Deloitte recently released its 2021 Global Marketing Trends Report, which is designed to help chief marketers anticipate trends and respond to market challenges. The report gathers insights from thousands of consumers across the globe and hundreds of C-suite executives from the U.S. You can view the full report here.
One emerging trend that stuck out to us is Deloitte’s findings on an organization’s purpose. Clearly, the COVID-19 pandemic has shifted consumer demands and expectations—and brands have had to rapidly respond to those changes. But Deloitte points out that organizations with a defined, overarching brand purpose have been more agile and better able to acclimate to market shifts. By having a strong purpose to guide decision making, leaders can align faster and respond to the conditions of the pandemic.
But what exactly is a brand purpose? This goes beyond stating what a business sells or why it sells it. As Deloitte affirms: “When it comes to brands, people often limit purpose to why a brand sells its products and services. However, a purpose-driven company articulates why the organization exists at all and puts the why at the center of everything it does.” We’re seeing that a more noble sense of purpose gives meaning and direction to an organization and helps to steer it during trying times.
Deloitte also notes that with so much uncertainty in the world, consumers are mindful of which brands have opted to show more compassion for customers and not just the bottom line during the pandemic. What’s more, consumers report they are more willing to support a brand that shares similar values and holds themselves accountable for upholding them. Thus, brands will need to be aware of and responsive to these emerging trends going forward. To truly succeed, a company must not simply assess what they sell and how they sell it, but they must also consider what they stand for.
So, what does this mean for marketers? Even if you have a brand purpose, it may be time to revisit or redefine it. Consumers want to feel good about choosing a company, and that overall sense of purpose is setting up brands to either succeed or fail during uncertain times. Having an overarching purpose in place makes you a more trustworthy choice for consumers and a more reliable employer for your team.
Here are a few questions to ask yourself as you begin considering your brand’s own purpose:
- First and foremost, do you have an updated, authentic and deliverable (even if aspirational) brand purpose? Is it current and reflective of the organization? Be honest.
- Is it simple enough to understand and articulate?
- Is it unique? Does it help to define not just the purpose, but the character of the organization?
- Can it serve as a clear and absolute guidepost for the organization? Will you and your team know if you are making decisions in support of it?
- Does it support, advance or anchor your mission and brand positioning?
- Is it “big” enough? Does it challenge you and your organization to pursue meaningful strategic growth?
These are not typically easy questions to answer. And, certainly, identifying or reshaping your brand’s purpose isn’t something that happens in one conversation. At The Jakes Group, our brand strategists help organizations to define their brand identities and position their purposes. If you’d like to discuss your own branding needs, please contact us today.