Survey Finds The "Double Top Line" - Two Ways Gen Z Will Pay for Purpose
Survey heralds launch of Brad Brinegar's new consultancy Cubist Martini
DURHAM, N.C., June 1, 2021 /PRNewswire/ -- Corporations are increasingly on the hook to deliver the "double bottom line" of both financial return and social impact. But many companies who are searching to define their purpose – when that's not something that is native to their existing business models – want proof that this additional hurdle is worth the effort and investment.
So Cubist Martini, a consultancy founded by former McKinney Chairman & CEO Brad Brinegar, asked 1,002 Gen Z's about the relationship between purpose and financial performance, especially relative to the value of consumer and employer brands.
The findings are compelling. They found a consumer premium: 65% of Gen Z say they will pay 48% more, on average, for products from a purpose-driven brand. And they found an employee premium: 49% of Gen Z say they will pay (by accepting 20% less salary, on average) to work for a purpose-driven company. Four out of 10 say they'll do both. And only 23% of Gen Z's say they are unlikely to do either.
As Brinegar says, "We know it's one thing to say you'd pay and another thing to do it, and the effect will certainly vary by industry, category, and brand. What this study shows is that operating from an authentic sense of purpose is – at the very least – a tiebreaker that makes it both easier to win customers and to attract and retain the best Gen Z talent. It's a 'double top line' that fuels the increasingly important double bottom line."
The study, "The Purpose Premium – Gen Z and the Double Top Line," also explores the societal issues that matter to the most ethnically diverse, gender identity–diverse, and progressive generation ever. Racial equity, access to health care, gender equity, climate change, and gun violence top the list of issues they believe are important and urgent. And 72% of those willing to pay a purpose premium say corporations need to be aggressive and visible in addressing such social challenges.
About this Survey
This survey was fielded in April 2021, with a nationally representative sample of 1,002 Gen Z Adults 20–25 balanced for gender, race, ethnicity, and geography. The survey was created by Cubist Martini and fielded with the support of renowned creative, media, and technology powerhouse McKinney. The full results of the survey, along with all of its implications, can be found at cubistmartini.com.
About Brad Brinegar and Cubist Martini
Cubist Martini is a consultancy that helps ambitious organizations and brands unleash the power of authentic purpose, vision, mission, values, and storytelling. It was founded by Brad Brinegar, who was recently named Chairman Emeritus of McKinney.
Brinegar served as Chairman & CEO of McKinney from 2002–2018, and before that he was CEO of Leo Burnett USA. He led a series of purpose-driven business transformations that made McKinney "uniquely suited to thrive in a digital world," according to Advertising Age the first time they included McKinney on their A-List of the best U.S. agencies, in 2005. As a result of Brinegar's focus on creative effectiveness, McKinney was named "The Most Effective Independent Agency in the World" by Effie Worldwide and WARC.
He relocated agency headquarters to Durham, North Carolina, in 2004, helping spark the renaissance of what is now considered one of the best cities in America. He led the management buyout of McKinney from Havas and the later strategic sale of the agency to Cheil Worldwide. Brinegar was a long-time board member of the American Association of Advertising Agencies (4A's) and founding chairman of the Interactive Advertising Bureau (IAB) Agency Advisory Board.
Brad teaches at Duke University, where he is Executive in Residence at Duke's Innovation & Entrepreneurship Initiative.
Media Contact
Janet Northen
919.313.4062
@jnorthen
[email protected]
SOURCE McKinney
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