What does your business stand for?
I couldn’t blame you if you built your business for the sole purpose of making money. After all, that’s what most people believed traditionally. But time and consumer preferences have changed. Today, your business needs a purpose for it to stand out.
People buy don’t buy what you do, they buy why you do it.
Your brand purpose is why your business exists. It’s why you and your employees wake up every morning to work. It’s the centre of everything you do.
According to Simon Sinek:
“Very few organizations know WHY they do what they do. WHY is not about making money. That’s a result. It’s a purpose, cause, or belief. It’s the very reason your organisation exists.”
Your brand purpose is NOT your vision and mission.
Your brand purpose is WHY you exist — a reason beyond that of making money and making shareholders happy; for example:
“To share the beauty of Tasmania with the world so that people can feel inspired and energised from its awe-inspiring splendor.”
Your company vision is WHERE you want to see your business in the future; for example:
“By the year 2020, we want to become one of the leading hotels in Australia.”
Your company mission is WHAT you need to do to get to your where. This includes specific strategies, product development goals, brand communications, etc.
“Our mission is to provide excellent customer service day and night.”
Tying it all together, you now have a clear business statement:
“We want to share the beauty of Tasmania with the world so that people can feel inspired and energised from its awe-inspiring splendor. We do that by providing excellent customer service day and night so that by 2020, we’ll become one of the leading hotels in the country.”
4 Benefits of knowing your brand purpose
“Humanise technology.” – Apple
“Organise the world’s information” – Google
These are not just catchy slogans. These words are a deeply rooted brand purpose from Apple and Google that give them the drive and energy to do what they do today. Businesses with a clear brand purpose are changing the world. And you don’t have to be as big as Apple or Google to make an impact. Here are 5 key benefits of knowing and living your brand purpose:
1. Enjoy Healthier Profits
Remember what Simon Sinek said? Money is the result of living your brand purpose. Studies show brands that have a clear sense of purpose generate more profits than those who don’t know why their business exists.
2. You Are More Competitive
Business has changed quickly. And purposeful companies are more likely to gain a competitive edge than those who do not have a clear purpose. Remember that change is hard. Brand purpose gives companies a true north to keep them aligned with their goals, despite changes and adaptations.
3. Develops a Culture of Excellence and Attracts Top Talent
Why would a top graduate choose Google over a local consulting agency? The answer is simple and straightforward, what’s greater and nobler than organising the world’s information? Employees, especially Millennials, want to be part of a company with a clear brand purpose.
Another classic example is Space X, where employees clock in 100-hour work weeks. What’s in Space X that they are so willing to give up more than half of their lives? It’s not the money. It’s the purpose: “To make humans an interplanetary species.”
4. Increase Customer Loyalty
Did you know that Harley-Davidson is the second most tattooed symbol in the world? Why would you tattoo a business logo on your body? Again, it all boils down to a clear brand purpose. Harley-Davidson customers are fiercely loyal because they resonate with the brand. To them, being on a Harley is more than just riding a motorcycle. It’s being part of a community.
Have you ever wondered why Apple is still the most valued company despite its relatively small market share? How about their cult-like following?
5 Questions to Help You Determine Your Brand Purpose
Now that you know what brand purpose is and why it’s important, let’s talk about how. Finding your brand purpose is not easy. Here are 5 questions that can help:
1. What Changes Do You Want To See?
Companies exist to provide solutions to problems. So, what problems are you trying to fix? How are you different compared to your competitors? These are good starting points to discovering your brand purpose.
2. How Can You Make a Difference?
Now that you’ve determined the pain-point you want to solve, the next question is, what are you going to do about it? For example, because Google wants to organise the world’s information (purpose), they launched Google Search and a host of other products (Google Docs, Maps, etc.) to help them achieve their purpose and make a difference.
3. What are the Changes People Want to See?
A successful brand purpose takes into account the changes customers want to see. If you figure this out, you will be able to adopt a purpose that resonates well with your target audience.
4. How Will Your Purpose Motivate Those You Work With?
Your brand purpose should also resonate with your employees. They must buy into the vision you are trying to create because if not, they won’t be able to give their best.
5. How Will You Create a Brand Purpose Statement?
So, you have a great start to creating your brand purpose on paper. Now, how will you create a brand purpose statement and how will you communicate it CLEARLY to your customers and employees? We’ll answer this question in our BRANDED workshop on November 8, 2018. Grab your tickets now before it’s too late!