It may come as a surprise to some but modern consumers aren’t simply looking for the best price or greatest value for money anymore – they care about buying from a company that has a purpose beyond making money and they want to buy from companies who aim to make a difference in the world.
A study by Edelman in 2017 found that 50% of consumers worldwide say they are ‘belief driven’ buyers and 67% say they bought a brand for the first time because they agreed with its position on a controversial topic.
According to research, purpose-driven companies gain higher market share and grow three times faster on average than their competitors. They attract greater workplace satisfaction and retention as well as achieve higher levels of customer satisfaction and loyalty.
As Richard Branson once said, ‘The brands that will thrive in the coming years are the ones that have a purpose beyond profit.’
So what is your brand purpose? Why does your company exist beyond the generation of profit?The Body Shop was a pioneer in promoting its brand purpose which has been described as making ‘products that promote environmental sustainability, enrich biodiversity, and support raising awareness of abusive conditions including domestic abuse’.
Your purpose may not be to change the world on a global scale but it is valuable to know and be able to promote the ‘why’ for your existence.
If you’d like help in defining your purpose and building your brand story to grow your business, please call us. We have over 25 years’ experience building brands for corporate business and SMEs and would love to help to do the same for you.
At Milestone-Belanova, our purpose is to help SME business owners to fulfil their dreams by building sustainable, ethical and profitable businesses.
We strongly believe that SMEs are the backbone of our economy. They (you!) provide more jobs to our Australian workforce than any other business type. In 2019, SMEs created 7.6 million jobs or 66% of the whole Australian workforce and contributed to 55% of Australia’s GDP.
So at Milestone-Belanova, we care passionately about our fellow SME business owners. We are represented on the Regional Advisory Board of the NSW Business Chamber Central Coast and play our role in talking to politicians and key influencers about what needs to be done to improve the sustainability of SMEs and to protect the livelihoods and mental health of business owners.
Our Director Barbara Ketley is the President and a Founding Partner of the well-respected business group Wild Fig Service Alliance which supports, educates and empowers owners of SMEs.
And we support and lead a range of other initiatives including supporting the young entrepreneurs of the future through the Young Entrepreneur Support Awards for Year 11 Business Studies students.
We are passionate about helping SMEs so please contact us if you think we can help you!