6 reasons leading brands get serious about purpose
Today, leading brands are investing time, effort, and money in a pursuit to understand the difference they can make. The difference in a life, a community, or even the world. In other words, their purpose.
What is it that these brands know that causes them to willingly and enthusiastically make this commitment? Let's look at 6 reasons.
1. Purpose energize employees
Organizations of all types are still feeling the effects of the Great Resignation. There is a new emphasis being placed on employee engagement. But leading brands understand that there is an even greater opportunity. An opportunity to go a step further to help all team members feel like their work matters. When this happens, people feel connected and energized. Nothing helps accomplish this like inviting everyone to help pursue the compelling purpose that the brand has embraced.
2. Purpose helps you attract the best team members
The purpose that energizes existing team members is the same x-factor that draws the best new candidates to your organization. When brands make it feel like a movement, it becomes even more compelling.
3. Purpose supercharges your ability to attract prospects
People want to feel like their purchases are doing more than simply buying goods and services. At the very least, they want to know their expenditures aren’t creating harm in the world (non-recyclable containers, cosmetics tested on animals, et. al.) But even that is no longer enough. They want to feel like their spending is helping to make a difference. When a brand embraces a purpose, it helps people understand the difference they can make when they engage with the brand.
4. Purpose boosts loyalty among customers
When you feel like your purchases are helping to do some good in the world, you want to repeat those purchases. Purpose fulfills that desire, helping fend off competitors’ discounts and other pressures.
5. Purpose increases your chances to build evangelists
Beyond building loyal customers, purpose enables your brand to do something enviable. To get people talking. To share stories of the moving purpose they feel they have a part in. To advocate for your brand. And, ultimately, to recommend you. To become your brand’s evangelist.
6. Purpose helps brands make decisions
This one often goes overlooked. But it is very powerful. Embracing a purpose gives brands an invaluable touchstone for decision-making. Should the brand get into a new market? Should the brand support a new cause? Before making the decision, the brand can ask, “Does this help further our purpose?” Having this North Star helps you avoid costly missteps, keeping you focused and on the right path.
It would be easy to write off the pursuit of purpose as something that belongs to brands on the fringe. If that’s the case, then how do we explain the growing litany of major brands that are making it their focus? Smart brands will take notice. Maybe even borrow a page from these leading brands’ playbooks, recognizing that profit and purpose are not at odds with each other. Rather, they are mutually catalytic. Your Big Audacious Meaning drives profit. And profit helps propel your pursuit of purpose.