A powerful brand purpose sets out how a company intends to change the world for the better. Its role is to unite customers and culture alike in the pursuit of that intention. It’s a statement of belief, of hope, of pursuit. Branding Strategy Insider explores the best practices in defining an effective brand purpose.
The idea that brands could make money from supporting causes, and not feel guilty about making a profit, was not always a common one.
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As more and more companies adopt a purpose-driven strategy, one of the key questions that needs to be addressed is how to measure the return on investment from a purpose-driven initiative.
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At the 2019 World Economic Forum in Davos, Larry Fink, Chairman and CEO of BlackRock, published his annual letter to CEOs. The letter was titled ‘Purpose & Profit’ and it reinforced the idea that BlackRock are serious about changing the type of businesses they invest in.
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Shaping, guiding and controlling brand story used to be much simpler. In the “read-only” society (a term I learned from Geoff Colon) brands communicated and people could only listen.
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A decade ago, the whole idea of “purpose” inspired brand development and management was far from mainstream.
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Branding Strategy Insider helps marketing oriented leaders and professionals build strong brands. We focus on sharing thought provoking expertise that promotes an elevated conversation on brand strategy and brand management and fosters community among marketers. BSI is a service of The Blake Project, a leading brand consultancy based in the United States, serving marketers around the world.
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