Why it matters
Brand purpose is popular, but many marketers fall into common traps around measurement, implementation and authenticity.
- A purpose is the reason a brand exists, and the benefit it brings to the world. It is something that your brand is uniquely able to deliver on, not simply a CSR campaign.
- Identifying the gaps between your organization's purpose and deed, and closing them – even when it’s initially painful, is an important place to start.
- To align purpose with action, business leaders must go beyond their products and experiences and be broadly inclusive, through areas like company culture, supply chains and manufacturing.
The age of company purpose is here. The number of organizations changing their approach to business to better align to a set of social or environmental values is growing year-on year.
Research has proved that customers are placing new expectations on brands. Sixty two percent want companies to take a stand on current and issues like sustainability, transparency or fair employment. Fifty two percent want the brand to stand for something bigger than just the products and services it sells. Even the highest echelons of business leadership are beginning to acknowledge that the role and responsibility of businesses in society is evolving beyond shareholder value.