A brand’s purpose should be the center of why it exists in the first place. In a world where consumers can easily find out which brands are acting on their promise, it’s vital for brands to be transparent and maintain a strong and relevant connection with their consumers. If you want your business to be successful, you need to understand
Defining a Brand’s Purpose
The purpose is the reason why a company or brand exists. It is the primary reason why brands are relevant and necessary to their customers. It is the core of every company and why they are doing what they do.
A brand’s goal should be to solve a problem or meet a need and its ability to accomplish the goal determines which brands rise to the top. For example, brands like Nike, Dove, and The Body Shop are brands that served their purpose. In return, people were more likely to buy their products, which have since become the world’s leading brands in their respective industries.
Over time, people have become more cautious of the brands they support. Although there are a lot of companies that produce the same products in the market, most consumers stick to the brands they trust. Customers today are known to support brands that walk the talk, those who are concerned about the environment, and those who play their part in discussing societal issues.
Companies that want to activate their brand’s purpose need to ask themselves some tough questions. Why does the brand exist? What role does it play in customers’ lives? What challenges does it solve? How would the world be different without it? They can discover what makes the company special and use that to build stronger connections and greater relevance.
Brand Purpose and Success
Purpose-led brands redefine what it means to do business. Although most brands still prioritize profit above anything else, others are focused on building a community that’s meant to empower everyone. In return, these brands get more from their consumers than monetary gains but the support for their future endeavors.
Some brands even allow their consumers to plan and decide on their next move. There is now a greater commitment to including their customer’s beliefs in the next move. It’s important to use their customer’s energy and involve them in the creative process of planning new products and services. Through consumer insights, brands are able to fulfill existing needs and create products that matter.
Purpose vs. Profit
Purpose-driven companies stand for something bigger than higher levels of commercial success. For example, Unilever, a company that owns nearly 40 brands in the market, thinks of ways to become sustainable. Studies have shown that companies that care about sustainable living grow 50 percent faster than companies that prioritize profit.
Brands will always have the opportunity to grow into other markets and industries because of the people that trust them. Business is business. However, it should never mean letting go of the more noble aspirations that endear brands to their customers. After all, if not for the consumers, who is your brand for?
Brands are shaping the market’s future. With the rise of purpose-led companies, the future is brighter for the next generation of consumers. It’s not going to be about profit alone, but the welfare of all. Instilling a clear sense of branding through a clear and relevant purpose is now a prerequisite for competitiveness.
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