Experiential and purpose-driven marketing have emerged as key ingredients in the marketing mix for most of today’s leading CMOs, with both disciplines playing key roles in the ongoing challenge to capture consumer attention and engagement.
One of the biggest and most visible brands using these two marketing methods to help drive growth is financial services giant Citi.
Jennifer Breithaupt, Citi’s global consumer chief marketing officer, discusses this topic below. Breithaupt will talk more on purpose-driven and experiential marketing at the 2019 Association of National Advertisers Brand Activation Marketing Conference May 15-17.
Purpose-driven marketing has become a core component of a brand’s overall platform to reach, connect and engage with customers. It allows a brand to address questions such as, what do we stand for? And, do we possess a sense of purpose? It is extremely powerful in creating preference amongst consumers, engagement with employees and interest when attracting new talent.
Experiential marketing is a strategy that allows a brand to engage directly with consumers and/or prospects alike. By providing access to a brand though experiences, marketers have an opportunity to create an emotional connection to the brand, products or services. The ability to have that front-line, one-on -one engagement is a tremendous differentiator for a brand.
No. Both purpose-driven and experiential marketing are critical components of a brand’s overall marketing strategy. They can stand alone or work together to help attract, engage and connect with consumers.
Citi’s overall mission is to enable progress in the world. We are constantly looking for opportunities to make a difference for the consumers and communities we service around the world. We have a responsibility to leverage our global reach and platform to impact change for good. At every turn, we look for opportunities to incorporate programs of purpose and experiences that drive that emotional connection to the Citi brand.
The role of both should be defined by what you want to stand for as a brand. We place an enormous premium on both given our global goals, and tie back to our mission of enabling growth and progress. Purpose-driven initiatives need to be a part of your brand DNA to work effectively.
More and more, consumers are demanding that brands stand for something other than making money. They look and do business with companies that authentically show they care about causes, positive global change and human rights.
For purpose-driven, making certain a brand has an authentic role to play is critical. Also, ensuring alignment internally and commitment to a movement — not a moment. Stunt-based attempts at purpose will surely be recognized and potentially cause reputational risk to a brand.