TAKEAWAYS: What is the brand purpose? How does it help your brand?
Here is the highlight! Only the selling intent of brands is not going to be able to secure an important marketplace for your brand. Of course, if you can kill your competition entirely like a big brand then there will be no other option for customers but to choose your brand.
But sooner or later governments are going to be making strict rules about it.
It is better for brands to understand the importance of brand purpose because ultimately you are selling to people. Revenues are generated through their purchase power.
Please note the concept of Brand purpose is different from Brand IdentityLets’ understand the concept
What is the meaning of ‘Brand Purpose’?
A ‘Brand Purpose’ is what a brand believes in and the cause or belief it supports. It is not about your brand being the no. 1. It is related to human sentiments and rights. No matter what is the size of your business marketing for small businesses is the same as for big business
Why do we need a brand purpose?
Especially right now when the world is dealing with climate emergency, economic crisis, and a global pandemic, it is important to build trust with customers.
there are long term trust issues which are lack of transparency, risk of information theft, and poor customer experience
According to a study by Microsoft, 85% of consumers will buy from brands that they can trust. A buyer is more inclined to an ethical brand that also follows the same values as the customers.
How does it help brands?
Authenticity and empathy are becoming an integrated part of marketing.
Many brands have been using human sentiments in their campaigns but after 2020 brand-centric campaigns are taking a different root.
Statistics show that such campaigns help in increasing trust-led purchases. It directly secures customers and their loyalty towards the brand.
How do we find brand purpose?
It is not as difficult as it sounds.
Ask yourself these five questions to find out your brand purpose.
- What change do you want to see?
- How can your Brand make the change?
- How do we communicate our purpose?
- Does the purpose motivate you?
- What is the change needed by your consumers?