Would anyone care if your company or brand ceased to exist? Statistically – probably not. According to a recent study shared by AdWeek, participants said they wouldn’t care if 77 percent of brands went away.
So, how do you ensure your company is meaningful in the eyes of consumers? According to this consumer research, it must accomplish three things:
- Deliver the products and services you say you’re going to deliver
- Improve people’s lives
- Play a role in society
The disconnect for many brands is how they show they contribute to the quality of people’s lives – how they create a better future for people. If a brand can’t show how using their service or buying their product will help improve the consumer’s day-to-day at work, home or play, you may also be missing out financially as companies that prove they are purpose-driven in this way tend to generate greater financial value.
So where should you start to ensure your company or organization is adding value to your consumers’ lives? A company must first define its purpose – the end benefit of the organization to people or society at large. When NST works with companies on purpose in a strategic planning or business context, we are trying to uncover the idealistic motivations for an industry’s work, as it will help drive success. If executed correctly, purpose can unite a company behind a common goal to guide their actions.
If it’s time for your company to examine its purpose, give NST a call about our proprietary planning process that incorporates strategic planning and brand development to help you chart your unique path forward.