Why is brand purpose more important than ever?
A brand without a purpose is like a body without a soul. For companies to mark their existence in this world full of brands, bringing up something new to the table is a definite need. It is safe to say that a brand with a purpose is expected to generate more customer loyalty than a brand with no apparent motive. The majority of organizations focus on products, services and marketing campaigns when looking to establish their presence in the market. While there is no denying the fact that these things hold certain significance but brands today need more than that in order to stay ahead of the curve.
The 'why' behind your existence is not the same as the ultimate goal of your organization. Every business aims at a maximum profit but their passion-driven purpose is what makes them stand out. Also, brands with a purpose are more likely to connect with consumers deeply and provide them with something to grasp onto. So, if you are a brand without a purpose then you need to go back to the drawing board and establish one for your brand.
The significance of brand purpose
Your brand purpose is unique to your own brand. It explains the ultimate reason behind your existence and how you want to be seen in the eyes of the consumers. Furthermore, creating a strong brand intent aids you in disseminating the right message to the public and fosters greater loyalty.
Gen Z and millennials in particular search for reasons to support a specific brand. They need to understand the brand's mission, how it will benefit society, and whether the investment they are making is worth it or not. This calls upon the brands to roll up their sleeves and bring their A-game in order to establish their relevance in the eyes of the modern generation. A brand purpose is something that will give the brand a competitive edge over its competitors and its distinctive position in the market.
Here are some points of importance of brand purpose:
Aids in image building: A specific purpose marks a solid individual identity of the brand. It conveys the customers that brands are also concerned beyond just making profit and looking out for society's welfare as well. Considering this new age generation's sensitivity to their behavior and desire to invest in businesses that care about society makes it vital for brands to go to the extra mile in developing a compelling purpose that captures the essence of who they are and why they exist.
Draws more consumers: Having a strong brand purpose and communicating it to the public in the right manner makes them feel like they are a part of something important. It appears to them that their spendingsis going to make significant contributions to society. And this particular idea encourages more customers to associate with that certain brand. Specifically for gen Z and millennials knowing the brand intent before extending their support is more than crucial. Being aware of their actions and what those actions are bringing to society is something they strive for. Thus, brands need to take note of that and serve the people with their fundamental purpose in order to gain their trust and make their way to the top of the line.
Enhances connectivity: For a brand to engage more customers means to serve them with a compelling purpose of why they should invest in your company. In addition, making them believe that acquiring your product or service will do good to society is a great way of bringing more people on board. Keeping in view the societal concern of people and their urge to bring a change, brands that offer them that
opportunity to benefit from enhanced customer engagement. Moreover, brand purpose plays a pivotal role in establishing a connection with the new-age generation which is all the more important for brands these days thereby, persuading them to contribute to your company.
Brand purpose: A building block for your business
There is no denying the fact that the mission and vision of a brand are important to identify but without figuring out the purpose of their existence, the former would hold no value. The purpose might be as straightforward or complex as you like. However, it surely needs to be something that inspires people around and gets your business to the top.
For a brand to establish a distinctive image in the market is not that easy. But one thing that can indeed be a game changer for them is finding a purpose that can guide them. And a brand with a clear purpose will invariably stand out from its rivals in a variety of ways, including stronger brand recognition and increased customer engagement and loyalty. In other words, the purpose of your brand can hold the secret to the success of your company. And it is something that will keep your company's growth on track while targeting maximum customer engagement. So, if you are planning to launch a brand, the first thing that you need to do is determine the purpose of your brand so that you know where you are headed.
Akhil Nair, CEO, Big Trunk Communications