Purpose of a Brand
Traditionally, businesses have the purpose of making a profit. However, in recent years, having sustainable growth and stronger relations with consumers has become a priority for the brand (Kramer, 2017). To address these changes, the brand values, mission, vision, and philosophy serve as guiding principles for the brand’s functioning. These also inform the consumer about the socio-political standings of the brand. Research suggests that having a strong brand image positively impacts the sales of the company (Ataman & Ülengin, 2003). Generally, brands align their values to certain consumer demographics, improving their brand loyalty. For example, ASOS, a fashion retail brand in their purpose states, “…our purpose is to give fashion-loving 20-somethings the confidence to be whoever they want to be.” (ASOS, 2023). Complementing this purpose, their store carries common yet unique fashion trends at affordable costs for Gen Z. The product design reflects the values of both the brand and consumer, leading to better sales.
The current generation of consumers, Gen Z, is the first generation to understand the concept of self-image. Additionally, they expect similar identifications from brands and care deeply about the values and goals the brand pursues (Weisnwig, 2016). Consequently, a brand could inform Gen Z of their values alongside their products. Influencer sponsorships are an important part of the brand’s interaction with this digital generation (Nugroho, Rahayu, and Hapsari, 2022). Colour pop, an indie makeup company, has effectively employed social media marketing to promote its philosophy. They tend to collaborate with media personalities who represent similar values to the brand thereby communicating the brand philosophy to the audience of their partner (Montgomery, 2022).
The younger generation also expects brands to make their socio-political standings clear. Gen Z not only expects the values of the brand to positively contribute towards global issues but also their actions to reflect the same values (Curry, 2020). A bath product company, Lush, adopted the concept of eco-design for their products. They incorporated changes like plant-based raw materials in production for the preservation of biodiversity (Fortunati et al, 2020). They have incorporated their brand’s purpose into the production of the company. Thus, Lush’s purpose is both ‘issue fluent’ and the company has made structural investments for the cause they align with. These investments have turned over a global profit of 836 million pounds in 2023 (LUSH, 2023) while maintaining a Gen Z clientele. Such long-term investments make the brand a trustworthy investment for their audience increasing the chances of brand-loyal customers. In conclusion, businesses can stay true to their purpose without sacrificing their profitability.
Reference List
ASOS (2023) Our purpose and values. Available at: https://www.asosplc.com/this-is-asos/our-purpose-and-values/ (Accessed: 26 October 2023)
Ataman, B. and Ülengin, B. (2003), “A note on the effect of brand image on sales”, Journal of Product & Brand Management, 12 (4), pp. 237-250. Available at: https://doi.org/10.1108/10610420310485041 (accessed: 26 October 2023)
Curry, L. (2020) ‘How Brands Can Follow Through on the Values They’re Selling’ Harvard Business Review.
Kramer, M. (2017) Brand purpose: The navigational code for growth, Latest TOC RSS. Henry Stewart Publications. 6(1) Available at: https://www.ingentaconnect.com/content/hsp/jbs/2017/00000006/00000001/art00006 (Accessed: 26 October 2023).
LUSH (2023) Lush in Numbers. Available at: https://weare.lush.com/numbers/ (Accessed: 27 October, 2023)
Montgomery, A. (2022) The Death of Malls: The Rise of E-commerce and Digitally Native Brands, Digital Commons@Lindenwood University. Available at: https://digitalcommons.lindenwood.edu/theses/301/ (Accessed: 27 October 2023).
Nugroho, S. D. P., Rahayu, M. and Hapsari , R. D. V. (2022) “The impacts of social media influencer’s credibility attributes on gen Z purchase intention with brand image as mediation: Study on consumers of Korea cosmetic product”, International Journal of Research in Business and Social Science (2147- 4478), 11(5), pp. 18–32. doi: 10.20525/ijrbs.v11i5.1893.
Weisnwig, D. (2016) ‘Gen Z: Get Ready for the Most Self-Conscious, Demanding Consumers in History’ Available at: https://www.deborahweinswig.com/wp-content/uploads/2016/08/Gen-Z-Report-2016-by-Fung-Global-Retail-Tech-August-29-2016.pdf (Accessed: 27 October 2023)