Finding Purpose

Last week I was excited to see an article in Adweek about the power of purpose-led brands. It was a sign to me that sustainability wasn’t just something to aspire to, but part of a huge transformation of the marketing landscape. The author suggested that society was moving from the “love” level of “brand” needs in Maslow’s hierarchy to “self-actualization”. More and more brands are redefining their purpose to be human-centered and intentionally pursuing projects that demonstrate their purpose – this is paying off with double the growth in responsible consumption brands compared to other brands.

One example of a brand that has the opportunity to transform is Spotify. They’ve previously done some great marketing around humorous listening habits and playlists, focusing on the personalization product features. But in the highly competitive market of music streaming, they’re continually working to distinguish themselves.

In the past couple of years, they appointed a Director of Social Impact and are trying to focus more on defining their purpose. Their value proposition is making music seamlessly accessible everywhere, but their core belief is that music has the power to change the world. As a result, they’ve begun to highlight how they can use music to empower people. Some projects include encouraging young musicians to use music to express their views on controversial topics like gentrification and supporting Girls Rock camps to help young girls build confidence.

However, Spotify has faced a lot of criticism about how much they pay artists, and how their streaming model is disrupting the music industry. With a user base of over 100 million, it’s become evident that they’ve got staying power and they’re now in the midst of renegotiating contracts with record labels.The music industry is still adapting to technology, and Spotify is going to play a huge role in defining the value of music and how people access it. I’m interested to see the outcomes of those negotiations because how they treat artists will reflect how committed Spotify is to their purpose.

This class has really helped to expand my definition of purpose in business to be the intersection of what value a brand creates, and how it can impact the world in a positive way. To me, it’s committing as an organization to think beyond profit – to work towards a transformative vision as the world. What other purpose-led brands inspire you?

Since this is my last post – I just wanted to say thank you to Dharini, Tess, and my wonderful classmates. You’ve all made this course an amazing experience, and I’ve been so inspired to take my marketing skills and really change the world! I wish you all the very best as you journey forward.

Other Sources:

WARC