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Today’s customers are looking for more than just a product. They’re looking for a brand that they can relate to. One that makes an impact on an issue they care about. The right brand purpose will help you build your brand, meet your customers’ needs, and make a difference in the world.
One of the problems businesses face when discussing brand purpose is that there is no commonly accepted definition of purpose and how a company might translate that into action.
For our purposes, we’ll define brand purpose as a higher reason for a brand to exist beyond making a profit. Not to be confused with a brand promise, your brand purpose connects with your customers on an emotional level. It’s about product-led initiatives that strive to do business and benefit society simultaneously.
Having a brand purpose adds value to your customers and society. It builds emotional relationships between your brand and customers, which boosts loyalty and sales. If your brand purpose is unique, it can be a differentiating factor from your competitors.
In fact, according to the 2021 Edelman Trust Barometer findings, 86% of people expect CEOs to speak out about societal issues, and 57% indicated that they are more loyal to brands that commit to addressing social inequities. Use these research findings to your advantage as you create your brand purpose.
Brand purpose also benefits your business in other ways:
A meaningful brand purpose captures the attention and emotions of customers. It adds to brand loyalty, giving customers yet another reason to prefer your brand over others. Use your purpose to direct your content marketing strategy, so customers stay focused on your brand, share your purpose with others, and even become brand ambassadors.
For more information about brand loyalty, read our detailed resource.
Once you’ve stated and highlighted your brand purpose, you’ll begin to attract applicants looking for the sense of meaning your purpose brings. Current employees will feel more fulfilled, leading to more creativity, productivity, and job satisfaction. Your brand purpose will become integral to your company culture.
Looking for more information on employee retention? Check out part four of our HR series.
Now that you're attracting and retaining customers who believe in your purpose, you’ll find your profits are rising. Use the revenue to run your business and continue your dedication and support to your purpose.
Your brand purpose differentiates you from your competitors. This differentiation will lead customers with similar beliefs and values to support your brand and brand purpose.
Ensure that all teams across your business understand your purpose and keep it in mind during decision-making. Using your brand purpose as a guide will align all of your brand messaging for a consistent customer experience across the board.
Your brand purpose will likely be one of these five main types: