Creating a successful brand goes deeper than reasonably priced products and services. In today’s society, consumers want to identify with the companies they spend money with. Building a purpose-led brand creates long-term devotion and advocacy. As the leading brand marketing executive search firm, we see the difference across our clients with a purpose-led brand to those who are trying to make due without one. To push ahead of your competitors, your organizations need to recognize and adjust to customer preferences.
During times like this, customers are relying on market leaders to inspire and guide them through the storm. In the history of American business, we’ve never seen such a need for a brand to stand up for anything before. People want to do business with companies that stand for more than just money. The brand as a whole should be a reflection of your company’s vision for the future. According to Accenture research “More than half (53 percent) of consumers who are disappointed with a brand’s words or actions on a social issue complain about it.” Now is the best time to consider making changes. What is your business trying to accomplish? What do your customers need? Do your mission and values align with your target market? Has the company strayed away from the mission?
In the end, organizations that put the customer and their experience first will see an increase in loyal customers and growth. Top marketing executives are already taking the necessary steps to advance their organization. Here are some key elements you should incorporate into your rebranding process.
Steps To A Purpose-Driven Brand For Marketing Executives:
Step 1: Do An Internal Sweep
Companies that create a purpose for their product or service because it’s a new trend will not get very far. The authenticity of the brand plays a large role in a company’s success. Your mission statement must align with your internal operations before it is established. As the leading brand marketing executive search firm, we have seen nothing reduce the credibility of an organization quicker than a brand that does not practice what they preach.
A strong company understands they can not fully cater to everyone’s morals and values. During tough times, it can be easy to sway your brand’s purpose to fit the ideals of consumers better. However, your policies and strategies need to be the core of your brand. You will build a more competitive foundation if you stick to your purpose. Customers want to know your company truly believes in your mission and will not change direction once hard time hits.
Step 2: Understand Your Market
A purpose-led brand that correlates with consumer’s values will increase business profitability. You must first understand the current needs of your target market before creating a profitable brand. The story your brand tells should be able to resonate with the consumer and have a meaningful connection.
Led by millennials and generation Z, consumers are currently switching their buying process. These generations want to connect with brands that are looking to do good in the world. The access to information helps consumers to quickly develop a point of view on any company. In fact, McKinsey & Company’s research shows ” 70 percent of the respondents say they try to purchase products from ethical companies and 80 percent refuse to buy goods from companies involved in scandals.” Therefore, your company’s action must match its ideals. The good news is that technology makes it easier to understand the behavioral and consumption patterns across different generations.
As marketing executives, you want to use purpose as the key-driver for decision-making. State the brand’s purpose and ensure all employees and contractors represent the values of the mission. With extensive consumer research, you have the ability to drive innovation and creativity within your company.
Step 3: Brand Accountability
Having a purpose-led brand is more than the mission statement. Consumers want to see what actionable measures your company is taking to arrive at your end goal. Your company should be transparent. Keep your customers informed about different purpose-driven campaigns and their positive impact on society. As the leading brand marketing executive search firm, we have seen organizations that are able to show hard examples and data create a strong brand community.
3 great ways to show brand accountability:
- Set short term goals for easier measurement
- Weekly or monthly goal updates for short term goals
- Acknowledge all achievements and results
Accountability should be shown throughout all operations and communication within your company. While a purpose-led campaign is crucial to the success of your brand, consumers are looking at your company as a whole. Who are you as a company? What does your brand want to achieve? When you incorporate the purpose into every message, campaign, email, post, etc, you will be able to hold your brand’s accountability at a higher standard.
Step 4: Best Communication Practices
While the focus is on having a purpose-led brand, companies need to consider the best method to educate customers. Top marketing executives have taken advantage of digital marketing due to the rise of an online presence. This is a cost-effective way to connect with a large number of audiences and increase customer engagement.
For companies who have a tighter budget, it would be wise to consider adding a marketing contractor to your team. It is crucial that each interaction with your customer is carefully crafted. When you relate to consumers on a more personal level, it opens doors to new conversations and opportunities. This will, in turn, help you gain more market share. The reality is that customers have the power to act as an advocate or potentially steer other customers away from your brand. To mitigate the risk and increase competitiveness, investing in a specialized digital marketer, content creator, etc will fill in the gaps and instantly add value to your newly created purpose-driven brand.