What you can expect purpose to do for your brand
I have been reading a few articles that question the validity of a brand taking a purpose-driven approach. The articles pointed to brands that have stumbled in their attempts. I've seen similar situations.
A brand tries to serve a purpose that is too broad (it's going to take more than one brand to solve world hunger).
A brand tries to serve a purpose that is simply not believable to customers and prospects. People are incredibly acute and will quickly dismiss a purpose that doesn't pass the smell test.
A brand tries to twist its purpose to fit a leader's whims. I've seen this happen when a CEO has a charity that he is fond of. The company ends up supporting that charity (which in and of itself is not a bad thing) and promoting that they support that charity. Then the organization tries to justify how, by supporting that charity, it is furthering the purpose of the organization. It ends up being confusing. If the CEO insists on supporting the charity, the organization should keep it separate from the purpose which is driven by something much deeper than the CEO's wants.
The challenge is that too many brands have unrealistic expectations of what a purpose can do for the brand.
A report by eMarketer explains what consumers care about, "Values are important, but just one of many drivers. Consumer behavior is also influenced by factors such as price, convenience, and availability of products."
It's not that we don't care about purpose. It's just that a brand has to check off the fundamental requirement boxes first. In fact, it's reasonable to think of purpose as a tie-breaker. With all else being equal, the purpose-driven brand will be the preferred brand.
"Wait, that's it?"
I wouldn't blame you if you thought that purpose as a tiebreaker is kind of an underwhelming idea. I tend to agree. But if that was the only way you weighed the value of a brand purpose, you would be missing a lot. Here are just a few things to consider:
Purpose-driven brands engender loyalty. Everyone loves to feel like they are contributing to making a difference. A brand that helps them feel that way builds a lasting bond.
Purpose-driven brands attract the best team members. People love to work for an organization where the purpose of their work is well-defined.
Purpose-driven brands sustain. While competition changes and the market changes, brand purpose doesn't change. It is the one factor that will always maintain its potency.
Purpose-driven brands have a special kind of clarity. Every decision the brand makes can be weighed against the purpose.
These advantages are why visionary brands have embraced a purpose. Yes, it will help a brand create preference. But what a lot of the writing out there misses is that purpose will also create mojo for the brand – felt inside and outside the organization. Mojo that will help propel the brand further than any other brand strategy or tactic. Mojo that will help elevate the expectations of what a brand can do.