Simply put, a brand driven by purpose is one that strives for the greater good. A brand can be a movement, or the front of a business but let’s chalk it up – it is an identity. One with great power. Changes in social and cultural tides across the world demands more of brands today. People want to know what that identity stands for, what it believes in before associating with it.
Businesses everywhere are realizing this and if they haven’t already got a purpose behind their brand, they are looking for ways to adopt one. Here’s why,
Love you can’t buy
Who doesn’t love volunteer brand ambassadors? Possibly the most impressive outcome of running a business with purpose is the effect it has on people. A strong enough purpose can connect people from across the world and have them stand together in support of your brand. A sign of good branding is when your product is being highly spoken of. Interestingly, some of them may have never even bought your product or service, but are fiercely loyal and rave about the brand regardless, because they feel a sense of oneness with the brand. And for the ones that do take that next step and buy your product, they come back for more because it feels great to consistently invest in it.
Get that bread
A purpose is not about economic gain, but it can certainly lead you to it. We need money to survive, there’s no shame in that. A brand with a purpose sparks interest, it stands out from its competitors and speaks to customers. If your product is in a highly competitive industry, a strong brand purpose could be the one thing that makes consumers leave other brands on the shelf and take yours home.
To make things even more financially rewarding, people are actually willing to pay more for brands that are purpose driven. The days of quick, cheap fixes to our problems are gone. People want to contribute to a more sustainable, inclusive world. They want ethically sourced goods and services. They want to help each other and the planet. And they are willing to pay for it.
Dream teams
Employees that view what they do as so much more than just a job perform better. When the ethos of a brand aligns with their own values, from support staff to high level management, there is room for amazing things to happen. The brand’s reason for being can inspire an employee’s personal purpose. It increases their drive as well as the amount of love and care they put into their work. (And when you do anything with love, you know it’s done right). The business is seen as their own, rather than something they just work for. You begin to see this with higher rates of productivity, better service and happy worker bees.
Your workforce is the same as your customer base – it’s made up people who care. How we do work is changing rapidly. Caring is cool now, actually it’s more than necessary, So if your brand doesn’t stand for something, prioritize ethics and work towards a better future, it may miss out on dedicated employees who have the potential to drive it forward.
Golden tickets
Even investors, and other stakeholders are going to be on the lookout for something more than return on investment. The world is changing, trends are changing and people will put their faith in something that they know will flourish. A brand purpose will also open up the doors to collaborate with other brands to create value together.
The Long Game
The rewards of having a purpose behind your brand are plenty. Employees will enjoy working for it, and do so proudly and customers will speak highly of the brand too. In the long run, all of the above consequences form one large one – your brand makes a difference. It can have an impact on the lives of thousands, if not millions, and a legacy is born.
We are in an age of continuous uncertainty and change. People are no longer interested in the mundane buying and selling to live, every purchase is a vote today. A vote to what kind of world we want to see. It’s not just individuals that need to look within and find meaning, businesses do too.
Branding with purpose allows money and morals to coexist in peace. You can do good, be intentional with your work and be massively rewarded for it. You don’t have to compromise.