The embedded nature of purpose saves you- Bhaskar Chatterjee, Marketing & Advertising News, ET BrandEquity

Rivai H Tukimen
ICS 2022: Bhaskar Chatterjee (left) and Abhishek Gulyani

In 1970, Milton Friedman said, “The business of business is business.” Five decades later, the business of business is not just business but socially responsible business.

Bhaskar Chatterjee, chief executive officer of Anil Agarwal Foundation (Vedanta Group) addressed a session on ‘the power of purpose-led storytelling for brands’, chaired by Abhishek Gulyani, CEO of H+K Strategies, at the India Communication Summit 2022.

Talking about the change in the idea of running businesses, Chatterjee said, “In the last three decades of the last century, the perception of companies and what they do has changed dramatically. Financially results appear to be towards stakeholders, as opposed to shareholders. Companies have now become accountable to the society at large.”

Today, when business leaders engage in a dialogue, they don’t discuss the financial results they have achieved, but rather talk about what good they are doing for the society and that is where the idea of purpose lies, Chatterjee elaborated.

Moving the conversation to internal communication, Gulyani asked, “With most companies today dealing with the great resignation, where does purpose hold for internal stakeholders?”

Chatterjee explained that a very important part of communication is the determination of purpose internally. He said, “The company must be clear on its purpose and purpose beyond profit. When the leadership determines that focus, it needs to drive that message down to the last person in the hierarchy because internal communication and understanding of that purpose must be ubiquitous.”

Sending a message to young leaders from emerging companies, Chatterjee said that it is important for them to understand that profit is not a dirty word. One cannot give back when one is empty handed.

“My message to young leaders is to keep some purpose in your mind even if it is the early stages. When you have the means to achieve that purpose then go for it,” he explained.

The panel stressed on how data and analytics can help to identify the target audience, best channels to target, and how your message is being received.

When done right, a PR narrative built around stories, whether it is a brand’s story, client success, employee spotlight or societal recognition, will be able to show why a brand matters and make the maximum impact. Let us see how industry leaders view the role of storytelling in PR.


https://brandequity.economictimes.indiatimes.com/news/marketing/ics-2022-the-embedded-nature-of-purpose-saves-you-bhaskar-chatterjee/92010651

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