Find your truth: Building an authentic brand purpose

 It’s no secret that great products and services help brands stand out in a crowded (and loud) marketplace. But today’s consumers are also looking for companies that stand for something bigger. 

 In a recent study from IBM, 45% of consumers say that they mainly choose products based on how they align with their values. In fact, 73% of consumers say they are willing to pay more for these kinds of products. Long gone are the marketing days of only talking about why you’re better than the competition. Consumers want to know who you are and what you believe in.

It all starts with finding your brand purpose. A brand purpose is a powerful sentence that captures your company’s reason for being and what you stand for above everything else. This north star not only gives consumers a clearer sense of your values, but guides the way your company does pretty much everything. Consider these iconic brands and their brand purposes:

Coca-Cola: Refresh the world. Make a difference.

Adidas: Through sport, we have the power to change lives.

Netflix: Entertain the world, one fan at a time.

So how do we build an authentic brand purpose that will resonate with consumers? Here are the three critical steps to get started.

1. Look at your history
The first place to begin building your brand purpose is to look back at the history of your business. No matter how long your company has been around, your origin story is the “source” of unique and powerful qualities. Consider answers to questions like:

• What made us decide to go into business in the first place?
• What were the goals and values back then and how do they influence what we do now?
• How have our services and products evolved? How have they stayed the same?

Paying close attention to your history can drive the way you talk about the present – and your plan for the future.

2. Ask your people
Building a purpose statement doesn’t happen in a vacuum – it requires help from the people who make your business unique. This is the perfect time to engage your employees on what they think your company values are, what kind of service you provide and what kind of people work there. At Madison, we facilitate these kinds of discussions and call them discovery sessions. These key insights gathered from your employees will ensure your brand purpose authentically reflects who you are.

3. Gather more data
Gathering perspective from your employees is always important, but what about your consumers or other brands? It’s crucial to build a research component into your process. That’s why our strategic approach always includes both a competitive audit as well as consumer research. These steps not only establish the business landscape but lead to strategic insights about the values your consumers care about most.

 After all these key steps, it’s finally time to start building your brand purpose. As you continue to edit and refine, consider workshopping it with employees, company leadership or even an outside agency. Want to build an authentic brand purpose that resonates with your audience? We can help with that. Reach out and learn more about our collaborative approach.