Purpose
What is purpose?
Purpose is the last of the four pillars. Purpose is also often the reason for creating a business it provides value to all people associated with the brand, including customers, employees, shareholders, suppliers and regions. (Nevins, 2019). In order to achieve the goal, certain actions also need to be taken, including research and development, which is to continuously create new value and marketing, which create demand.
Why is brand philosophy important?
The brand is the most important asset in an enterprise. It represents the identity of the business, that is, the image of the brand and the business. When consumers come into contact with a brand for the first time, brand philosophy will directly tell them how the brand feels to them. A brand strategy is a long-term plan for a brand to develop to achieve its specific goals. A well-designed brand strategy can improve a business in many ways, such as connecting consumer needs and emotions. (Johnson, No date). The relationship between a brand and a consumer is like meeting a new friend, when consumers discover that a brand’s emotions and character are well-liked by consumers. , consumers will be friends with you. Consumers think in terms of categories and express in terms of brands. So it is important to capture the minds of consumers
The mission statement states the business purpose of the brand. It’s important because it helps consumers understand the brand’s aspirations and helps businesses focus on developing what really matters. The mission statement lays the foundation for the brand’s future strategy, or directly affects future plans and decisions. (Johnson, No date)
The mission statement determines what the brand’s goal is, and the vision statement determines how the brand moves forward to achieve it. Often vision statements are aspirational and inspiring. A good vision can drive the enthusiasm of the company’s employees and let them work together for a common goal. (Wike, 2021).
Brand value proposition is a statement about the company that demonstrates to their consumers the benefits of using the brand. A brand’s value proposition is usually related to the brand’s slogan. For example, Nike’s value proposition is to encourage people to let go, to break through their own limits, and to encourage people to be brave in life and sports. Therefore, Nike’s slogan is “JUST DO IT”, which is also in line with NIke’s value proposition.
How do brands communicate their purpose to Gen Z?
According to a survey conducted by Attest in the UK, “consumers placing a higher importance on things like value for money, product quality and customer service – in fact, these were the top 3 options for our Gen Zers.” And 44% of Gen Zers think that the pricing and value of the brand is important. (Attest, 2021). Gen Z’s consumption behavior is more rational and not easy to be fooled. They will decide whether to buy the product according to their spending power. In addition to the practicality of the product, the quality and cost-effectiveness will also be concerned. Gen Z hates strong utilitarianism, and prefers sharing methods that are authentic, sincere, and close to life. Therefore, for the brand, it is necessary to describe the brand character to Gen Z truly and clarify the income level of the target customer in terms of pricing.
Gen Z is passionate about social media, “Of those who are happy for brands to communicate their purpose-driven work with them, most told us social media and a brand’s website are the platforms through which they want to hear it. More than half (53 %) selected brands’ social media accounts, and 46% selected brands’ websites.” (Attest, 2021). It is critical for brands to reach consumers in the right places. Knowing how to communicate differently to a brand’s audience is a key part of developing an effective marketing, communication and sales strategy.
References:
Nevins, M. (2019). “What Is The Purpose Of A Company?”. Available at:What Is The Purpose Of A Company? (forbes.com) (Accessed: 20/10/22).
Johnson, B. (No date). “Brand Strategy: Mission, Vision, Values & Brand Personality”. Available at: Brand Strategy: Mission, Vision, Values & Brand Personality | LimeLight Marketing (Accessed: 20/10/22).
Wike, E. (2021). “Vision Statements: Tips, Example and Importance”. Available at: Vision Statements: Tips, Examples and Importance | Indeed.com (Accessed: 20/10/22).
Attest. (2021). “
Attest. (2021). “How brands can win the trust of Gen Z”. Available at: How brands can win the trust of Gen Z | Attest (askattest.com) (Accessed: 20/10/22).