Brands with purpose are worth more - period. Sure, we’re all familiar with the Jim Stengel/Milward Brown empirical research done over the course of a decade, proving that brands with clear purpose out-perform their S&P counterparts untethered from brand-purpose by a large margin - nearly 400%.
According to a 2019 Fast Company article citing a recent global survey from Accenture Strategy, consumers still find brand purpose to be more important than ever.
“Accenture Strategy’s global survey of nearly 30,000 people, released in December , that found 62% of customers want companies to take a stand on current and broadly relevant issues like sustainability, transparency or fair employment practices.
...Over half [52%] of consumers, from the same global Accenture study say they’re attracted to brands that “stand for something bigger than just the products and services it sells, which align with my personal values.” - Fast Company
At Karsh Hagan, we pride ourselves on partnering with clients keen to build purpose-driven brands. We believe that purpose is important for brands because it helps organizations work in unison toward a single-minded vision intended to create positive meaning in people’s lives. But purpose is only the beginning of brand-building. Purpose alone won’t cause your brand to break through and get noticed.
Undoubtedly, having a clear, relevant, and meaningful purpose will become more important in a post-COVID world. But more importantly, brands will need to act on their purpose to break through and be noticed. Having a clear purpose is what prevents paralysis of action.
Don Fox, CEO of Firehouse Subs was recently quoted in Forbes as saying, “It is so important to have a strong mission for times like this so a brand has a roadmap instead of flying blind. A mission can help calm its team internally and give consumers a sense of ease by focusing on what is known. These values can be communicated by an enhanced frequency of communication, whether it be a daily email or blog post that is doused with a heavy dose of optimism and pragmatism.” -Forbes
Putting purpose into practice is exactly what our COVID-19 world has called on brands to do. We’ve seen many brands go above and beyond to bring their purpose to life and demonstrate--through practice--that their brand’s worth to the world is far greater than just what it sells. In turn, we believe these brands will stand amongst the enduring as we navigate the post-COVID world.
Our Favorite Examples
- The University of Colorado Anschutz Medical Campus lives up to their purpose of solving the world’s health problems by doubling-down on making tomorrow’s health breakthroughs happen today.
- The Dyson Ventilator makes engineering a timely hero.
- Burger King’s “Whopper at Home” shows the brand’s commitment to helping people have delicious affordable food in a good environment in France (even if it’s not their stores).
- Nike’s “Play For The World” campaign has inspired people to stay active at home.
- Lowe’s demonstrates how their partnership in DIY projects can also turn into meaningful projects that salutes America’s essential workers.
How will your brand practice its purpose?