Brands with purpose are the future of business

These days with so many businesses competing with one another, a brand’s purpose has never been more important. By having a clear purpose behind your brand, you will offer your customers the opportunity to connect with your business emotionally.

And, as you’ve probably guessed, this will allow your business to stand out. But, how exactly do you create a clear brand purpose and what are the benefits of doing so beyond emotional connection?

Why is it important to have a brand purpose?

There are so many advantages that come with having a clear brand purpose, and here’s only a few of them:

Your brand purpose will add value to the lives of your customers and wider society if you want it to

A one-of-a-kind brand purpose will differentiate your brand from others

You will build a more emotional connection with your customers helping to boost sales and loyalty

How do brands with a purpose do better?

Did you know that 74% of people consider brand values before purchasing? This means that your brand’s purpose should be clear and strong to the consumer. In a recent Feefo report published by the customer’s review platform, almost 2,000 people participated and shared their views on branding and its importance.

According to the study, shoppers are much more aware of how companies act and more than willing to walk away if they don’t relate to a brand’s values. In fact, the data revealed that ‘74% would be less likely to purchase from a brand if they were disappointed by a company’s words or actions on a social or political issue’.

Brands can empower consumers with their values

The success of Amazon illustrates that there still is a gap between consumer opinion and action, and price and convenience still trump sustainability and wider purchase considerations.

However, companies that fail to consider how they can be more socially responsible will soon be impacted by consumers who focus more on brand values.

And, this has been proved with statistics, with the survey revealing that ‘57% believe companies should be socially and environmentally responsible, while 74% evaluate a brand’s values before purchasing from them.’

Consumers also consider the following factors:

Brands being passionate about the products or services they sell (34%)

Sustainability ethics (33%)

Transparency (33%)

How powerful brands are the brands of the future

By offering more choice to customers, brands have the ability to lead the narrative. Through shared values, brands can relate to their potential and current consumers emotionally making them the strongest brands of all.

Vic Heyward, Brand Marketing and Communications Manager at Bright stated: “Understanding what your brand truly stands for should be the motivation behind your core purpose, and brand values should authentically echo this. What’s the point in having a set of values you never live, or worse, never look at again?”