Summer Friday’s Head of Client Strategy, Alicia Wiedemann, sat down with the Global Strategy Director at BrandZ Kantar, Graham Staplehurst, to discuss the corporate impact of brand purpose – or, in other words, the sense that a brand is doing something to make its consumers’ lives better.
Studies have shown that brands with a strong purpose grow their value by 175%, more than double those without a purposeful positioning, but it’s not a simple goal to achieve. Authenticity is difficult to create and not all brands have legacy foundations to build from. Here are a few factors that brands can consider to devise their marketing strategies with a greater degree of effectiveness.
1. Let people share their stories
Shifting the narrative to the customer vs. the brand is a great way to build trust and credibility. This gives your customers the platform to show you what’s important to them, rather than the other way around.
2. Focus on making lives better
It’s important to connect with your consumers by demonstrating that you’re trying to improve their lives or the lives of people around them. Showing a wider concern about society and the world will build a much stronger connection than a sole focus on the bottom line.
3. Being polarizing isn’t necessarily a bad thing
Taking a stand on a polarizing issue is usually perceived as a risk. But if the position you take is transparent, purposeful, and true to your brand, it can actually motivate consumers who are actively looking for brands that make meaningful and emotional connections.