Profit

In the realm of sustainability, the “Purpose Pillar” stands as a foundation. This pillar embodies the importance of the brand’s values as well as establishing a clear and profound sense of purpose within the brand’s operations. Brand philosophy serves as the foundational framework underpinning the success of any brand. It operates as the articulation of the company’s raison d’être, elucidating the purpose behind its existence. A well-defined brand philosophy transcends simple profit-driven motives that is publicised among both internal stakeholders and consumers. Mission statements elucidate why a brand exists, its vision outlines what it aspires to achieve, and the value proposition communicates what it uniquely offers to its audience. Collectively, these elements create a narrative that resonates with consumers, offering them a deeper connection beyond the product or service. A well-crafted brand philosophy isn’t just about business; it’s about fostering a meaningful connection with the audience.

Gen Z, characterized by its social consciousness and digital status, is highly attuned to refresh the concept of corporate responsibility. In a podcast from McKinsey, Finneman (2020) states, “They’re looking beyond tangible products and actually trying to understand what is it that makes the company tick. What’s its mission? What’s its purpose?” This is where Gen Z and millennials differ. While millennials are more focused on what they buy bringing them status, Gen Z looks for pieces that will set them apart. They scrutinize a brand’s philosophy, valuing those that align with their own values. Looking at Stella McCartney’s work ethic, three fundamental principles prevail: responsibility, integrity, and forward-thinking decision-making. This entails adopting practices that not only ensure the longevity of the business but also prioritise the well-being of the environment and its inhabitants. (Londrigan and Jenkins, 2018).

For Gen Z, transparency is not a preference, but a principle that influences their decisions. They demand corporations to take explicit positions on social and political issues. They utilize their purchasing power and social media presence to influence corporate conduct (Curry, 2020). Likewise, authenticity is non-negotiable; Gen Z has a keen eye for detecting insincerity. Brands need to ensure that their mission, vision, and value proposition are not superficial catchphrases but genuinely embodied in their practices, encompassing sustainability efforts and social initiatives. Engagement is paramount in reaching and connecting with Gen Z, especially on platforms like TikTok, Instagram, and YouTube. Brands that successfully convey their purpose to Gen Z are more likely to foster lasting connections and resonate with this socially conscious and tech-savvy generation.

Reference List:

Curry, L. (2020). How Brands Can Follow Through on the Values They’re Selling. [online] Harvard Business Review. Available at: https://hbr.org/2020/08/how-brands-can-follow-through-on-the-values-theyre-selling.

Finneman, B., Spagnuolo, E. and Rahilly, L. (2020). Meet Generation Z: Shaping the Future of Shopping | McKinsey. [online] McKinsey Insights. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping.

Londrigan, M.P. and Jenkins, J.M. (2018). Fashion supply chain management. New York: Fairchild Books, An Imprint Of Bloomsbury Publishing Inc.