Why and how to express your brand’s purpose

In this article, we talk about purpose. Purpose as in your lived values as a person, organization, or brand. An authentic, transparent purpose that, as Simon Sinek says in The Infinite Game, “Relates to a cause and legacy that will outlive the company’s leaders.”

All well and good, but what is purpose at a more down-to-earth level? We’ll try to unpack that in this month’s letter, relate its importance to brand building, and leave you with access to a report that will further your understanding.

Purpose and purpose-driven brands are being talked about everywhere we turn. Currently, a brand’s purpose influences over 40% of Canadian consumers. But first, they must know about it and relate to it. So that means brands should activate purpose to accelerate their business. Not to mention that future consumers, especially Gen Z, will drive this 40% even higher. A brand needs to be prepared to explain, demonstrate, and most importantly, make it known.

An excellent way to understand purpose is what differentiates it from giving back or cause (unless you are a charity). It is more extensive than cause. It is your goal, your aim, your reason for being. Your purpose dictates how you approach a cause.

"It is your goal, your aim, your reason for being. Your purpose dictates how you approach a cause."

Where does purpose rank with consumers today?

It’s less important than:

Trust
Value
Quality
Ease

It more influential than:

A socially conscious brand
A brand with a relatable cause
A brand popular with my friends
A brand seen on social media

So that’s the theory; now for practice. Understand that purpose is primarily an industry term. Your target audience must know your purpose, so message it, of course. But it’s more important to demonstrate it.

And remember that your purpose must be relatable to your target audience. If you miss the mark, you could miss out on a significant number of purpose-related purchases. The business imperative becomes clear when you consider that 46% of Canadians annually purchase a brand with a relatable purpose.

Learn more about the business imperative to address purpose from our research partner, IMI International. Download IMI’s Uncovering Purpose report today.

Until next time,

The Team at Invok Brands