Here is a universally accepted definition: a brand as a promise. However, for a marketer to focus solely on the promise is not enough. Here is why…
We previously talked about how obsessed Millennials are with making a real difference. Fortunately for the world, and unfortunately for brand managers who got caught off guard, this is a new reality. Your brand HAS to stand for something relevant and meaningful for the consumer. When you take on a worthy cause, you surpass expectations and get a chance to make a real difference.
A great example comes from the Canadian Bar Association. Since 1990, the CBA has delivered legal and justice reform and capacity-building projects in 29 countries across Asia, Africa, Central Europe and the Caribbean. Why? Because the Bar is committed to the values of an independent legal profession, an independent judiciary, the rule of law, and the individual’s dignity and knows that access to justice is essential to all of these values. And suppose you are a young lawyer wanting to make a difference. In that case, CBA has an eight-month internship to work with human rights legal organizations on a wide array of issues in various locations around the world. Doing well by doing well is as simple as that!
To reiterate: Purpose-driven branding is good for your bottom line. In addition to that, having a shared purpose will rally your troops. If your company stands for something meaningful, you will have a lower turnover ratio and be more attractive to prospective employees. (More to come on this topic.)
Today’s actionable tip: Start by crafting a relevant and differentiated promise. Then, closely tie your promise to your purpose. (Your raison d’être) Get the balance right in your communication between the benefit you offer and the idea stand for.