A capitalist's guide to brand purpose
I like to talk about brand purpose. There is something irresistible about the idea that your brand could not only be financially successful, but also make a big difference in a life, a community, or even the world.
Brand purpose isn't an either/or deal.
This isn't about convincing shareholders that they should be patient while you invest in the brand doing altruistic things. Imagine, instead, that you can show them how everyone can do better by your brand doing good.
I've written about this recently. Here are some of the areas where a brand purpose or Big Audacious Meaning can affect the bottom line:
- Higher quality growth - when you're engaging people with purpose, you can reduce your reliance on discounts, gimmicks, and giveaways.
- Sustainable growth - if it's just about the money, then customers will evaporate the next time that somebody else comes along with a little bit better deal.
- Advocates - you have a higher likelihood of turning customers into advocates with a a Big Audacious Meaning.
- Recruitment - imagine attracting they type of people who aren’t just looking for a job – they are pursuing a calling.
- Team member retention - a brand purpose endears people to your brand, ensuring continuity in the business and reducing recruitment and onboarding costs.
- Impact - extraordinary things happen when your people are working for a cause and not just a company.
- Money - brand purpose makes operations more efficient, improves recruiting and team member retention, and helps attract and expand business.
Money and meaning are not mutually exclusive. In fact, when they come together, something special happens. Find where meaning and money intersect for your brand. Then watch where it can take you.