Do you own a business? Are you striving to achieve differentiation from others in an already crowded industry? Well, one of the best ways to position yourself in the marketplace and stand out is by establishing a powerful brand purpose. Brand purpose is what will set out as your business intention to change your community and the world in general for the better and as a result, enable you to connect with your customers personally. Before we go any further, let’s start by looking at a simple brand purpose definition.
What Is Brand Purpose and Why Do Brands Need It?
Times have changed. Social media especially has altered the way people run their businesses nowadays. Brands and businesses are operating under microscopic scrutiny as customers now have the power to share the not-so-good experience they had at your salon on Facebook or to post an amazing picture of the meal they had on Instagram. But this also means that brands also have more access and can interact with customers in a way that was previously not possible.
We are also living in an era of conscious customers. Conscious shoppers intentionally purchase products and services that are ethical, environmentally friendly, and from companies and businesses that have a reason for being, and that reason is not just to make huge profits. As a business owner, how do you successfully capture the minds and hearts of conscious customers?
Well, you can start by identifying your North Star or your noble purpose for business. Brand purpose can therefore be defined as the “why” your business exists other than just making huge profits and driving shareholders’ value. And with the rise of conscientious customers, you need to think about how your business will impact the social-political and ecological environment that your business currently operates in.
Many times, when a business is trying to position itself into a marketplace, the key focus is usually on the products and services and the marketing campaign to push those products and drive sales. And while these things are important to your growing business, you also need to know that your unique selling proposition is not the heart of your business. in today’s world, you need something more to stand out and that is a brand purpose
A study carried out by Edelman in 2017 found out that about 50% of customers all over the world consider themselves belief-driven buyers. 67% of customers also said that they bought products from a brand for the first time because they agreed with them on a position they took regarding a controversial topic. What does this mean? It simply means that a powerful brand purpose can differentiate your business from the rest in the marketplace.
However, it is important not to confuse brand purpose and brand promise. Brand promise simply gives your customers the idea of what they can expect when they buy your products but brand purpose goes beyond that. Your brand purpose is what you will use to connect with your customers on a more emotional level.
Apart from differentiation from your competitors, a powerful brand purpose can also add value not just to the customers but to society and the world as a whole. When your brand shows its customers that you are not just in business to make money, it will go a long way in boosting sales and creating customer loyalty.
How Can You Find Your Brand Purpose?
If you are struggling with brand purpose and you do not know where to start, you are not alone. But here’s the thing, you can always start slowly by inspiring innovation and creativity in your business. This will go a long way in creating more value for your customers. Your employees will also find a sense of fulfilment and meaning in what they do and this will also attract the right talent to come and join your team. Slowly but surely, you will be making a huge impact in your society, community and the country as well.