“The brands that will thrive in the coming years are the ones that have a purpose beyond profit.”– Richard Branson
As a society that’s becoming more and more aware of the impact of our decisions as consumers, we are turning to brands and businesses who can meet our needs and quest for meaning and purpose behind our purchases.
Essentially, we want to buy from brands serving the greater good.
This change in consumer behaviour is driving an impressive rise in the number of purpose driven brands, which we are proud to be part of.
What is a purpose driven brand?
A purpose-driven brand, simply put, is motivated by their core mission in everything they do. The reason they exist is to solve a problem or meet a need in society, and that purpose informs the brand’s vision, mission, story, visual identity, decision-making, and more.
They know their ‘why’ and they always lead with it which means every process and outcome is intentional.
Why should you build a purpose driven brand?
• 63% of consumers prefer to purchase from purpose-driven brands. Not only that, but 66% of consumers are willing to switch from a known brand to an unknown purpose-driven brand. (These figures jump up considerably when referring exclusively to millennials!) Which are certainly interesting statistics considering humans are by nature habitual creatures and will more often than not stick to routines and behaviours that are familiar.
• Now more than ever, businesses are expected to be purpose-driven. It’s not enough to have a product or service – whatever you offer needs to work towards a higher purpose. 79% of people believe companies should work to address social justice issues, whether that be climate change, women’s rights, immigration, or LGBTQ+ rights.
• When you do have a clear purpose and do the work to back it up, your audience is instrumental in sharing both your brand and the issues that you champion. 78% would tell others to buy products from a purpose-driven company, and 65% would advocate for issues that the company supports.
Basically, what these statistics tell us is that when you’re leading with purpose, you have the upper hand. Customers can relate to your story, are drawn in by your mission, and will advocate for the issues you support.
Knowing the impact that their purchase is having means that investing in you feels much better than supporting a business that is driven purely by profit.
Not only that, but recent research has shown that more than half of consumers are willing to pay more for an equivalent product from a purpose-driven brand.
By working with a triple bottom line, a brand can operate with integrity, allowing them to consider the social, environmental, and economic impacts of their work, meaning a business can make money while using their skills or services for “the greater good”.
Looking outside of consumer-driven reasons and looking within, purpose-driven businesses create healthier and happier work culture. Whether you’re a solo business owner or working within a team, purpose-led brands are proven to have healthier, more inclusive work ethics and environments.
This kind of work culture can directly affect the business’ success, as happy staff means higher productivity, which equates to a high profit, leading to the ability to make a bigger impact.
Leading with a strong purpose means that a brand can often stay ahead of emerging trends that are founded in social and environmental justice, which in turn helps to spread the message to the brand’s audience.