Brand + Purpose = Value
I often speak with founders and CEOs who express frustration that they can’t dedicate more time and resources to funding brand and communications activities. When I ask them why, I typically hear responses like these:
It costs too much.
It’s not the right time for us.
We don’t know where to focus.
We don’t know what our issues and challenges are.
While plenty of leaders don’t fall into this category, I’ve experienced many who do.
I understand the hesitation, especially when leaders have limited resources that they want to direct toward their core products and services and customer service. Still, I find it baffling that leaders fret so much about the cost and downsides while overlooking the tremendous value of brand marketing and communications.
Their reluctance reveals a scarcity mentality about these activities, and the result is a lot of missed opportunities.
Many leaders not giving their brand the attention it deserves are making a clear social impact through their businesses. It’s odd and unfortunate given their vast brand potential. After all, a well-managed brand built on an organization’s purpose is incredibly powerful. It clarifies why people should do business with you and work for you. It motivates, inspires, and supports a positive culture. And it contributes to the overall customer and employee experience
I’ve worked with many social enterprises and development organizations, so I’ve experienced firsthand the risks that come from building your brand on social good. These risks deserve deep consideration. I’ll deal with them in a future post.
The benefits of creating a well-developed and clear brand are becoming more evident every day. Purpose- and values-driven businesses have been moving mainstream for a generation. More than ever, customers want to feel like they can trust a company when they buy a product or service.
A recent report from Accenture found that the pandemic has hastened marketing and branding trends decades in the making. “Through their purchase choices…[consumers] are purposefully seeking to influence their communities and the environment, and to confirm how they see themselves in the world.”[1]
Other valuable benefits of trumpeting your purpose as part of your branding and communications include:
Purpose-oriented companies report 30 percent higher levels of innovation and 40 percent higher levels of workforce retention than their competitors.[2]
Among executives whose teams have a well-integrated purpose, 73% say it helps them steer through marketplace turmoil.[3]
Amazon CEO and Founder Jeff Bezos famously said, “Your brand is what people say about you when you’re not in the room.”
People develop a sense of your brand as a result of many different experiences. Your logos and visual elements only play a superficial part. The deeper sense of your brand arises from direct experiences, especially among customers. Others generally get a sense of your brand from observing leaders in public or in the media, from thought leadership initiatives, authentic storytelling, and in all the ways you articulate your mission and ideas on websites, social media, and traditional media. You don’t have to engage in all of these areas, but if you can figure out how to prioritize the right ones—and it’s usually not that hard—you will reap most of the benefits.
While you can’t control what’s being said about you, you can become the primary driver of your brand and shape people’s ideas about it.
Start by taking small steps, preferably from day one. Once you’re beyond that point you can still implement a strategy that turns the vexing choice about where to start into a no-brainer.
If that sounds appealing, consider the following steps that won’t break the bank:
Engage a seasoned outside expert for a short-term assignment to assess your opportunities and suggest priorities for getting to the next level.
Develop a campaign around an issue that is sure to resonate with your key audiences. This can jumpstart the process of building new relationships and ideas to support your brand.
Bring in a communications coach for your executive team who can discuss your branding and communications concerns and facilitate leadership discussions that prompt action.
What are your challenges in determining your next steps with brand marketing and communications? Drop me a line at desmond@revisionstrategy.com or schedule a brief consultation to let me know what’s on your mind.
[1] Curtis, Mark, et al. Life Reimagined: Mapping the motivations that matter for today’s consumers. Accenture, 2021. https://www.accenture.com/us-en/insights/strategy/_acnmedia/Thought-Leadership-Assets/PDF-4/Accenture-Life-Reimagined-Full-Report.pdf
[2] Josh Bersin, “Becoming irresistible: A new model for employee engagement,” Deloitte Review 16, January 27, 2015.
[3] EY Americas, How can purpose reveal a path through disruption? March 10, 2020. https://www.ey.com/en_us/purpose/how-can-purpose-reveal-a-path-through-disruption