Why your business must have a clear purpose to succeed

Every successful business solves a problem.

This is quite obvious.

But what's less known is that the businesses thriving in 2018 are those with a clear purpose.

Every business needs a purpose.

While purpose isn't new for brands, it's now more important than ever. In a world of uncertainty and instability, people are looking for answers and certainty. Purpose means a lot to people. Knowing what you stand for will give you competitor advantage.

Over the past 12 years, brands with a clear purpose grew three times faster, according to BrandZ research, the world's largest brand equity database.

Consumers, especially young people, are attracted to brands that authentically offer a purpose. People have no issue with your business making money, but they want you to also positively impact the world.

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Once you find your purpose, focus on it. Keep talking about it. And make it tie in to your strategic goals and objectives. A clear purpose acts like an anchor, grounding everything the brand says and does.

It also helps gives brands the legitimacy to create an ecosystem, expanding into new territories and products.

Once you've established your purpose, you must stay true to it. Always bring everything back home to your purpose.

Tesco’s investment in its “Little Helps to Healthier Living” campaign is part of its purpose driven ethos. The supermarket chain wants people to make healthier decisions when shopping. And the entire Tesco experience brings this to life, from the advertising, in-store experience and community projects.

Another example is Vodafone's 10-year programme to promote inclusion and diversity across the company.

The purpose must be recognisable and coherent across all your campaigns.

What are some other example of brand's purpose?

Google: To organize the world's information and make it universally accessible and useful.

Walmart: We save people money so they can live better.

Marriott Hotels: To make people who are away from home feel they are among friends and really wanted.

Disney: To make people happy.

Starbucks: To inspire and nurture the human spirit - one person, one cup, and one neighbourhood at a time.

At M.I.N, our purpose is Empowering the Influencers of today to better the society of tomorrow. We believe that if we can support and nurture our Influencers in the right way, we can have a lasting, meaningful effect on the world. Why?

Influencers have immense influence. And if we can mobilise them to make great social change, whilst making sure their mental health, finances and spiritual health are all in check, we're confident they can use their platforms to do great things.

Conclusion

Being purpose led is strategic. For M.I.N, it means we can develop more meaningful relationships with our Influencers, so we can deliver more richer campaigns for our clients.

Figure out your brand's purpose. Then talk about it. Make sure it ties in to everything you do, so everything your brand does and represents will become infused with meaning.

It's what will ensure your brand stays strong today - and endures well into the future.

So, what's your brand's purpose? Comment below!