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This is the fourth year of our flagship research on the relationship between Purpose and Reputation in the minds of Australians.
Purpose Premium is brought to you by Porter Novelli Australia and Quantum Market Research.
Businesses face the weight of enormous expectations in 2023, as sceptical and cash-strapped Australians demand cheaper goods and services – and more pay – while maintaining sky-high expectations on ESG, sustainability and other forms of corporate responsibility.
Purpose
When we talk about Purpose, we mean:
Why are you here?
How does your Purpose benefit your stakeholders?
How is it part of your core business?
Responsible Business
Australians are not impressed by altruistic claims from corporations.
Becoming a more responsible business is required, but not rewarded.
Purpose is doing good and doing well, within your core business.
Purpose
When we talk about Purpose, we mean:
Why are you here?
How does your Purpose benefit your stakeholders?
How is it part of your core business?
Responsible Business
Australians are not impressed by altruistic claims from corporations.
Becoming a more responsible business is required, but not rewarded.
Purpose is doing good and doing well, within your core business.
It’s been a big year…
With new rules…
No more “2025 Goals”, no more “2040 Targets”
No more “Technology Investment Roadmap”
No more blaming “fickle, price-sensitive” consumers.
The message is clear:
Organisations can no longer tell consumers, employees and investors to choose between Purpose and Price.
Organisations can no longer tell consumers, employees and investors to choose between Purpose and Price.
1.
Our attitudes are being affected by two major anxieties.
Climate change belief is finally the norm.
To what extent do you agree or disagree with the following statements about climate change, the environment and sustainability?
And economic concerns remain the other core issue.
Which of these do you believe are the five (5) most important things for government to take action on straight away?
The overall effect of this is that almost every attribute we measure about purpose and reputation lost ground in 2022.
The key thing is to look at is what lost the least.
2. Australians want it both ways
Employees want more pay.
When applying for a job with a company, how important are the following things?
And consumers want to pay less. The Purpose-Price-Pendulum has swung back.
I am more loyal to brands that do something positive for society
I am more loyal to brands that are giving me the best price and convenience
In with the value, out with the values, right? But…
Almost all of us still agree brands must do more than just make money.
Actions still speak louder than words.
We agree that companies’ operations must align to their Purpose.
And it is still a strong consideration for employees’ expectations of their employers.
I will only work for a company that I believe has a positive impact on society
I have left a company in the past because I was unhappy with the impact it was having on society
We still strongly consider Purpose when investing in equities and funds.
Before investing in companies, I have researched their purpose and what they stand for
I have already divested from shares and funds that do not align to my values
We’re tired of being told we need to make better purchase decisions.
We want organisations to take action.
Which of the following statements do you find yourself agreeing with more?
I want to be engaged in two-way dialogues with respect to their social impact
Brands know what they should be doing, I just want them to act on what they know
3.
Progress vs purpose-washing
Scepticism has grown as frustration built over the past decade.
More often than not brands are honest about their impact and what they stand for
More often than not brands are pretending to be something they’re not
Key word when communicating with younger, metro, affluent audiences: Measured.
I am more likely to trust companies that make clear and measured claims about what they stand for
Companies can measure what they want, their figures just hide the truth
In the face of this scepticism, what can marketers and communicators do?
In the face of this scepticism, what can marketers and communicators do?
We have four simple recommendations
1. Do:
Know Your Stakeholder
1. Do:
Know Your Stakeholder
2. Don’t:
Don’t confuse Purpose with CSR.
3. Do:
Own how your Purpose benefits you.
4. Don’t:
Don’t overreach.
Progress is Proxy for Achievement.
2. Don’t:
Don’t confuse Purpose with CSR.
3. Do:
Own how your Purpose benefits you.
4. Don’t:
Don’t overreach.
Progress is Proxy for Achievement.
Want to know more about these recommendations? Reach out to us here →
Want to know more about these recommendations? Reach out to us here