Your Brand Purpose and Why It Matters
If you’re a business owner who has a genius idea for a product or service, you might think that you can hire a few employees and start selling to the masses. But in a highly saturated marketplace, you actually need more than great offerings to stand out. Both your team and your target customers need a reason to emotionally buy into your dream — and that really starts with figuring out the finer details of your brand.
Keep in mind that 90% of people say they haven’t made up their minds about a brand before they begin their search for a solution. Because there are likely several other businesses that could potentially address their needs, their final decision often comes down to which brand resonates with them. But perhaps even more importantly, you and your employees need to have a deeper understanding of your brand’s purpose in order to achieve your ultimate goals. Let’s take a closer look at brand purpose and why it needs to play an important role in your brand marketing.
What is a Brand Purpose?
No doubt, you already know what your company does and how you do it. But do you know why you do it? If not, you haven’t clearly defined your brand purpose.
A brand purpose is not just a fun slogan your organization uses. It’s an intrinsic motivator that drives values, gives direction, and fuels energy from within. It impacts the lives of your customers, rallies your employees, and the community as a whole. Your brand purpose is your organization’s ultimate cause or belief; it’s the “higher-order” reason that your business exists. Keep in mind that your “why” isn’t to make money. It has to be something even grander and deeper that encompasses what you stand for.
How Does Brand Purpose Differ From a Brand’s Values, Mission, and Vision?
If you’ve ever worked with a brand strategy consultant or have read any books about branding and marketing, you might already be familiar with certain terms like values, vision, or mission. These are slightly different from a brand’s purpose.
A brand’s values are more about how you achieve your goals; these principles basically guide you along your journey by informing your brand’s behavior through qualities you feel are important. A brand vision is all about where you want to go, while a brand mission refers to the things your business will do to get there. But without defining your purpose first, you really won’t have a clear reason for any of these other components of your brand. It all starts with — and comes back to — your why.
Why Does Having a Brand Purpose Matter?
As any brand strategy consultant will tell you, having a defined purpose matters for a few different reasons.
For one thing, having a strong “why” will prompt emotional investment from both current and prospective employees. Having a cause to believe in can be the catalyst for increased employee retention, higher quality work, and a world-class culture, among other things. Making sure your leadership team adopts and refers back to this brand purpose can ensure greater consistency and overall success, both internally and externally. Don’t forget that companies that have a clear purpose actually outperform in the marketplace by a ratio of 15 to one. They also enjoy a 400% increase in revenue, a 700% increase in job growth, and 1,200% higher stock values.
With all that in mind, defining your brand purpose is a must for your marketing and general customer experience. Understanding what drives your organization can inform how you interact with each other and with consumers, which can improve your brand perception and visibility. You’ll show that your business is about far more than turning a profit, which will entice customers and often encourage brand loyalty. Once you put in the work to define your brand purpose, you can then work on other aspects of your brand strategy and marketing to ensure it all comes back to your “why.”
Defining Your Brand Purpose
Your brand’s purpose is the foundation on which all other aspects of your business strategy are built. It’s the sentiment that guides the way in which your business runs — from sales to customer experience and from marketing and culture. In other words, your brand strategy should be used to design your business strategy. But defining your brand purpose isn’t as simple as it sounds. While you can ask yourself about your passions, your specialties, and how you can make a difference to get closer to your “why,” it’s often helpful to work with a brand strategy consultant from the start.
Brand strategy consulting services can help your team define and build on your brand’s purpose in order to achieve your goals. As your brand strategy consultant, I’ll work closely with you to ensure your purpose rings true to your business and differentiates you from others in your industry. For more, please get in touch today.