PURPOSE
The “Purpose” pillar is just as crucial to the success and sustainability of a firm as the other four pillars.A well-defined mission makes a brand stand out in a crowded market. By offering a differentiator that goes beyond the product or service alone, it gives customers a cause to select one brand over another.
The basis of a brand’s identity is its purpose. Consumer perception of the brand is shaped by it, and it aids in maintaining a consistent brand image across a range of channels and interactions.
Establishing a purposeful bond with customers fosters an emotional bond. People are more inclined to stick with a brand if they identify with its mission. Brands with a purpose tend to develop a committed following of people who share their beliefs.
Strongly purpose-driven brands are better able to negotiate the challenges of the marketplace and establish enduring bonds with their clientele.
As the purported cure-all for our social issues, brand purpose offers capitalism a chance to make amends, give back to the community, and create value that goes beyond shareholder value and the profit margin.
A brand must help society, the larger good, and consumers’ emotions in order for its goal to truly be advantageous to it. That is the hallmark of a brand with a purpose.
More than half of Gen Z customers care about a brand’s credibility before making a purchase, and 69% of Gen Z believe that businesses should assist them in achieving their objectives.
Future-focused brand purposes need to be both an artistic and scientific endeavor that can cater to the much more complex and intersectional identities, media choices, and interests of the younger generation than just “something for everyone.” Understanding the cultural truths and nuances that you are supporting or criticizing is necessary for a brand’s mission to be successful, but since most brands were raised on loud self-promotion, it is not unexpected that so many of them are misrepresenting these aspects of society.
“Brands are thinking about things they think are relevant in order to look cool, but it often comes across as trying too hard, and ultimately, inauthentic,” says Bregman. “Patagonia does a good job aligning who they are as a company with their social mission and what their customers care about.”
The idea behind purpose is to build brand value on the whole of the practical, psychological, and social advantages it offers. Furthermore, given that by 2020 Gen-Z will account for the majority of global consumers, it is critical that modern firms carefully explore how to incorporate purpose into their business models. The brands they enjoy should represent something, in the eyes of this generation.
In conclusion, a brand needs a clear and significant purpose because it sets it apart from competitors, makes an emotional connection with customers, motivates staff, assures long-term success, has a good social impact, develops trust, and encourages creativity.
Reference List :
1) https://www.forbes.com/sites/jefffromm/2019/07/26/gen-z-and-the-three-elements-of-purpose-brands/?sh=597f280c37e3
2) https://freshsparks.com/brand-purpose/
3) https://www.marketingsociety.com/empower/gen-z-and-future-brand-purpose