Purpose. Defined by The Cambridge English Dictionary as “why you do something or why something exists”.
As humans, many of us have our own purpose. But what does purpose mean for brands and organisations? In recent years, the word has been used more and more. In the basic sense, every company has a purpose, a cause for their existence – from fridge manufacturers to florists. But how do you make yours feel real and authentic, so your customers believe the product or service you provide is beyond just output and profit? To achieve this, you need to look at your business or organisation to explore the deeper, more meaningful “why”. What impact do you have on the world? What do you stand for? And what would society miss, if you were gone?
Now more than ever, consumers want to see companies believe in something. COVID-19 has shaken up our existence and caused many to care more about the community, the world and the bigger things in life. In this increasingly purpose driven world, firms are revisiting, refining and sometimes redefining their organisational purpose in the context of their societal and environmental impact. And for good reason. According to the annual Edelman trust barometer, belief-driven buyers are critical when choosing, switching, avoiding or boycotting brands. Additionally, studies have shown that purpose-driven companies often witness higher market share gains and grow faster than their competitors.