Most Brands Fail by Stopping Just Short of a Brand Purpose 2022
Most Brands Fail by Stopping Just Short of a Brand Purpose
Humans are driven by meaning and purpose same as the corporate entities. How does the branding of stores impact the buying behavior of consumers? Of course, profits are key to running a business, but that’s not its purpose. The brand purpose is the reason your brand exists, which is more than just money. You created your business to improve the lives of your customers by solving their problems, and that’s where you can create an emotional connection.
What Is a Brand Purpose? - Brands used to be in the power position. They spoke to customers and dictated the terms of the relationship, regardless of what the consumer thought. The philosophy was that if a customer didn’t like the brand, they could move on. Consumers have more choice, and more power, than ever before. As more brands develop their online presence, consumers are given an outlet to share opinions, express displeasure, and in numbers, force a brand to change. Now, when a customer voices an opinion, brands listen up.
Why Do Brands Need Purpose? - The internet and social media give consumers direct access to brands. If consumers aren’t happy about something a brand is doing, they can share it. If enough of them have an opinion, they can shift the decisions the brand makes. Consumers are quick to share their opinions about products, services, or brand actions, often forcing change. This gives consumers more power.
The Value of Brand Purpose for Customers - Humans are driven by meaning and purpose. According to Maslow’s Hierarchy of Needs, everyone has the need for love and belonging, esteem, and self-actualization, which is the desire to achieve your true purpose. People are conscious of their purpose and place and seek relationships that align with their own beliefs and values, not just with other people, but with brands.
Check out our Martech Cube Podcast for stories from the industry experts that share their business journey with tips and strategies to achieve career success!!