Marketing needs meaning

I’ve been inspired by many people who stress the importance of meaning, purpose and doing stuff that matters.  

One of my favourites, the economist Umair Haque, doesn’t hold back with his refreshing contempt of Capitalism and the Zombieconomy.

Ultimately at the root of capitalism today is a focus on shareholder value over principles and ideals that matter to people, communities and society.  A focus on profits no matter what the costs to others.  

Economists call these costs; a type of externality.  The most talked about costs today are things like homelessness and unemployment, the environment, and lack of universal healthcare.  

Marketing is no different.  

As an industry we haven’t cared about the cumulative costs to people.  These may seem minor, but if the media industry is to survive and grow, it needs to get a grasp on these costs and focus on benefits instead.  I’m not talking about product and feature benefits, I’m talking about benefits that are fundamental to the lives of people.

To help visualise, here’s a starter list (I’m sure there are more) of the costs of marketing today.

Bear in mind that all of these costs are deemed acceptable by advertisers, publishers, and all the intermediaries.  Why?

However, these costs are not acceptable to the most important part of media-industrial complex - the people.

So how do we move forward?  

By designing principles on which we build new capabilities and services that are beneficial and meaningful to people.

I see hope, even from within the industry.  Jim Stengel who is the ex-CEO of P&G - the largest advertiser in the world, is writing a book;

“Grow: How the World’s Best Businesses Use the Power of Ideals to Outshine the Competition”

Growing businesses by using the power of ideals.  Of principles.  Of stuff that matters.

I’m glad I don’t stand alone.

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