Do you need to have a brand purpose to be successful in modern consumerism?
Brand purpose is the what, why, and how of your business and it is more than the products or services you sell. It helps your brand to stand out in a crowded market as consumers choose to spend their money with companies that represent who they aspire to be or reflect a lifestyle that the consumer believes is desirable. GottaBe! will be looking at the value of brand purpose, current consumer trends, and whether brand purpose is important to consumers.
What is brand purpose?
Brand purpose helps to build the connection between consumer and brand on an emotional level, past the product or service. It takes your brand to the next level by showcasing who your brand is and the things it stands for.
Brand purpose influences consumers’ political, ethical, or moral support towards your brand. Leading to long-term brand loyalty, as long as your brand continues to deliver brand purpose that aligns with your consumers.
How to be successful in modern consumerism?
To stand out and to be successful in modern consumerism it is crucial to have brand purpose as it is what makes your brand different from the rest. With consumers spending at an increasingly high-rate, brand purpose is more important than ever in the modern consumerism age. Research by Koros found that 73% of people say they are willing to pay more for a product if they love the brand. On average British people spend £258 more each year buying branded products over unbranded ones finds an independent survey commissioned by 4imprint.
The shopping habits of consumers are fuelled by the need for material things and with the use of emotional marketing, brand purpose should be at the forefront of your brand’s marketing strategy. As “people don’t buy what you do they buy why you do it”. – Simon Sinek
A global study by the Zeno Group analysed the business value of brands having a well understood “Purpose” and has revealed consumers are four times more likely to buy from a company they trust. Over four times more likely to champion a company recommending it to friends and family, and six times more likely to defend companies with a strong purpose.
Brand purpose makes you relevant to your chosen audience as their morals and values can be seen through material objects. Consumers will connect with brands that have a brand purpose that delivers a lifestyle they also wish to portray.
Which industry is brand purpose most relevant to B2B or B2C?
Whilst B2B and B2C deliver products in two different industries they are both selling to clients, and those clients whether they be a business or consumers are human. As humans, we buy from companies we can trust, so building brand purpose will get your audience (whoever that may be) to trust you.
Brand purpose in the business-to-business sector
In the pandemic, B2B relied on brand purpose to connect with other companies they knew they could trust in a time of crisis. A steady approach is favoured with B2B which portrays long-term stability and reliability.
Sustaining and winning buyer trust is the primary reason I now believe it is essential for every B2B business to embrace a relevant brand purpose. Without it, sales leads and opportunities can easily slip through your fingers. – Managing Director Wild Orange Media Ltd.
B2B brands should be looking at how to define their brand purpose in a way that is authentic to them and suits them and their consumers specifically. This must suit the company and does not mean each brand should follow the same tactic, a genuine approach to brand purpose will shine through to clients. Understanding the consumer and the market in an empathetic way leads to successful communication.
Your brand needs to be genuine in your approach across the board as when you are selling B2B, brands need to be able to trust you will deliver. They also need to be assured that their brand purpose/persona will not be negatively affected. An added level of trust is needed for brands to collaborate with others as there is more at stake for B2B.
Brand purpose in the business-to-consumer sector
Brand purpose is important because it shows your customers that you are not just your products, services, or advertising campaigns. For B2C a brand’s purpose is shown in a different way to what we would expect between B2B. With the use of experiential marketing, taking the product directly to individual consumers is more time consuming as B2C involves engaging an overall larger audience. But unlike B2B consumers are (personally) emotionally driven with purchase decisions, and impulse buys are more common.
When selling directly to consumers brands need to tap into the individual needs of the customer which is easier than finding a way to align with another brand or corporation. Brand purpose in a sense becomes more nostalgic for consumers and therefore brands can create a purpose that is long-lasting but can be altered with trends.
There is a lot more competition within the B2C industry and brand purpose can help to differentiate your product in a stagnated market. Not only does brand purpose help you to stand out but it also adds value to your product. As we briefly mentioned above, consumers are 73% more likely to pay more for products when they connect with the brand. So by creating loyalty through campaigns and brand purpose you will see customers returning to you over other brands over and over again.
If you are still unsure if you need a brand purpose to be successful in modern consumerism or if you would like to discover how to creatively bring your brand purpose to life, then GottaBe! can help your brand. To have a chat with one of our friendly team members give us a call on +4423 8063 4283 or complete our contact form.