Do brands need Purpose

Today customers follow brands and companies that are purpose-driven. Gone are the times when traditional value drivers- such as product quality, packaging or distribution played a major role in the brand’s success in the market.
  • People need brands that are more sustainable –in other words, brands that have a good purpose.
  • Amul has a clear purpose-led mission ever since its birth and has been committed to the betterment of dairy farmers and cooperatives.
  • Today consumers are not content with just the functional features of the product or service they buy; they want to be an integral part of a large, positive, uplifting mission, through the brands that they use.
  • Consumers use brands that connect with them at an emotional level. Example- the new initiative by brand ‘Hamam’ which states #GoSafeOutsite urging women to become self-reliant when it comes to their safety.
  • A large majority of consumers also have a strong preference for brands that help them conserve resources in their own personal lives.
  • Example- Tide Coldwater Detergent in the USA was specifically formulated to wash clothes in cold water, thus helping consumers reduce their energy consumption.
  • Sometimes a brand’s mission is aligned closely with a cause that is very important to the consumer and this urges them to go for that particular brand. Example- Nike, which is dedicated to the sustainable purpose of fitness.
  • Also, consumers prefer to use brands that help reduce ecological damage to the environment.
Thus brands with a purpose have won the heart of many consumers and have grown faster than the rest of the company portfolio becoming the market leaders today.
Source:  http://bit.ly/2wNvf7H

 

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