A brand these days needs to have a purpose that has the potential to bring changes to the world in a positive manner.
A customer doesn’t look for a brand whose main purpose is to sell products and earn revenue from it. They want to work with a brand that has the intention of bringing positive changes socially, economically, and environmentally.
To have a brand purpose is important, to say the least. Unfortunately, this concept is a bit complex, as finding the right purpose that fits the criteria of everything, including the commercial side is hard. That is why FMCG market research is of utmost importance. When people don’t understand something, they don’t make use of it. So, in this blog, we will learn the definition of brand purpose, and why it matters that a brand should have a brand purpose?
What is the meaning of brand purpose?
In common terms, the definition of brand purpose is a brand’s intent for existence which goes beyond revenue earning. The purpose of a brand represents the ideas or notions it stands for, and what obligation a brand has towards customers, society, environment, and so on.In short, what other purpose do they wish to accomplish with their brand instead of only focusing on selling and making revenue? A brand purpose is the north star or the noble star whose aim is to show the consumer that by selecting their products/services they are helping the greater good.
This greater good is your purpose. It can be anything from enhancing the confidence of women like Dove. Or it can be like Nike who wants people to achieve success no matter the situation. They have countless times spoken against racism or gender inequality. Your brand purpose has to be on similar lines.
Main benefits of having a brand purpose are to:
● Add value to the society and its people
● Keep the brand unique from competitors
● Provide strong values to its consumer and employees
Why having a brand purpose matter?
Let’s look at the importance of brand purpose:1. It makes your brand more likable for consumers
The consumers of today, especially the millennials are not looking for the best that has the best price. Most of them are looking at products that have a brand purpose which they believe in.A study done by Edelman in 2017 suggests that 50% of the consumers are belief-driven buyers. Also, 60% of consumers bought a product because they believed in their stance on a scandalous topic.
So, you must have a brand purpose and speak your mind on topics you hold dear. You will be surprised how many people believe in that stance, giving you loyal customers. Having a brand purpose not only makes your brand more appealing to consumers, but it also provides you with loyal and forever customers.
2. It shows your consideration for other things and not just money
As we mentioned above, a brand purpose appeals to your consumer. What appeals to them is the fact that a particular brand has a voice against injustice or wrongdoings and is not afraid to show their stance.Whatever purpose you have, if you advocate that to your target audience through blogs, social media, and email newsletters loyally, it will help increase your numbers. As millennials want to be part of a brand that is above money and revenue.
3. It evokes emotion
When a brand evokes emotion within a consumer, it helps them boost engagement and their sales number. A brand purpose can do the same. It connects the person with their story so that they can see themselves in it.For instance, Dove’s advertisement including ladies of all color, and how dove brings their beauty out, evokes emotions in women. Creams or lotion that advocate fairness are wrong, but dove celebrates all women and says that every color is beautiful.
Their purpose of deleting this line is what makes them unique and connects them with the audience.
Tips for having a brand purpose
Let’s look at some tips that you need to keep in mind while finding the purpose of your brand.1. Ideology matters
Brand purpose is different from brand value, but they are similar in one sense. That is if you don’t know what your values and goals are, or what your beliefs are, you cannot answer why, and why is your brand in existence is the purpose.2. Show love to your haters
Not everyone will like your brand and its purpose, and that is okay. You cannot please everyone. As long as your haters are not someone who you wish to sell in the future, it is okay to have some haters.For instance, if you are a vegan food brand, people who advocate against animal violence will love you. But other people and brands will have problems with you. Take it in stride.
Find a purpose that can guide your brand to become the best version of itself.
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