Brand purpose is a statement that describes the reason a company or organisation exists beyond just making a profit. What problem are you solving? What would happen if your business or organisation didn’t exist? Your brand purpose sets out a commitment to making a positive difference in the world.
A brand purpose statement guides the actions of anyone working with the business or organisation, and contributes to a stronger connection with customers.
Larry Fink, CEO of the largest asset management company BlackRock says “without a sense of purpose, no company, either public or private, can achieve its full potential”.
‘Social purpose’ is gradually becoming an import facet of ‘brand purpose’, with the inclusion of detail about a commitment to effect a positive change in society beyond the scope of the usual activities of the business.
For example, providing financial support, skills sharing or employment and training opportunities to local community organisations.
Consumers are becoming increasingly aware and concerned about the social impact brands have on society and the world at large. Their decisions about which brands they will buy from, do business with or support are increasingly based on the positive impact businesses are committing to.
