What's the purpose of a
During my time in this industry, I’ve seen a dramatic shift towards consumers becoming sceptical or even distrustful of brands. Whether prompted by serial misuse of personal data, faulty products or failed promises, consumers are more than happy to abandon brands over the slightest missteps.
Feeling pressed by growing competition, I believe this has caused many businesses to decide that having a compelling or emotive brand purpose is the way for them to recapture consumer goodwill. And it’s worth saying that brands with a strong purpose can potentially help the overall good of society – depending on the cause and message – and also help customers know what they stand for through purpose-driven brand actions.
Just look at Boots in the UK. It’s a brand that has chosen to champion women and inspire them to live well, feel empowered and confident, and its support of the 2019 Women’s World Cup, I believe, was a brilliant example of the company putting its money where its mouth is, using the tournament as a vehicle to make female athletes household names across the country.
But in a world in which consumers can quickly find out if a brand is acting on their promise, it’s crucial that brands carefully decide whether becoming purpose driven is relevant for their business and customers.
To be or not to be purpose-driven
In my mind, becoming a purpose-driven brand will only succeed if a business has a purpose which it can authentically embrace both internally and externally. Whether that’s building an eco-friendly business model or championing a social cause, the changes an organisation needs to make may vary from wide-sweeping changes in the boardroom and beyond, to changing suppliers or remaking products.
These changes must be communicated to stakeholders every step of the way; if your business isn’t fully committed to this change, or if that cause doesn’t gel with your existing business model, it is far more likely to damage than help a brand. And just because a brand may be passionate about a topic, it doesn’t mean that it’s something a brand should adopt if it can’t deliver real impact or change and do this authentically. We all know where the road paved with good intentions leads.
Failing to authentically embrace any purpose will only harm a brand’s reputation, and potentially risk the success of future initiatives. Thoughts of campaigns that have positioned a product as the solution to society’s issues come to mind, when in reality that’s just promoting the idea that a consumer is doing good by choosing a certain brand. This is inauthentic and can seriously backfire.
Of course, even when done right, the reception of a brand purpose or mission can be met with mixed results. It’s always worth bearing in mind that these initiatives, no matter how beneficial for society, may not be warmly received if consumers feel they are even slightly inauthentic, or the message is muddled by a lack of transparency from the brand.
Despite this, we know there can be considerable benefits for brands that actively take steps to authentically embrace a social cause: a Harvard study found that businesses making investments in environmental, social and governance issues exhibit better stock market performance and profitability in the future.
The process of becoming purpose-driven
So, when it comes to your brand deciding on whether a purpose-driven approach is right for you – what should you do? I’ve outlined four steps that I would recommend to every brand when undertaking this process:
Define what your business stands for
You need to determine the larger role your brand wants to play in customers’ lives. This can be done by understanding what customers feel passionate about when it comes to your brand, why employees choose to work for you and why other businesses partner with you. This way you’ll understand what differentiates your brand and where you can make a difference.
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