Research by Edelman shows that more and more consumers are interested in knowing why a business exists and its beliefs. It’s an important purchase-decision factor as 80% want brands to solve society’s problems.
A powerful brand purpose sets out a company’s intent to improve the world and successfully connects with its audience on a personal level.
It’s a ‘north light’ as Ben Renshaw says to provide direction. It’s one solid thing that won’t change in a crisis – your why is fixed- Simon Sinek has written Start With Why to help us discover our purpose
Dove’s purpose e.g. is ‘Discovering the value of ‘real beauty’ and improving self-esteem worldwide.
It’s financially beneficial with sustainable companies being more resilient during downturns.
CSR expert Lisa Basford perfectly summarises ‘Brands who put purpose at the heart of everything they do, and stand for more than profit, reap rewards in many ways. These are the brands that achieve greater revenues, inspire their employees, deliver returns for investors, and engage their customers in meaningful ways.’