If you flipped the pages of your business branding history to a few years back, there would be noticeable changes from your logo designs to product packaging and operations. Changes are constant in every business and are a driving force to growth. Yet, there is one aspect that seldom changes – your brand purpose.
According to a report by PWC, 79% of business leaders believe that an organization’s purpose is central to its business success.
In the modern marketing era, where we are continuously challenged to perform better and match up to customer expectations, how important is it to redefine the brand purpose?
UNDERSTANDING THE CORE OF BRAND PURPOSE
While there are several definitions of this marketing terminology, from a practical point of view, brand purpose is the reason why a business exists and will continue thriving for several years.
Purpose rises from the passion to offer a valuable product or service to the community and it is the spark that ignites the uniqueness. Successful businesses see brand purpose beyond making money and strive to make an emotional connection with their customers.
Unilever is an outstanding example that shows how it has achieved business growth with a strong brand purpose of sustainable living. In July 2019, Unilever announced that its purpose-led sustainable living brands are growing 69% faster than its other businesses and contribute to 75% of the company’s growth.
WHY DOES BRAND PURPOSE MATTER
Today, businesses are more competitive than ever and if your brand does not reflect any value or lives up to its ‘mission’, consumers will in no time, switch their brand preference. Here is why having a crystal clear brand purpose works at your advantage.
- A unique purpose makes your brand more attractive as Simon Sinek says, “People don’t buy what you do. They buy why you do it.”
- Rather than being transactional, brand purpose makes your relationship with customers human and engaging.
- A strong brand purpose with clear goals attracts a powerful brand affinity.
- A value-creating and a purpose-driven ideology give you an edge over your competitors and win the brand loyalty of your customers.
STAYING ROOTED TO YOUR PURPOSE
No matter how much you evolve, your brand’s purpose should always be rooted at the heart of your business. Kerri Ward of the IGS Energy advises on creating an authentic culture that is centered on the company’s character. Mission statements are also the hallmark of your existence and customers expect you to put them to practice. Your brand voice and value reflect consistency in your business efforts and are key factors to build customer loyalty.
According to a report, 56% of consumers express brand loyalty towards a business that “gets them,” and 89% of customers remain loyal to brands that share their values.
While defining your brand purpose, ask yourself:
- What are you best at?
- What is your passion?
- How can you make a difference?
CONNECTING CUSTOMERS TO YOUR BRAND PURPOSE
Customers can see through your authenticity and this decides your failure or success at building brand loyalty. Catchy slogans are like magnets to attract consumers. However, if you fail to live up to the customers’ expectations and offer undervalued products or services, your business will fail to win their trust.
According to a report by Social Sprout, 85% of buyers are more likely to give a business a second chance after a bad experience if it has been transparent earlier. Facing a classic action lawsuit in the past for mislabeling products for not being genetically engineered, Whole Foods today has consciously implemented full GMO transparency and claims to maintain the strictest quality standards in the industry.
Create a community impact
Thriving in a competitive environment means thinking long-term, and working towards the happiness of humanity. Marketing strategies are no longer built on the idea of a one-off sale but put customers first and make products relevant to the choice of key buyers.
Amazon, the world’s largest e-commerce platform has built brand loyalty by defining itself as ‘Earth’s most customer-centric company’ emphasizing on its brand purpose by stating, “We strive to have a positive impact on customers, employees, small businesses, the economy, and communities where we’re located”. This multi-million dollar company practices its brand purpose by offering competitive prices and creating business opportunities for retailers around the globe.
Instill a sense of confidence
Your brand purpose should feel human in every possible way. Customers are looking for cost-effective products and services which offer consistent quality and meet their expectations. From your advertisement copy to the behavior of your customer care support, every aspect of your business directly impacts the buyers and this is why your brand purpose should feel more interactive and less straightforward.
Although Uber does not own taxis, the brand has grown its worldwide presence and assures safety for passengers through its multiple features from sharing your travel journey with contacts to connecting with responsive customer service feedback. In 2018 alone, Uber’s revenue count had reached $11.8 billion.
According to the Kantar study, inspiring brands perform two times better than the rest. Therefore, your brand purpose should create a memorable and positive experience for the buyer. It should convey simple, clear, and action-oriented messages that connect your brand to their hearts.
Apple has always been an inspiration not only to its consumers but also to the competitors and the tech industry with its innovative approach to developing electronic products. Consumers are building a strong affinity towards Apple because they feel their lives will substantially improve by using quality products that offer a seamless experience.
Brand purpose should be centered on delivering rewarding products and services that aim towards customer satisfaction and building brand loyalty. Ask yourself: Is my offering meaningful, does it create an impact or touch the lives of the buyer? A satisfied customer will become your brand ambassador and influence his network for your products or services.
The Herbal Essence brand that uses real botanical ingredients is endorsed by Royal Botanic Gardens, one of the world’s leading authorities on plants. The brand begins its story by sharing, “Herbal Essences is not about problems but the freedom to immerse yourself in nature and indulge in the thrill of letting go for a little moment of joy.” The brand renders the feeling of happiness and being celebrated from its well-defined brand purpose.
Brand purpose is viewed as an imperative element that brings visible results for your success rather than a mere business trend. If iconic brands such as NIKE and Unilever are defining their long-term strategy based on a strong motive to live up to their purpose, it’s about time to re-think about your brand purpose and its role in meeting the growing expectations of brand-conscious consumers.