The Importance of Brand Purpose

The earliest reference we can find to the Parable of the Three Stonemasons dates to an obscure century-old trade publication*.  Maybe you’ve heard it: A traveler at a building site asks three masons what they are doing. The first replies, “I’m chiseling this stone.” The second says, “I’m shaping a block.” And the third says, “I’m building a cathedral.”

The point, of course, is that the third mason has a richer, deeper relationship with his work because of his vision. His sense of purpose. This story gets retold because it speaks to a universal human need to find a higher value woven into the everyday events of our lives. Brands can address that need by defining their purpose, inviting customers to share in something greater than a simple purchase decision.

For both internal and external audiences, a shared brand purpose can strengthen the relationship, build enduring bonds and inspire lasting loyalty.

To understand that connection, we can look at how a brand can satisfy different levels of Abraham Maslow’s Hierarchy of Needs.

At the most basic levels, the physiological, a product can offer food or shelter or warmth. Until these needs are satisfied, the higher levels don’t even become a consideration.

Then, moving up the pyramid, a prestigious brand or luxury nameplate can meet the “esteem” level.

But, it’s only at the highest level that a sense of brand purpose comes into play. It’s where what we communicate about ourselves can have a major effect – where brands can do more than drive purchase decisions by associating themselves with their customer’s belief system and sense of self.

We know this because consumers tell us so.

According to a recent study, when asked, 65% of people who feel an emotional connection to a brand say it’s because “they care about people like me,” while 64% say that shared values are the main reason they have a trusted relationship with a brand.

It shows in brand performance, too. Brands with a high sense of purpose have experienced a brand valuation increase of 175% over the past 12 years. Of companies that over-perform on revenue growth, 83 percent link everything they do to brand purpose, as opposed to only 31% of under-performers.

An effective brand purpose offers an avenue for people to envision improving themselves and the world. It empowers employees in the pursuit of that improvement. It connects emotionally to a product’s functional attributes, giving consumers more intimate reasons to buy.

At MorganMyers, we’re experts at helping clients discover and define their own brand purpose. We can’t all be builders of cathedrals. But we can work harder to reveal and communicate the meaning and purpose behind the work you do and the products you make.

Let’s connect about how we can help you and your brand define your brand purpose.

*The San Francisco and Pacific Druggist, Volume 25, March 1920