In today’s world, consumers are more conscious about the brands they choose to support. According to a survey by Edelman, 64% of consumers around the world will buy or boycott a brand solely because of its position on a social or political issue. In this context, having a clear and compelling brand purpose can be a powerful tool for building a stronger connection with your audience. Here’s why brand purpose is so important:
- Differentiates your brand from the competition
With so many brands out there, it’s important to stand out from the crowd. A clear and compelling brand purpose can help differentiate your brand from competitors and make it more memorable to customers. According to a study by Deloitte, companies with a strong sense of purpose are more likely to stand out in a crowded market and attract customers who are looking for something more than just a product or service.
For example, TOMS has a clear brand purpose of “improving lives through business.” By donating a pair of shoes to a child in need for every pair of shoes purchased, the company has differentiated itself from competitors and built a loyal customer base.
- Builds customer loyalty
When customers feel that a brand shares their values and has a larger purpose beyond just making a profit, they are more likely to develop a strong emotional connection to that brand. This can lead to increased loyalty and a willingness to pay more for products or services.
According to a survey by Accenture, 62% of consumers worldwide want companies to take a stand on social, cultural, environmental, and political issues. By aligning your brand purpose with a cause that resonates with your audience, you can build stronger customer loyalty and differentiate yourself from the competition.
For example, Patagonia’s brand purpose of “using business to inspire and implement solutions to the environmental crisis” has helped the company build a loyal customer base of outdoor enthusiasts who care about environmental issues.
- Inspires innovation and growth
When a company has a clear and compelling brand purpose, it can inspire innovation and help identify new opportunities for growth. By focusing on a larger purpose beyond just making a profit, companies can identify new ways to create value for their customers and make a positive impact on the world.
For example, Tesla’s brand purpose of “accelerating the world’s transition to sustainable energy” has inspired the company to develop new technologies and business models that are transforming the automotive industry.
- Attracts top talent
Today’s employees want to work for companies that have a clear sense of purpose and are making a positive impact on the world. By having a clear brand purpose, companies can attract top talent who share their values and are passionate about making a difference.
For example, Google’s brand purpose of “organizing the world’s information and making it universally accessible and useful” has helped the company attract top talent from around the world who are passionate about using technology to make a positive impact on society.
- Creates social impact
By aligning your brand purpose with a social or environmental cause, you can make a positive impact on the world while also building a stronger brand. By focusing on a larger purpose beyond just making a profit, companies can create social impact and improve the lives of people and communities around the world.
For example, Warby Parker’s brand purpose of “providing access to affordable, high-quality eyewear to people in need” has helped the company make a positive impact on the world while also building a successful business.
In conclusion, brand purpose is more than just a marketing buzzword – it’s a powerful tool for building a stronger connection with your audience, creating social impact, and inspiring innovation and growth. By having a clear and compelling brand purpose that aligns with the values of your audience, you can differentiate yourself from the competition, build customer loyalty, attract top talent, and make a positive impact on the world. So, take the time to define your brand purpose and communicate it effectively to your audience. You might just be surprised by how much of an impact it can have on your business and the world around you.
Brand Navigators 
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