Essentially, a brand purpose is a brand’s reason for being beyond making money. It’s essential to not confound this with a ‘brand promise’. A brand promise may offer the buyer an idea of what to anticipate from the product or service, however the brand purpose goes far beyond that. A brand purpose unites with consumers on a more emotional level. Similarly, brand purpose isn’t the same as social purpose, though there are similarities. In order to clarify this, a brand purpose is about product-led initiatives which strive to simultaneously achieve business and benefit society.
Brand purpose is so essential to your business; however, many individuals aren’t taking advantage of its benefits as they simply don’t understand what it’s all about. It’s very valuable for you to take the time in order to understand brand purpose as well as everything that it can do for you. Generating strong brand purpose offers you authority, a greater meaning as well as separating you from your competitors. This is more important if you are attempting to market to Generation Z as they see brand purpose as an important factor when selecting products or services.
Investing in your brand purpose, it pays dividends with all your main audiences. Here’s how.
When customers understand who you are, are able to recognise you right away and understand why they should care sufficiently to buy from you, you:
- Offer prospects a reason to select you over your competitors
- Speed up the purchase cycle
- Strengthen credentials when entering new markets
- Push customer loyalty and satisfaction so building trust in your business
- Attract better customers
Partners And Vendors
When business partners and vendors understand who you are in a credible way, you:
- Gain greater access to new business partners
- Become a desirable, trusted partner of choice
- Boost credibility and authority
- Have easier access to credit