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"Stop selling...start helping"- Zig Ziglar.
According to Accenture.com, "Consumers in the United States are no longer making decisions based solely on product selection or price; they’re assessing what a brand says, what it does, and what it stands for. They support companies whose brand purpose aligns with their beliefs. And they reject those that don’t, with one in five walking away forever."
2020 gave us everything:
A Global Pandemic;
Climate change;
Social/Racial Upheaval;
As we march into 2022, it's hard to believe that 1. we've made it this far, and 2. that we can even remember how things used to be,
Welcome to Business Unusual.
In this new "not normal" everything is changing-especially who your customers and clients are reaching for in terms of their goods and services,
Not sure?
Here's the evidence:
📌63% of consumers now say they prefer to buy from purpose-driven brands;
📌80% say when they purchase from these brands they feel they're making a difference;
📌66% say they'll even switch from a brand they were loyal to, to buy products and services from a brand that's purpose-based.
Why?
First of all, let's determine what's a purpose-driven brand.
A purpose-driven brand is a brand that is motivated by their core mission. The reason why they exist is to solve a problem or meet a need in society, and that purpose informs the brand's vision, mission, story, visual identity, decision-making, and more.-Hollie Arnett.
Some of the characteristics of a purpose-driven brand:
It's a brand whose "Why" is at the core of how it does business.
It communicates this "Why" at every touchpoint- Vision. Mission, Brand Story, Brand Assets- there's a consistent message.
It even demonstrates this "Why" in how it does business-what it will and will not do, what services it provides, products it sells, and people it hires, promotes, and rewards.
What are the benefits of becoming purpose-driven?
Improved competitiveness:
Customers have become more aware-and they're letting you know, Gone are the days of just following a brand because your mom, auntie, or grandma used it - or the latest jingle said so. Business owners are now being held accountable and in some cases liable as they maneuver for "competitive advantage".
What you do and what you say matters now more than ever,
Nearly nine-in-10 (89%) business leaders today believe companies that lead with Purpose have a competitive advantage in today’s marketplace. In fact, 85 percent agree being a Purpose-driven company drives profit. -PORTER NOVELLI | 2021 EXECUTIVE PURPOSE STUDY
2, Increased customer loyalty:
In 2022, brands have become community property. Partly owned by shareholders and employees, customers are a critical aspect of the new ecosystem. Their decision to engage with a brand is now based on "perceived value"-and how that perception plays a part in transforming their lives. Brand experience is the lens through which companies are viewed-and those brands constantly striving to improve this, command considerable market share.
3, Purpose increases impact:
With increased social visibility, customers are now wielding their influence on brands by pushing them to participate in social, cultural, or even political debates. This includes posting comments on social media, participating in boycotts - or by demonstrating the brand’s reaction to an event, or an issue of public concern
Ways to build a "Purpose-Driven" Brand:
Be clear about your purpose:
What drives your business? Why? What problem are you solving? What need are you meeting? In 2022, the words to live by are "Transformation" and "Aspiration"- in the lives of your customers!
Make your "Purpose" your passion:
Make your purpose part of everything you do and everything you offer. Help your customers to identify shared values and areas where together, you can effect change, Create opportunities for feedback by asking them:
"Are we fulfilling our brand promise?"
"What do you want us to stand for?"
"How can we improve your lives?"
"What's the value in doing this?
"What are the risks?"
Be creative in telling your brand story:
Share your purpose in a way that's fun and engaging. Doing this helps you to bond with your customers, partners and stakeholders- helps them get on board.
One way can be to encourage them to share their "hero stories" - how your product/service improved /is improving their lives, Another may be to go live with a customer and solve a problem in "real-time". All these options help tell your story, explain your purpose, and show how and why you're helping,
Swedish furniture giant IKEA—recently broadened its social impact by committing to employ refugees at production centers in Jordan. This effort is part of the company’s long-term goal to employ some 200,000 disadvantaged people around the world.1-ikea.com
Take action:
Consumers have become leery of brands that promise and don't deliver.
However, for a brand rooted in its purpose-the sky's the limit. Authenticity, strong leadership, and outspokenness are traits that endear brands to their "Target Audience". Once they engage - they become advocates for the brand,
Going forward, customers will expect brands to share their impact at every touchpoint.
To have people believe in your mission, they'll need more than just the "sizzle"- they'll need to eat the steak. Decide what you're going to do to take action, and do it.
For more, book one of our 1:1 sessions. Let's start building a business you can be proud of!
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