Stand Out by Crafting a Purpose-Driven Brand
Brands are becoming increasingly purpose-driven, like Patagonia, who weaves environmental activism into every aspect of the company.
This shift is because consumers’ purchases are increasingly driven by their values. Did you know 91% of millennials are ready to change brands to one that aligns with their values? Millennials might be the driving force behind more brands practicing socially responsible marketing, but whether or not you are aiming to connect with millennials it’s important to understand what a purpose-driven brand is.
Let’s outline what you need to know about engaging with purpose-driven prospects.
Authenticity is oft-cited as the stand-out quality of the most successful brands. But nowadays, that’s not enough. Millennials and Gen Z in particular have high levels of optimism about their ability to bring about societal change and they’re more willing to do business with brands that share their own values and concerns.
Your customers’ personal beliefs matters most and it is imperative for brands to stand behind an idea or purpose. It’s simply not enough to say that you support a cause. Every action your company makes must reflect its purpose. So what is your purpose?
Define your purpose
What is your company’s mission and values? In what ways do you want to make the world a better place?
“WHY” should be at the forefront of what you do – in how your organization communicates and conducts business. “WHY” should drive what services you provide, products you sell, and what people you hire.
Want to be a successful purpose-driven brand? Reflect and act on your customers’ values.
Prove your purpose
Are you putting purpose over profit? Saying you care isn’t enough. You have to prove it.
Sure, you give to some charities every year. But being a purpose-driven brand is not simply corporate social responsibility. It’s not just a marketing strategy for philanthropy. And it’s not an aspirational vision. Once you choose your purpose, everything else (philanthropic activity, HR, research and development, etc.) comes from that. Being purpose driven is a new business model!
Be open and communicative
Consumers want transparency. Your brand’s values need to be visible in your marketing and your services. Be honest about how you operate and be public about your social initiatives.
Be actively invested in solving social problems
Consumers want socially responsible companies and this means being actively involved in bettering society. Prioritize making an impact on the world around you.
Have social change initiatives that consumers can be a part of
Help your target audience in fulfilling their sense of purpose. People are looking for companies to involve them in positive change. Consumers want opportunities to give back – with money or by volunteering their time. Be ready to report on the difference you and your consumers are making together!
Find success with purpose
Crafting a purpose-driven brand is an opportunity for companies to grow their business as well as change how they do business. Purpose-driven marketing is fast gaining traction across businesses and could be what differentiates you from your competition in the years to come.
Now, not every company can or should go as all in as a company like Patagonia. But by working towards a common goal and sharing values you create an emotional link with your customers that will keep them coming back.
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When it comes to being a purpose-driven brand, the key to success is right there in the phrase: a brand’s purpose should be at the center of everything. As companies become increasingly willing to speak up for and support the causes they care about, how will your brand build a purpose-driven brand strategy?