Your brand’s purpose describes why you exist, above and beyond making money. But why does your brand purpose matter? Well, shifting the conversation from what you do to why you do it can have a profound impact on your business.
When you focus on your core beliefs and values as a brand, you’ll find that your target audience is no longer a flat, impersonal segment based on demographics, psychographics or geography. Your customers—your tribe—are all the people who believe what you believe. In fact, research supports this approach. Here are 3 research-backed reasons why brands need a clear purpose:
1. Brand purpose drives sales and customer satisfaction.
90%
of consumers say they would buy from a company they think is making
do-good effort.1
80%
of consumers think they are helping do good when they buy from a purpose-driven company.1
2. Brand purpose differentiates you from competitors.
87%
choose brands that match their personal values.2
71%
avoid brands that do not match their personal values.2
3. Brand purpose drives business growth.
175%
12-year brand value growth rate for brands with high sense of purpose.3
70%
12-year brand value growth rate for brands with low sense of purpose.3