According to the findings of Marketing 2020 and Insights 2020, differences between over- and under-performing organizations generally tie back to total customer experience, customer obsession and insights engine resulting in:
- 83% of revenue growth over-performers link everything the company does to its brand purpose
- 62% of over-performers leverage insights and analytics to drive consistency across all customer touchpoints
- 78% of over-performers fully embrace customer-centricity across all function
“More than a set of activities, customer-centricity is a strategy to deliver business value against customer needs, guided by brand purpose,” said Frank van den Driest, Chief Commercial Officer, Millward Brown Vermeer and Insights2020 global program leader. “With a robust and global sample, we are able to quantify the financial opportunity for any business and guide organizations on their journeys to customer-centricity. The connection is clear and it is time to elevate insights and analytics to the boardroom.”
Brand Purpose Defined
You can find your brand purpose where your brand– the philosophy, equity, capabilities and goals– meet your consumers needs and wants. Your brand purpose is the hole that you fill, what separates you from the competition.
While brand promise is the expectation your consumers have of your brand, brand purpose goes beyond that. Building brand purpose is becoming increasingly important; Millennials, more so than any other generation, are driven by doing good and actively seek out brands that align with their ideals.
Look at Lush Cosmetics, for example. There a hundreds of beauty brands out there offering more products, more variety and more locations but Lush is slowly dominating the scene. What was once a UK-based “hippie-friendly” brand is now a major international contender with locations in 49 different countries; in fact, they’re reporting an expected growth of 19 percent this year. With colorful and extra-photogenic products, their image is social-media friendly and their cause is worthy.
Brand purpose is the reason your brand exists, something you can offer consumers that no one else can. While several other companies offer cruelty-free and all-natural products, Lush is providing those products with a unique experience. With hand-cut soaps and the ingredients clearly visible in many of the products, consumers feel like they’re in good hands when they enter a Lush store and feel like they know exactly what’s in each product they pick up.
Your brand purpose needs to be authentic and unique to what you can offer, and reflected in the brand experience; it should also guide the release of new products. If Colgate, a brand built with the purpose of taking care of yours and your family’s teeth, released shaving cream, does that fall in-line with their purpose or does it dilute the brand?
Find People Who Complement You
If you’re looking to collaborate with another business, make sure their brand purpose reflects your own. If you own an athletic clothing brand, like Nike, whose purpose is to bring inspiration and innovation to every athlete in the world, would you team up with a fast food joint? Unlikely. The purpose behind each business is vastly different and may undermine what you’re trying to pursue.
“Every brand makes a promise. But in a marketplace in which consumer confidence is low and budgetary vigilance is high, it’s not just making a promise that separates one brand from another, but having a defining purpose,” explains Allen Adamson, chairman of the North America region of brand consulting and design firm Landor Associates. Anyone can roll out a new product, but to be different and relevant to consumers you need to identify your brand purpose and make the purpose clear.