z and Millennials are the force of change, but COVID-19 has accelerated the shift to a new value economy. There is no going back. In times of chaos - which many call the new or next normal - brands must take responsibility for creating a better world. They have to build meaning into their business model as a means of survival and catalyst for growth.

How?

STEP 1: Crystallizing meaning

Only start-ups truly start from scratch, for most brands it is an exercise of sharpening existing meaning, rediscovering it in company heritage or current consumer expectations and the cultural environment we live in. The outcome is a clear definition of purpose and principles of how to activate it.

STEP 2: Creating meaningful collaborations

Meaningful brand & marketing collaborations are the new advertising. And the ingredients to achieve those are consumers, causes and creators - they form a triangle that serves as the inspiration ground for new ideas rooted in shared beliefs and behaviors.

STEP 3: Activating meaning across the ecosystem

Immediacy and a willingness to experiment are necessary to succeed in the new normal. Hence, now is the time to activate a new purpose and ideas across the marketing ecosystem - including new products, technology, platforms, content and channel-neutral communications.

While everything around us has become uncertain and unpredictable, one thing is certain: strong brands thrive because they serve their community in ever changing, but always meaningful ways. That’s how they create trust and lifetime value for consumers. And that’s how they achieve competitive differentiation and set new behavioral benchmarks.