Infusing Brand Purpose in Everything You Do
First, we had Vinoo Vijay, Executive Vice President and Chief Marketing Officer at financial services firm Truist, discussing brand purpose and how Truist is infusing that purpose into everything they do as a company. In the second session of the day, a trio of technology executives—Dan Garraway, Co-founder of interactive video firm Wirewax; Ron Sadi, Senior Vice President, Data Cloud, of data insights company Zeta Global; and George Chung, Co-founder and Chief Executive Officer of Jungo TV—talked about creative mediums and how to reach your audience effectively.
Vijay, with Truist, spoke about being in the unique position to help define a brand based around the purpose of trying to inspire and build better lives for customers and their communities. Not only is it the morally right thing to do, but it can significantly benefit your business.
A study of 8,000 global consumers found that consumers were four to six times more likely to buy from, trust, champion and defend companies with a strong purpose. But once a company develops its purpose, it has to be able to communicate it and promote its product or services to the right people who will not only care but also be motivated to buy as a result.
He said that financial services has typically been a “utilitarian” industry—one where the most important factor is just that the service (in this case, keeping a customer’s money safe and available) is met. But as technology innovations have made banking a digital experience and, at the same time, people’s ideas about what companies should provide from a service perspective also change, Vijay said what’s most important is how purposeful and intentional you are as a company toward the experience that your clients and communities have.
That purpose needs to show up in a tangible way, he added—it can’t just be talk. Vijay said another key component to purpose is showing care for the customer. Care can include service, he said, but it isn’t just service—it means being invested in the outcomes of your clients and their communities.
“Tech plus touch equals trust,” Vijay said. “We need the capabilities that technology affords [us] and marry [them] with actual human engagement and human care, and you get client trust.” Storytelling, he added, is one way to reinforce and reflect your brand values, but it’s part of a virtuous cycle. If your behaviors don’t reflect your brand’s purpose, your storytelling can’t be authentic and, therefore, won’t create that emotional connection with the client.