Why Brand Purpose Matters For Businesses
dateJune 28th, 2019
In an era of polarizing politics and hyper-sensitivity, many believe brands should stick to what they are good at – creating and selling product. This false understanding of powerful branding completely neglects the consumer’s ability to choose the brands they feel personally connected to. Having purpose is fundamental for brands as it allows consumers to understand its values and makes brand relatable.
Creating brand awareness
When it comes down to it, consumers expect brands to positively impact their well-being and quality of life. If a brand does not have purpose, there is no meaning behind why it exists. Having a good product will only get brands so far; having a purpose will make consumers remember you and keep them coming back.
Fostering brand connection
Once people know about your brand, the next challenge is to get them to feel a connection. In today’s landscape, 71 per cent of millennials say they prefer brands that drive social and environmental change. Having a distinct purpose will allow consumers to feel a sense of pride in your brand thanks to shared values and issues. In turn, brands can cut through endless claims of “the best of the best” and make a lasting connection with consumers.
Contributing to the Bottomline
Ultimately studies have shown by giving your brand purpose you are contributing to the bottom line as consumers are likely to try new items and pay more for them when they feel a sense of loyalty to a brand. Additionally, brands with purpose are more inclined to acquire new customers and keep its employees happy. All of this works to positively impact the balance sheet for your business and will keep brands, not only relevant, but thriving.
Written by: Holly Norman