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How Purpose has become the 5th P of marketing

In the modern era, along with the prevalent 4Ps of marketing- Product, Price, Place and Promotion, there is a 5th P as well and that is Purpose, said Karen Walker, SVP and CMO, of Intel

Although purpose has always been the 5th P of marketing, what is pushing tech brands like Intel and Dell on being more purpose-driven is that brands are now being judged by what they are and not what they do, according to Karen Walker SVP and CMO, Intel.

Walker was part of a panel discussion alongside Liz Matthews, SVP Global Brand, Creative and Experiential Marketing, and Nick Goldup, Director of Care Improvement, MND Association, at the Cannes Lions 2022.

Revealing that the key to a purpose-driven brand is doing things authentically whilst delivering solutions, Walker said, “We believe that doing good is good for business, but when today’s consumers see us solve amazing societal issues with a fantastic technology solution, there is a business value return.”

Intel has already won a Grand Prix at the awards.

A study by Sprout Social also revealed that over 71% of consumers expect brands to take a position on sensitive issues, which has pushed brands like Intel and Dell to adopt a more purpose-driven approach and take a stand on socially sensitive issues.

Upon being asked what is the return that a brand looks for when they put in their efforts and money into an issue, Liz Matthews, SVP Global Brand, Creative and Experiential Marketing, replied, “The marketing organisation has really become the culture carrier of brands today. The Edelman Trust Data has also shown how people trust information that comes from their own CEO and their own co-workers over any traditional way.”

According to Matthews, when an individual looks for roles, they look for the value and purpose of the company as that is something they want to work for.

Adding to the value proposition, Nick Goldup, Director of Care Improvement, MND Association, in his interaction emphasised on how charity has changed the game for brands. In fact, it is one of the reasons that the brands get involved in some projects because today the emotional sentiments of the team, co-workers and staff does matter a lot.

Goldup also revealed how he had to take up one of the projects because when the idea was pitched, not even a single eye was dry and everyone in his team went emotional and that is when he realised that he just could not let go of that commitment, drive and passion from his staff’s perspective.

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