4 reasons why purpose-led brands outperform the market.
Beyond making money, what’s your lofty ambition? What are you trying to do or change in the world? Or why does your business or organisation exist?
Your answer = your purpose. And if it’s a meaningful purpose, the next question is: Are you/your company living it and sharing it?
Many of the world’s most important brands are purpose-led. Enterprises or entrepreneurs that don’t just make something (a product) or provide something (a service), but change something as well. Brands that work towards a greater good. For society. For our environment. For a better world.
They’re brands built by people and organisations that have a meaningful or compelling raison d’être; a reason to exist (beyond profit).
In a volatile and uncertain world, having a true purpose has never been more important. From connecting with the evermore conscientious customer, to navigating turbulent business times; purpose is the North Star guiding the very best brands. And it’s powerful.
Four reasons why building a purpose-led brand can help your business thrive.
1. Purpose is different
Purpose can be leveraged as a true point of difference, making your competitors unimportant. Obsolete, even. It can help an organisation transcend the competitive landscape to become the only brand their audience believe in. The only service they’ll consider using, or product they’ll want to buy.
In a saturated market of same-same products and same-same services, purpose is a way to differentiate your business and elevate your brand to one people love, respect and trust.
2. Purpose is feeling
Purpose-led brands aren’t just liked. They’re loved. They’re brands that tell a story and create an emotional connection.* They’re brands that make an audience feel something.
Telling your story and sharing why you exist not only woos the right kind of customer, but also attracts and retains great-fit employees and business (or brand) partners too. It draws like-minds to your brand.
Purpose tells people what your organisation’s role is in the world, helping you remain authentic and relevant. Sharing your purpose — using it to focus your branding and marketing efforts — helps your customers understand what you’re all about.
*If you’re not convinced about the importance of leveraging emotion into your branding and marketing, take a look at our recent article: Is your brand barking up the wrong tree?
3. Purpose is focus
Purpose is a single-minded North Star. It can be used to guide what you do, how you do it and who you do it for. It creates a clear business direction and sharp focus. When it’s baked into everything you do, it drives you and your team towards a common goal. Towards that same lofty ambition.
As well as an asset to business strategy, brand strategy and brand platform (branding); a clear and compelling purpose helps maintain alignment across brand communication, including advertising campaigns and marketing too.
4. Purpose is power
When all of the above benefits are combined and woven through every part of your brand; purpose = brand power.
It creates a stronger, more sustainable brand. A more robust brand that can stand the test of time and is better positioned to ride out stormy waters.
It breeds a powerful loyalty and commitment to your business or product from employees and customers alike. A commitment that goes beyond the want or need for your product or service. A commitment that turns customers into brand ambassadors, and they’re a powerful crew to have on-board.
Purpose is the authentic and believable song your brand repeatedly sings. A song that — when sung in unison with your employees and customers — is a truly powerful one.
What purpose isn’t.
Purpose isn’t a marketing plan or strategy. Instead, think of it as the cornerstone of your organisation. Something that’s instilled in everything you do.
Purpose isn’t something that can be faked. And having a ‘purpose statement’ does not make you a purpose-led business.
To be believed, your purpose has to be real. Not just something you say. Not something that’s written on a wall. Something you genuinely do. Over and over.
To fake or pay lip service to purpose is arguably more detrimental to your brand than having no meaningful purpose at all. Because purpose-washing (like green-washing) will come out in the wash.
The takeaway
A bona fide purpose helps businesses and organisations to:
Create a true point of difference and a competitive advantage;
Attract and retain loyal customers and employees;
Remain focused, with a clear strategic direction;
Build a robust, sustainable offering that outperforms the market.
Brands that don’t have a purpose, or sit on the fence, are ignoring their customers need to connect, and risk losing out to the competition.
So go forth and be purposeful. Do your best work and have an impact on the world. Use your purpose to build a brand that drives business success. Your audience and employees will thank you for it. And so too will your cause.
Ready to work towards a more purposeful future?
Using our simple workshop exercise, we can help you unpack and define yours. Get in touch to find out more.
Already defined your purpose and want to put it to work? Talk to our purpose-led branding experts today and we’ll help you on the path to success.
Learn more
Got a thirst for knowledge? Here are some useful links and recommended reads^ to help you on your purpose-led journey.
Read:
Do Purpose – Why brands with purpose do better and matter more.
Learn:
Power of Purpose – Learn to work and lead with purpose.
Discover:
This 5-minute thought exercise will help you define your purpose.
^No kick-backs for us, just some useful info for you. You’re welcome.
