Brand purpose: The key to growth hacking
In our last blog post, we discussed how a purpose-driven brand is a powerful brand. Yet, many marketers still do not prioritize their purpose (reason for being) because they find it difficult to measure immediate results.
Read on to uncover the true benefits of purpose and how it is a catalyst to greater profits.
“Path to purpose” is the new “path to purchase.”
Not only do consumers want a brand to share their beliefs, but they’re buying brands based on beliefs. They’re willing to give their hearts and their wallets in support of purposeful brands – and the stats prove it. In a recent study of 8,000 consumers across eight countries, it was found that “global consumers are four to six times more likely to trust, buy, champion and protect those companies with a strong purpose over those with a weaker one.” Now, more than ever before, brands need to adapt to changing expectations and deepen the emotional connection with belief-driven consumers to aid in their conversion.
Purpose breeds loyalty.
Not all returns on an investment are immediate, and that’s okay. Building a profitable brand is a game of chess and marketers need to think more than just one move ahead to be successful. A strong consumer-brand relationship has been proven to build lasting loyalty, which will drive future demand. This equates to increased conversion rates, increased average order size, and decreased marketing expenses, ultimately leading to accelerated profits. When it comes to brand building, lifetime value should always outweigh short-term wins and a solid brand purpose will act as the foundation to it all.
Purposeful work is productive work.
A clearly expressed brand purpose not only plays an integral role in marketing and sales, but it is also extremely influential in attracting skilled and engaged talent. In today’s ultra-competitive economy, prospective staff are prioritizing perks apart from salary alone. According to the 2021 Purpose Perception Study, 78 per cent of respondents reported they would be more likely to want to work on a brand that leads with purpose. With purpose providing greater meaning and significance to work, this often leads to better productivity and job satisfaction, as well as reduced churn and onboarding expenses for employers.
You’re ready to stand for something. Now what?
Brand purpose should be an expression of the values already present within your company, rather than something that’s created in response to a perceived consumer need. That said, as society changes and progresses, your brand purpose should likely evolve with it.
Coming up next: An article on building purpose
Stay tuned for two more blogs in the series describing how to build your brand purpose and lastly, how to protect it.
Justin Haberman, Vice President, Client Services, Elemental
Mike Leon, Managing Director, Brand Heroes
Bruce Symbalisty, Strategic Director, Reality Engine
Kristina Koprivica, Vice President, Corporate Marketing and Strategy, Kruger Products L.P.