Why you need purpose behind your brand to get it to grow
In today's world, consumers are increasingly looking for more than just a product or service; they want to engage with brands that have a clear purpose and a positive impact on society. Brand purpose, also known as a brand's reason for being, is the fundamental belief or values that drive a brand beyond profit. In this blog, we'll explore what brand purpose is, why it's essential, and how to develop a compelling brand purpose that resonates with customers.
What is Brand Purpose?
Brand purpose goes beyond the brand's products or services and reflects the brand's impact on society. It is the brand's reason for being beyond profit and can guide the brand's strategy and decision-making. A brand's purpose should be inspiring, relevant, and authentic, reflecting the brand's core values and beliefs.
Why is Brand Purpose Important?
Brand purpose is crucial in today's world because consumers are increasingly looking for brands that align with their values and beliefs. According to a study by Accenture, 62% of consumers want companies to take a stand on social, cultural, environmental, or political issues that they care about.
In addition to building brand loyalty and differentiation, having a clear brand purpose can also attract and retain employees who share the same values as the brand. According to a survey by LinkedIn, 71% of professionals would be willing to take a pay cut to work for a company that has a mission they believe in.
How to Develop a Compelling Brand Purpose?
Developing a compelling brand purpose requires a deep understanding of the brand's values, beliefs, and goals. Here are some steps to follow when developing a brand purpose:
Define the brand's values: The brand purpose should align with the brand's core values. Identify the values that define the brand and use them to guide the purpose.
Understand the audience: Understanding the audience's values, beliefs, and aspirations can help develop a brand purpose that resonates with them.
Identify the brand's impact: Identify the positive impact the brand can make on society, whether it's environmental, social, or cultural.
Make it authentic: The brand purpose should be authentic and genuine. Avoid purpose-washing, where a brand claims to have a purpose but fails to back it up with actions.
Communicate the purpose: Communicate the brand purpose clearly and consistently through all brand touchpoints, including advertising, social media, and customer service.
Examples of Brands with Strong Purposes
Several brands have successfully developed strong and compelling brand purposes. Here are some examples:
Patagonia: Patagonia's purpose is to build the best product while causing no unnecessary harm, using business to inspire and implement solutions to the environmental crisis.
Toms: Toms' purpose is to improve lives through business. For every pair of shoes purchased, Toms donates a pair to a child in need.
Ben & Jerry's: Ben & Jerry's purpose is to use the power of business to advance social and environmental justice. They source fairtrade ingredients and support various social and environmental causes.
In conclusion, brand purpose is a crucial element in building strong and meaningful relationships with customers. By developing a compelling and authentic purpose that aligns with the brand's values and resonates with customers, brands can differentiate themselves and build loyal customer bases.