Whatever industry your company is in, you know how tough it is to stand out from the rest right now. The competition is getting fiercer by the minute as more and more businesses and startups pop up seemingly out of nowhere.
So, if you’re currently struggling to differentiate yourself from everyone else or finding it difficult to connect with your target audience on a deeper level, maybe now’s the time to focus on other branding solutions. One of the best areas to start is knowing your brand’s purpose.
In today’s world, where consumers are increasingly mindful of their purchasing decisions, a company’s brand purpose can be the key to sustainable business success. In this blog post, we’ll explore what brand purpose is, why it matters, and how to develop one that resonates with your audience.
What is Brand Purpose?
At its core, brand purpose is the reason why a company exists beyond making a profit. It’s the deeper meaning or mission, that drives a business and its employees. A brand purpose should be inspiring and meaningful, resonating with both the company’s employees and customers.
One famous example of this comes from TOMS. The brand’s purpose is to improve lives through business—and they walk the talk! For every pair of shoes sold, TOMS donates a pair to a person in need. This purpose has touched the hearts of millions of consumers, which has helped TOMS effectively differentiate itself in a crowded shoe market.
Why Does Brand Purpose Matter?
Brand purpose is essential because it goes beyond the functional benefits of a product or service. It connects with consumers on an emotional level, creating a sense of loyalty and trust. In fact, a study by Accenture found that 63% of consumers want companies to take a stand on the social, cultural, environmental, or political issues they care about.
Additionally, brand purpose can attract and retain employees who are aligned with the company’s values. When employees feel like they’re working for a company that has a positive impact on society, they’re more engaged and motivated.
Lastly (and arguably most importantly), a strong brand purpose can make a positive impact on society. When businesses prioritize their purpose beyond just making a profit, they can create a ripple effect of positive change in the world.
How to Develop a Brand Purpose
Developing a brand purpose requires a little bit of introspection on your part and a deep understanding of your target audience.
Here are the steps you can take to develop a brand purpose that resonates with your customers:
1. Define Your Values
Before you can develop a brand purpose, you need to have a clear understanding of your company’s values. This means taking the time to identify what’s important to you as a business and what drives your decision-making. Start by brainstorming a list of values that align with your mission and vision, and then narrow it down to a few key values that you want your brand to embody.
2. Identify Your Target Audience
Developing a brand purpose that resonates with your target audience is crucial for success. Spend time researching your ideal customers to understand their values, beliefs, and pain points. This will help you craft a purpose that speaks directly to their needs and desires.
3. Conduct a Brand Audit
A brand audit is a comprehensive review of the current state of your brand identity, including its messaging, visuals, and overall perception of the market. This is an important step in developing a brand purpose because it helps you identify gaps in your current brand strategy and opportunities for improvement.
4. Craft Your Purpose Statement
Once you have a clear understanding of your values, target audience, and brand audit results, it’s time to craft your purpose statement. This statement should be a clear and concise expression of your brand’s reason for being, and it should resonate with both your employees and customers. Use language that is simple, straightforward, and memorable.
5. Live Your Purpose
Developing a brand purpose is just the first step; the real work comes in living your purpose every day. This means integrating your purpose into every aspect of your business, from your product or service offerings to your customer interactions and marketing messaging. When you consistently live your purpose, you build trust and loyalty with your customers and employees.
With how conscious consumers are of their purchasing decisions nowadays, being a brand that shares their values is more important than ever before.
However, remember that developing a brand purpose isn’t just about creating a catchy tagline or mission statement. It’s about building a business that’s driven by a higher purpose, that goes beyond profit, and that makes a real difference in the world.
By developing a brand purpose that truly reflects your values and resonates with your target audience, you can build a loyal following of customers and employees who are passionate about your brand.
For more insightful articles about branding, check out HandCraft Logo’s Blog!