Most of us can remember our school motto such as ‘honour and integrity’ – these gave us value and purpose, and this works in parallel with brand purpose.
Whilst the pandemic has seen a spike in the popularity of brands with purpose, it’s not just a fad. The last few years have seen a significant rise in the success of brands with an innate brand purpose.
Unilever backs this up with examples from their own brands, explaining that “In 2018, our 28 Sustainable Living Brands – those taking action to support positive change for people and the planet – grew 69% faster than the rest of our business. That’s up from 46% in 2017.”
The Cone/Porter Novelli survey found that 66% of consumers would switch from a product they typically buy, to a new product from a purpose-driven company. Purpose-led brands saw their valuation surge by 175% over the past 12 years, versus a growth rate of just 70% for listless brands uncertain of their role.
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Purpose isn’t something you advertise; you don’t commercialise it, and that’s why it’s such a hard concept to understand. However, as the stats show, businesses need to find a way to entwine the two if the business hasn’t grown organically with a defined purpose.
The examples of companies that really demonstrate the power of purpose have been built from the ground up, where purpose is embedded in everything they do; it has been intrinsic from day one.
Ben and Jerry’s is one of the best examples of this; they are activists who sell ice cream. They never set out to be so successful, but the reason for their popularity, why consumers buy into them and why there is such brand loyalty, is that they are genuine activists for change, and this has always been the case.