Review of “How to use the power of purpose to market your franchise” by Stephen Galligan
In his article, Stephen Galligan addresses the importance of identifying and sharing your brand’s story and its purpose. You need to be able to define and articulate the purpose behind your brand; this will make it easy for people to respond more authentically to your offer.
While making a profit is important, the reason behind your brand’s existence needs to exceed it. Consumers are not only interested in the quality of your products and services, but they are also interested in your beliefs and values as a brand. They need to know you care about society and your contribution to it.
We see an example of a brand’s purpose is more than just profit with the likes of Nike who apart from selling shoes want to bring inspiration and innovation to every athlete in the world.
A recent industry analysis done by Porter Novelli found that almost 80% of consumers stated that they would be more inclined to work with a company with a strongly defined purpose. However, knowing the purpose behind your brand is not enough, you must make sure your marketing strategy aligns with your purpose and that this is clearly communicated across marketing channels.
For marketing strategies to be effective, they must be able to invoke emotional responses from the target audience. To do that, you need to tell your story, and why you are doing what you do. This will make your customers understand your mission and guarantee their loyalty to your brand.
The mission of your brand is at the heart of everything. It determines your brand values, product development, and how you engage and communicate with your customers. In his book ‘Grow,’ Jim Stengel discovered that the most profitable brands in the world are those that focused on their brand ideal. He went ahead to define a brand’s ideal as the essential reason for a brand’s existence. He also analyzed and separated the purposes of different high-performing brands into five categories
Enabling Connection:
FedEx is an example of a purpose-driven brand whose purpose is to bring peace of mind to everyday connections.
Eliciting Joy:
Example is Coca cola whose purpose is to inspire moments of happiness.
Evoking Pride:
Example is Mercedes Benz, whose purpose is to epitomize a lifetime of achievement.
Impacting Society:
Example is Dove, whose purpose is to celebrate every woman’s unique beauty.
Inspiring Exploration:
Example is Airbnb, whose purpose is to empower creative exploration and open new experiences.
Some entrepreneurs find it easier to discover their brand’s purpose than others. For those who are finding it hard to articulate their brand purpose, Paperclip is a consultancy company that can assist you to discover what makes you unique. We support brands to create a strong, meaningful purpose statement and develop a strategy around their narrative. Reach out to us if you are struggling with creating your brand identity.