And it’s a pity, because ultimately, brand purpose will mean nothing by trying to mean everything.
And it’s an even greater pity because Brand Purpose is real, necessary, and effective. Dozens of studies and experts worldwide corroborate this: purpose-driven brands are the ones that grow the most (Kantar), build more lasting bonds with their target audiences (Edelman), become more relevant (Havas), attract more talent (Canvas), are better weathering the Covid-19 pandemic (Forbes), and will survive in this era of conscious capitalism where we will all witness the “reset” of the traditional economic system and its old formulas for understanding business profits (Harvard).
Despite all the evidence, there is much confusion surrounding brand purpose.
1- Altruism is not purpose.
What we have seen during these months of Covid has mostly been acts of solidarity, charity, and philanthropy. This is greatly appreciated but it is not brand purpose because brand purpose is linked to the business, connects with users, aligns with the area where the brand’s activity is developed, focuses on a social territory, and is consistent with the brand’s history, personality, and values. CSR/ESG and brand purpose must be differentiated.
2- Finding and declaring a purpose is not enough.
Having a purpose and not activating it is like having Chris Hemsworth in your contact list and not meeting him for coffee. A missed opportunity.
It is no coincidence that 76% of marketers believe their brand already has a defined purpose, but only 10% say this purpose includes a real commitment to society. An activated purpose starts with employees, is integrated into the brand’s culture, its operations, how it innovates, and its commitment to society. An activated purpose DOES and doesn’t just SAY.
Move from #storytelling to #storydoing by being consistent, authentic, transparent, and seeking to leave a positive mark on society.
3- Purpose is not just an opportunity for your brand to shine.
Ethics should not be commodified. Let’s consider the 3 “P”s – People, Planet, and Prosperity – that the UN’s 2030 agenda and its 17 Sustainable Development Goals show us as a compass.
And we firmly believe in the balance between Purpose and Profit. When defining a purpose, we must be authentic, analyze what truly matters to our audiences, and what values connect us with them. We must also be honest with ourselves and ask if we will be able to fulfill the commitment we are about to launch.
It is precisely at this moment that we must distance ourselves from several temptations and avoid falling into “purpose-washing”. The temptation to jump on the bandwagon of social causes, the temptation to be “good-because-it’s-trendy,” the temptation to want to be the heroes who save the planet…
In this “new global normal” that we are just beginning, more than ever, triple sustainability (economic, social, and environmental) must be the ROI that companies pursue, not only for the world but also for their own credibility and long-term survival.
I borrow the title from an article by Coral Puig Garrigó, a colleague and specialist in Brand Purpose and professor at the Hong Kong University of Science and Technology – HKUST. Very interesting reflections worth reading. https://bit.ly/30rH18l
If you want to discuss how to activate purpose, at ROSAPARKS, Brands with a Purpose, we are waiting for you.
Alba Guzmán. CVO & Co-Founder at ROSAPARKS, Purpose & Social Impact.
