Mumbai: One word that certainly fascinates me is purpose. Oxford English Dictionary defines it as “the reason for which something is done or for which something exists”. If we go by the literal definition, we can clearly decipher that what purpose means for individuals is ‘why’. It is what makes us get out of bed, what makes us tick. And for organisations purpose has become more important than it ever was before. The factors driving this are the rapid shifts in technology, culture, society and behaviour that influence individual decisions on which organisations and brands people want to work for and buy from.
Nowadays, it is vital for companies to have a purpose that exists beyond just profit and places value and importance on building relationships that mean they are a brand that people can connect with. If the brand gets this right, it is easier for them to improve business performance, reduce churn, and importantly, build value and trust with consumers.
This has been proven by data. A study published by the Harvard Business Review found that companies with a clearly articulated purpose outperformed those organisations that didn’t develop their purpose. Specifically, 52 per cent of purpose-driven companies experienced more than 10 per cent growth compared to 42 per cent of non-purpose-driven companies. They also enjoyed greater global expansion, more product launches, and more successful transformational efforts.
The reason for this is that the world is now moving towards relational and purpose-driven businesses while “transactional businesses” have been left behind in the past. Purpose-driven businesses ensure that employees are more empowered and motivated, and the resulting innovation and performance fuels further customer engagement and loyalty.
As a news powerhouse used as a global point of reference, CNN also has a clear purpose. As I continue to admire the work that my editorial colleagues continue to do day in day out, a recent study by Toluna also revealed that 73 per cent of global news consumers think that role of international news today is more important than it was ever before. In addition, international news is seen as being reliable, trustworthy, providing high-quality journalism and in-depth analysis.
CNN has played a key role in global journalism for 43 years -- this not only gives employees a purpose, but also provides a platform and environment to help brands articulate their purpose to global audiences. The key is to align the purpose with audience expectations and sentiments. When we conducted a study into attitudes amongst the CNN audience, we found that, after inflation, climate change is the second topic that audiences are most concerned about in 2023. This concern affects their behaviour, both in their personal and professional lives. 84 per cent of CNN business elites in India agree that ESG remains a focus for their company, and 92 per cent expect ESG to be even more important to business in the next 12 months than it is now. The Gen Z audience makes it more important for brands to be purpose-driven as their behaviour and expectations from brands is very different from past generations. This generation places increased value on brand authenticity and strives to be socially and environmentally responsible. They are more selective of what they buy, who they buy from and the effect their actions have on the environment. Our research shows that CNN’s Gen Z audience firmly believes that brands need to take a stance on causes of our time.
As a result, we are aware that if businesses are acting in a meaningful way to promote sustainability and are able to communicate this message in an authentic manner, they will be in a significantly better position to connect with our audience.
A good example of this is Kirloskar, who have been ahead of the curve on thinking about and acting on green issues. Kirloskar have partnered with CNNIC for 15 years, with our shared purpose of sustainability and environmental awareness forming the basis of this relationship. With Kirloskar’s sponsorship of CNN's Going Green initiative, a series that showcases cutting-edge green technologies and explores innovative solutions for a sustainable tomorrow, over the past 15 years Kirloskar has reached global audiences including more than 700 million environmentally conscious viewers and over 270 million business decision-makers to foster a deeper understanding of sustainable innovations.
Green and sustainability issues have been put at the heart of the news agenda in 2023 as further evidence of the climate emergency and its far-reaching effects has been in force all across the globe. The year will close with climate high on the news agenda as COP28 takes place in the UAE. From the very announcement, this has been billed as the most important COP since Paris in 2015. As even many sceptics are sitting up and taking notice as temperatures soar, wildfires spread, sea levels rise and glaciers melt, exacerbating issues from food security to migration.
This is the most appropriate time for companies to look to the future and decisively define their purpose, particularly around the issue of sustainability and the future of our planet. The stage is set at COP28, which will provide brands a unique moment to show they have the agency to be part of a more optimistic, purpose-driven future. But here the world will take into consideration actions, and words without action would certainly go in vain.
This article has been authored by CNN International Commercial vice president, audiences & data Tini Sevak.
