Why Build a Brand with Purpose?
In recent years interest has grown in building brands with purpose, driven in part by the impact of a global pandemic, but also by a growing imperative to ensure responsible business ethics over financial gain.
Having a brand with purpose can build a more emotional relationship between a brand and its consumer, which in turn helps to boost loyalty among customers, employees, and stakeholders.
Purpose-led brands that have shown the way for others to follow include Patagonia, Finisterre, Tony’s Chocolonely, Faith in Nature, Cheeky Panda and Riverford Organic. These purpose pioneers epitomise inspirational leadership. They also show how decisions based on ethical and moral views, rather than for pure financial gain, can result in huge respect and customer loyalty.
Building brands with purpose is becoming increasingly important for business for several reasons:
- Differentiation:
In a crowded marketplace, having a clear purpose helps your brand to stand out. Consumers are bombarded with options, and a purpose-driven brand can create a real point of difference that resonates with customers.
- Customer Loyalty:
When customers feel emotionally connected to a brand’s purpose, they are more likely to become loyal advocates. They develop a sense of loyalty beyond just the product or service, leading to repeat purchases and long-term relationships.
- Attracting Talent:
Purpose-driven brands often attract top talent who are not just looking for a job but also want to make a meaningful contribution. Employees are more engaged and motivated when they feel aligned with the company’s purpose and values.
- Resilience:
They tend to weather crises better. When a company has a clear purpose beyond profit, it can guide decision-making during challenging times, helping to maintain trust and support from customers and stakeholders.
- Relevance:
Consumers, particularly millennials and Gen Z, increasingly expect companies to take a stance on social and environmental issues. Building a brand with purpose helps companies stay relevant and align with their target audience’s values.
- Long-term Sustainability:
A purpose-driven approach involves considering the impact of business decisions on society and the environment. By integrating sustainability into the core of their brand, companies can contribute to a more sustainable future while also ensuring their own long-term success.
- Positive Impact:
Beyond financial success, purpose-driven brands can make a positive impact on society. Whether through charitable initiatives, ethical sourcing, or advocating for social change, these brands have the potential to drive meaningful change and leave a legacy.
Building brands with purpose goes beyond just selling products or services; it’s about creating meaningful connections with customers, employees, and society. By aligning with a clear purpose, companies can drive growth, foster loyalty, and make a positive impact on society and the environment.
Absolute has been helping its clients build brands with purpose for years. As well as helping to define an organisation’s purpose, we can assist with building a roadmap and strategy for communicating social and environmental impact. We walk our talk too as an employee owned, B Corp certified business, we’re in business to use our influence as a force for good, creating positive change for people and planet.
For more information, email Rachael on info@absoluteprandmarketing.com.