The term purpose has been so commonly used that it has almost become cliche. However, it is very important to realize that cliche or not, when it comes to building a brand, going into it without having a purpose is like digging one’s own deathbed. Why so? Read on to find out. But first, let’s start by asking ourselves what purpose really is. Purpose is simply defined as the reason for doing something or existing. What motivates one to do what they do the way they do it to the people they do it for. Now more than ever before, the world is becoming extremely vigilant on business purpose. The essence of existence of a company forms the basis against which partners choose whom to work with, clients choose who to buy from and even employees choose who to work for. People often align to brands that have a purpose which they can personally identify with. Many times, business purpose Alone can be the most important competitive advantage a brand has over its competitors. Importance of business purpose 1. Define the boundaries of a brand. When a business knows clearly why it exists, it becomes easy for the brand to draw a line between what it can do and what it cannot do. For example a brand that has been established to demonstrate ethical behavior in a particular industry has to decide whether to forgo its purpose in order to access certain tricky quick favors such as a contract, or follow the due process and end up risking the favors. 2. Keeps the brand focused There are many opportunities that can often present themselves to a brand, and choosing what to pursue and what not to pursue is oftentimes not an easy process because some of the juicy opportunities may lie outside the domain of a brand’s purpose. Therefore, when a brand is aware of what they set out to do, it becomes arguably simple to draw the line between what to chase after and what does not deserve a company’s attention. 3. Reinforces marketplace differentiation Many brands can look alike in many ways from the outside, but the difference from the inside can often set them apart. When a brand is passionate about its purpose, it earns itself a special place in the hearts of their stakeholders. When a brand is passionate about why it started and why it exists, it can almost always be seen from the outside, and such a brand will do everything possible to meet its purpose, thus delight its stakeholders. It is such a strong passion for purpose that can differentiate brand A from brand B, even though everything else from the outside looks the same. Failing to have a purpose in the life of a brand can be extremely dangerous because it means anything can be right for such a brand. Having a purpose makes it easier for a brand to express its personality and create resourceful connections that ultimately make it easier for a brand to achieve its objectives. Tags:business purposebusiness strategyorganizational strategyrensyl integraltim mwangi Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Website Comment Save my name, email, and website in this browser for the next time I comment.