5 Tips for Building a Purpose-Driven Brand
What does it mean to be purpose driven? Well, let’s try to understand it by looking at a perfect example of a purpose-driven brand; Bombas Socks. Ever heard of them? Their approach is incredibly unique, sure, but perhaps what is most unique about them is the fact that they based their entire business on a single quote they found on Facebook.
The quote was the following, “Socks are the #1 most requested item in homeless shelters”. Ok, so how did that influence the guys at Bombas? Well, they started out as colleagues, they then turned into good friends constantly talking about starting something together, and now they’re business partners in one of the most successful sock companies in the world, all because of a single quote. Until then it was all talk, no action. They needed a purpose, and the quote gave them just that.
Their business model is simple; for every pair of socks sold, they donate a pair. You’re probably thinking they’d need to sell a lot of socks to make an impact, right? Well they’ve now sold over 4 million pairs, and they’ve stuck to their promise by matching that amount in donated socks. Quite astonishing isn’t it? As a brand, you need your “why” to be your business focal point.
Your “why” is what defines the services you provide, the people you hire, and how you do business. Here are 5 tips for building a purpose-driven brand.
UNDERSTAND YOUR IMPACT
Sure, you may be supplying people with an in-demand product or service, but you need to look deeper. How is your product or service affecting the lives of your customers? What impact is it having on the everyday lives of ordinary people? You need to communicate this to the world. Look at a major corporation like Amazon. Their purpose is ‘to enable freedom of choice’, and that is exactly what they do.
BUILD A CLOSE RELATIONSHIP WITH YOUR CUSTOMERS
This can be done with purpose-driven advertising, meaning your ads should convey a message. According to a survey by Channel 4, young people believe that brands should be a force for good in the world, rather than just selling products and services. They identify a lot more with this. The survey concluded that brands that engage with significant issues through purpose-driven advertising are more likely to build strong connections with young consumers.
WHY did you start this company in the first place?
You’ve spent countless hours on this project, your reputation has been on the line and you’ve invested your hard-earned cash into it. What is it that drives you? Why have you made sacrifices for this project? These are the questions you need to ask yourself. The answers to these questions need to be communicated to your target audience.
These days, people identify more with a brand that wears its heart on its sleeve. People will much rather back a brand that has a story that they can relate to on a human level.
WHAT DOES THE FUTURE OF YOUR COMPANY LOOK LIKE?
One of the most challenging aspects the digital age brings is rapid change and as a result, us endlessly trying to keep up with it. How do you keep your finger on the pulse? What is your brand doing today that will influence its customers of tomorrow? Instead of fumbling every time a major change arises, why not focus your time on setting some trends of your own?
IS YOUR BRAND CAPABLE OF CHANGING SOMETHING FOR THE BETTER?
Sure, your brand falls under a certain industry, but is there something you’ve noticed that can either be improved upon or better yet, altered completely? Not entirely confident? Who better than an entrepreneur with on-the-ground experience?
Have the conversations, go out and speak to people – look for things that can be transformed, and do everything in your power to modify the flawed processes you find. There will always be something, but it takes a special brand to take a risk and make the change. People will notice, and people will invest their time into your purpose.
Our founder, Lauren Rogers is currently conducting free webinars that relate to purpose and shaping your personal brand. Register here.