MAM
The rise of purpose-driven brands: How Indian companies are embracing social responsibility to attract customers
Mumbai: In the ever-evolving landscape of business, a remarkable transformation is taking place as companies in India and around the world recognise the importance of aligning their operations with social responsibility and purpose-driven initiatives. This paradigm shift marks the ascent of purpose-driven brands, where businesses intertwine their core values with impactful causes to resonate with customers who seek more than just products and services – they desire a sense of purpose and positive societal impact.
Consumer behavior has undergone a significant transformation in India as well. Modern consumers are not merely seeking value for money; they are increasingly concerned about the ethical, environmental, and social implications of their purchasing decisions. This shift in consumer expectations has spurred companies to reevaluate their strategies and embrace a more socially responsible approach.
A survey conducted by Nielsen revealed that 73 per cent of Indian consumers are willing to pay more for products and services provided by companies committed to positive social and environmental contributions. This statistic underscores the economic potential of purpose-driven brands that can capture the attention of this conscientious consumer base.
Purpose-driven marketing entails conveying a company’s mission, values, and commitment to social responsibility as integral aspects of its branding strategy. This approach aims to forge an emotional connection with consumers by highlighting the company’s endeavors to contribute positively to society and the environment. Brands that adeptly execute purpose-driven marketing can anticipate enhanced customer loyalty, brand affinity, and market influence.
Amul is a prime example of a purpose-driven brand. With its “Amul for India” campaign, the company has celebrated India’s achievements across various domains, and its advertisements often feature messages of national pride and unity. By aligning its brand with the aspirations and emotions of Indians, Amul has not only secured a special place in the hearts of its consumers but also solidified its status as a purpose-driven brand.
Industry-Specific Insights
1. Sustainable Fashion
In India’s fashion industry, sustainability is emerging as a crucial focus area for purpose-driven brands. FabIndia, a leading retailer of handcrafted textiles and home furnishings, places a strong emphasis on traditional craftsmanship, fair trade, and rural development. By promoting sustainable livelihoods and providing a platform for local artisans, FabIndia resonates with consumers who prioritise ethical consumerism.
2. Technology with a Social Impact
Even the technology sector in India is experiencing a paradigm shift. Companies like Wipro are embedding social responsibility into their business ethos. Wipro’s “Sustainability and Social Responsibility” initiatives span various areas, including education, healthcare, and environmental conservation. Through these initiatives, Wipro not only contributes positively to society but also showcases its commitment to making a meaningful difference beyond profits.
3. Food Industry
The Indian food industry is witnessing the rise of purpose-driven brands that prioritise health, sustainability, and ethical practices. Paper Boat, a famous Indian beverage brand, connects with consumers through nostalgia and cultural heritage. By using traditional recipes and natural ingredients, Paper Boat not only offers unique beverages but also preserves traditional flavors, contributing to a sense of identity and shared memories among its consumers.
4. Corporate Social Responsibility
Purpose-driven brands often integrate Corporate Social Responsibility (CSR) programs as a means of giving back to society. HUL (Hindustan Unilever Limited), a multinational consumer goods company, is an exemplar in this domain. Through initiatives like Project Shakti, HUL empowers rural women by providing them with entrepreneurial opportunities as direct-to-home sales agents. This not only contributes to women’s economic empowerment but also enhances the company’s social standing.
The surge of purpose-driven brands represents a significant shift in the business landscape, both globally and in India. Companies are recognising that their success is intertwined with the well-being of society and the environment. By embracing social responsibility, Indian brands attract conscious consumers, catalyse change, and set new benchmarks for the industry.
As consumer demands continue to evolve, purpose-driven brands in India are poised for success. By aligning their values with impactful causes, these brands are fostering more profound connections with customers, leaving a lasting impression, and demonstrating that profitability and purpose can coexist harmoniously, thus reshaping the Indian business landscape for the better.
This article has been authored by Thinkin Birds founder Bhavik Mehta.
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
