What’s the point of purpose?

The power of a purpose-driven B2B brand strategy

How many people have you seen recently stating they only work with businesses with purpose, or that their success is the result of having a purpose? What does it mean though and is there any point?

In the world of business-to-business interactions, the significance of a purpose-driven brand strategy is becoming more evident. Establishing clear purpose alongside a well-defined vision and values, can have a profound influence that extends way beyond your balance sheet. It enables B2B organisations to establish a competitive edge, attract ideal clients, inspire employees and nurture lasting partnerships. We’ve looked at the transformative potential of a purpose-driven B2B brand strategy and put together some actionable insights for you.

What is the impact of purpose-driven brand?

Purpose-driven branding in the B2B world is not just a buzzword; it represents a paradigm shift in how businesses operate. A purpose-driven B2B brand strategy should be built upon an authentic vision and set of values that guide all aspects of a company's operations. It goes way beyond profit, aiming to make a positive impact on communities and the planet, while also resonating with other businesses.

Various studies demonstrate the advantages of purpose-driven branding in B2B contexts. For instance, the 2020 Edelman Trust Barometer reveals that 68% of B2B buyers consider a supplier's purpose when making purchasing decisions. So, a shared purpose can be a dealmaker in B2B relationships.

A B2B brand with purpose not only attracts clients but motivates employees. It fosters a sense of commitment and engagement within your workforce, making your teams more loyal and productive. A study by McKinsey shares that companies with a clear and communicated purpose experience a 25% improvement in employee satisfaction.

Examples of Purpose-Driven B2B Brands

To better understand the potential of a purpose-driven B2B brand strategy, let's look at a few examples of organisations that have successfully implemented this approach:

1. IBM: This technology giant's purpose revolves around leveraging technology to solve complex global challenges. Their focus on sustainability, diversity, and innovation has not only attracted like-minded B2B clients but also engaged their employees through more meaningful work.
2. Salesforce: Salesforce, the cloud-based CRM company, is committed to creating a sustainable future. They have integrated sustainability and philanthropy into their business model, which resonates with B2B clients seeking ethical partners.
3. Cisco: Cisco's purpose is to "power an inclusive future for all." Their efforts to bridge the digital divide and support social and environmental causes have attracted B2B partners who share similar values.

How can you implement a purpose driven brand strategy?

Hopefully we’ve persuaded you of the benefits of a purpose-driven B2B brand strategy. If you’re ready to initiate change, here are some actionable steps you can make to improve your organisation:

1. Define your purpose: Sounds obvious but not every business has a clear and authentic definition – or they crafted something many years ago which is no longer their relevant or appropriate. Revisit Simon Sinek’s Why and define yours.? Make it clear and authentic and ensure it aligns with your core values and still resonates with your target clients.
2. Integrate purpose everywhere: Ensure your purpose permeates every single aspect of your operations, from product development to marketing to employee engagement. Make it an intrinsic part of your corporate culture.
3. Engage and educate your team: Educate your employees about your purpose or better still engage them from the start. Use surveys and focus groups to find out what is important to them and how they want to make a difference. And then once defined, involve them in initiatives that support it. Engaged employees will become your most effective B2B brand advocates.
4. Communicate authentically: Keep it real. Be transparent and authentic in your communication about your purpose- initiatives. B2B partners value honesty and sincerity. Authentic consistent comms builds trust.
5. Measure and showcase impact: Quantify and demonstrate the impact of your initiatives. Share these with clients and internally while continuously seeking ways to improve.
6. Adapt and evolve: Stay flexible and responsive to evolving societal and environmental issues. Adapt your initiatives to remain relevant and effective.

Purpose-driven branding is not just a trend but a transformative strategy that holds the potential to greater success. It helps in attracting clients, motivating employees, fostering loyalty, and distinguishing your organisation in a competitive market.

Adopting a purpose-driven brand strategy should be a strategic necessity. A B2B organisation's purpose can be the driving force behind its growth, impact, and lasting partnerships. So, start now to define your purpose and start forging a brighter future for your business, your people and the world.

Need any help then of course the Valiant team can guide you through this.

References:

1. Edelman Trust Barometer 2020: Link
2. McKinsey & Company: Link

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