Whether youâ€™re in the business of coffee or cars, phones or pharma, tech or transport, food or fashion, what you do will always be important. But increasingly consumers Â and especially Millennials â€“ are looking for even more. They want to see a deeper purpose from the brands they choose to support. This begs the obvious question. Whatâ€™s yours?
Purpose creates connections.
It may seem a little â€˜warm and fuzzyâ€™ at first. But when embraced strategically, having a clearly-defined brand purpose can be a potent business driver. The magic of a higherÂ purpose is it reaches far beyond your product or service. Rather itâ€™s about aligning shared values and, by doing so, elevating a customerâ€™s emotional connection â€“ and loyalty â€“ to an entirely new level, especially when compared with other brands that donâ€™t have the same (or any) higher purpose.
Far from being merely a â€˜nice to haveâ€™ for marketers, doing this is actually quite critical. More and more, todayâ€™s consumers expect the organisations and brands they support to behave in socially and environmentally conscientious ways. If your brand purpose aligns with something that matters to them, your brand is more likely to matter to them as well. The reverse is also true, of course.
Employees crave purpose too.
The advantages of purpose arenâ€™t confined to your customers. It can also enhance your ability to engage and motivate your own workforce. Studies consistently show modern employees are likely to be happier and more effective when they have a greater reason to get out of bed than simply getting paid. In an era when personal and professional life is often intertwined, people want to be proud of where they work and find tremendous value in being part of brands that stand for something bigger. It can be an energising common goal.
According to a 2016 study byÂ Deloitte,Â almost 90 percent of Millennial workers believe the success of a business should be measured in terms of more than just financial performance.
Act with purpose, donâ€™t just say it.
Having a purpose is a lot more than just choosing a popular cause. You need to live and breathe it in everything you do. If you donâ€™t, watch out! Commercial opportunism gets called out very quickly, and often brutally, in social media. Profit may follow purpose, but it should NEVER drive it. Brands that fail to understand this are routinely held to account by the very people theyâ€™re looking to serve and they can pay a high commercial price. Millennials know when youâ€™re faking it â€“ so do it right, or donâ€™t do it all.
Finding your purpose.
Different purposes will resonate more strongly with different brands. Yours might be related to healthcare, sport, international development or perhaps helping young people in underprivileged communities. You need to be guided by something thatâ€™s meaningful, relevant and, ideally, has a logical connection to what you already do and believe. Also keep in mind people generally react best when brands take a stand on an issue or injustice they can personally identify with â€“ and then use their influence and resources to help create genuine and lasting improvements.
Ready to harness your brand purpose?
Need help to identify it?