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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: