How to Build Your Brand Identity With Purpose
In the world of today’s business, purpose is paramount. Purpose answers each and every important question, “For what purpose or reason does our organization exist?” and the answer has the capability to act as a guiding light for all organizational decision-making. As a house is incomplete without a foundation so is a business without purpose. To an organization, having a defined and clear purpose is crucial, much like what a canvas is to an artist’s masterpiece and a conductor is to an orchestra. Being an organization’s spirit and character, purpose serves as both a foundation and a mirror, reflecting the existence of the organization in the world.
Purpose clearly articulates the reason for the existence of an organization, the problems that it is going to solve, and what difference it wants to make in society through its work. It is not the new trend of defining a purpose for an organization; it has long been rooted in the business history of many organizations. The current trend in business is how businesses are utilizing the sense of their purpose to develop deeper bonds with consumers, to contribute significantly more to the welfare of the communities in which they operate, attract and retain new talent, and while focusing on this, businesses are clearly making a difference in terms of revenue while achieving greater results and impact.
Few out of numerous organizations view purpose as comprehensively ideal. The purpose is not something to be used as a mere tool for the advertisement purposes of your brand in order to apprehend a bigger market share. On the one hand, we recognize that many successful companies in the market are connected with this philosophy, and on the other hand, our research shows that longevity and authenticity are the two main factors that separate purpose-driven businesses from the rest of the pack. Companies that have their foundation laid on purpose and make sure to lead with purpose have the ability to easily accomplish continued loyalty, relevance, and consistency in the consumers’ life. People are likely to expect more in the long run, thus companies that fail to understand and coherently articulate their purpose will fail in the long run, even if they survive in the short term.
Companies that authentically lead with purpose not only observe increased gains in the market share and are also reported on average to grow 3x faster as compared to their competitors, while accomplishing increased customer and staff satisfaction. Today’s consumers regularly relate to a brand’s motivation, trying to interface at a more profound level even as the brand correspondingly lines up with what their identity is and who they need to be. Many consumers increasingly make decisions on the basis of how companies treat their employees, the environment, and in what ways they make sure to work towards the betterment of the communities in which they operate. At a point where companies align their purpose with doing something great, they can fabricate further deep associations with their stakeholders and, in turn, intensify the organization’s pertinence in the lives of their stakeholders. In a progressive manner, organizations are recognizing the value and potential of aligning their goals with society goals for a greater cause.
As a result, societal effect, rather than financial performance or customer and employee happiness, might be ranked first in terms of how firms measure annual performance. Many businesses recognize the importance of purpose-driven business and have learned to successfully incorporate it into their operations for the following three reasons:
1. The Purpose is a core differentiator
It is highly acknowledged that purpose-driven organizations have elevated productivity rates with a purpose-driven and more gruntled workforce who feels motivated to stay in the company for a longer time. As per research, purpose-oriented companies have a 30% greater rate of innovation and a 40% higher rate of employee retention as compared to their rivals. While the purchasing behavior might be dominated by traditional trends, new chances to interact with clients come solely as a result of purpose. While price and quality may continue to be the most important considerations in customer decisions, many customers believe firms now have a larger duty to take actions on issues that might be linked with their purpose. Those that fail to do so invite the risk of being displaced by purpose-driven disruptors.
2. Everyone has a different interpretation of what it means to be purposeful
Employee behavior has changed immensely over time as people feel motivated to work for and support a firm whose mission is to benefit society as a whole. Moreover, employees now look forward to sharing their values, and want to be a part of the greater good.
Looking at the other side of the coin, brands have the ability to create meaningful connections given that they share a genuine relationship with all of its stakeholders, allowing them to recognize and feel responsible for the brand’s purpose. This strategy is utilized in order to strengthen as the new generation around the world has grown up with a stronger sense of purpose than prior generations. The new generation seeks out products that promote awareness on the issues that they care about, either directly or indirectly.
3. Purpose is why you exist and who you are
Purpose-oriented organizations make a lasting impression on people’s lives by truly embedding purpose in every action and strategy. On a progressive note, customers like to engage with those organizations whose purpose aligns with their goals and also helps them to achieve those goals. Leading businesses authentically on the basis of purpose not only helps companies to direct their activities toward achieving outcomes that people care about, but also consequently deliver shareholder value.
Besides being purpose-driven, organizations must establish and employ different strategies to guarantee that they are authentic in whatever they do. Here’s how you can do this:
● Authenticity must be rooted in an organization’s commitment to sharing the story and making it impactful.
● In each step that an authentic purpose-driven business takes they are transparent and accountable. With transparency and data at their fingertips, consumers may finally understand the underlying truths of how a company develops and markets its products. This is how companies win the trust of their consumers, workforce, and partners, paving the way for new opportunities to make new connections while also enhancing its revenue and development.
● Purpose-driven enterprises frequently have a vital position in everyone’s hearts and minds; consequently, the emotions cause consumers to act and make purchase decisions.
● Purpose-driven companies must continue to evolve their purpose and bond with their people as the purpose requires continuous nurturing and revisiting therefore continue redefining your consumer engagement tactics, nurture a purpose culture, define and refine your global identity. Start today.