Customers are more likely to purchase from brands that have a strong purpose. But how do you go about identifying and communicating that kind of thing?
In today’s world, which is full of uncertainty and instability, more companies are coming forward to stand for something, communicating with their audiences that they are led by their passion and values. A recent Zeno survey of 8,000 consumers from eight countries showed that consumers are four times more likely to purchase from a company that has a strong purpose, and 94% say it’s important for the companies they interact with to lead with purpose.
But defining and communicating that purpose takes time, planning, and commitment, and it can be a challenge for many brands. In the same survey, just 37% of consumers believe that today’s companies have a clear and strong purpose.
To become a company that consumers want to do business with, a brand they seek out regardless of price, you must learn how to define your purpose and communicate your values in meaningful ways. Here are four tips for defining and communicating your business’s purpose.
1. Understand what leading with purpose means
Before you can define your brand’s purpose, you have to understand what it really means. Your purpose is the reason your company and products exist — the reason you do what you do. As the Zeno report states, purpose “defines an organization’s unique role and value in society that allows it to both grow the business and positively impact the world.”
Your purpose drives everything from your decision-making to long-term planning to design to marketing and advertising. It informs the way you hire and fire, treat employees, create a company culture, and stand up for issues.
As consumers are putting greater emphasis on brand values, it’s important not only to define what your purpose is but also to communicate it effectively. Your purpose must be clear from the first interaction a person has with your company.
2. Get back to basics
When you’ve been in operation for a while, it can be hard to think back to when the business was just a thought. Consider the initial purpose and driver of creating the business. What value were you trying to provide in the marketplace? What was your unique competitive edge? What core values were you founded on?
The answers to these questions will help you identify and define your purpose, which can sometimes get lost in the shuffle when you’re worrying about scaling the business, increasing customer loyalty, and developing new products or services.
3. Identify your target audience
The next step in defining your purpose is knowing who your market is. You need to nail down demographic information in addition to behaviors that your audience shows. What drives them to follow a brand? What do they care about when shopping? What do they value most when working with a company?
Knowing your audience and what they prioritize will allow you to better align with their preferences and communicate your purpose to them. Focus your messaging on what they value.
4. Emphasize your uniqueness
Another part of leading with purpose is your ability to identify and communicate what makes you unique. This takes not only defining your company values but also researching competitors and the overall market. How are you different than your competitors? What do you do on a regular basis that sets you apart?
The answer should be simple and clear, and it should be ever-present on your company website, social media accounts, marketing messages, and emails. Your unique qualities should be communicated every time a customer engages with your brand.
Emphasize your company’s strengths, whether they are the experience your team brings to the table, a statistic that goes well beyond competitors, or a truly different business approach.
How to show your company is truly different
Defining your brand’s purpose is a crucial component of connecting with consumers and scaling your business. Make your core values and priorities clear, as well as the reasons you’re different than other companies. This will show your audience that your brand is more than just your products and is driven by principles and passion.
Using the data tools from BDEX will help you understand and connect with potential customers. By tracking their online and purchasing behavior, you can make more meaningful connections with personalized messages and more touchpoints.
Our BDEX Data Exchange Platform (DXP), BDEX Identity Graph, and Data as a Service offering are the solutions you need for a comprehensive understanding of consumers. Take advantage of the real-time data from hundreds of sources so you can get to know the interests and behaviors of customers in the moment. Send your messages to the right people at the exact right time.
Contact BDEX to learn more about how our data solutions can help you reach your audiences.