When we recognize a logo, certain expectations of price, quality, product features and status come to mind, based on our image of the brand. These expectations appear as feelings and thoughts that arise from previous interactions, brand reputation and most importantly, how we believe the brand will impact our self-esteem and social image. It comes to a simple like or dislike conclusion, yet this is, precisely, why brands are so powerful, because that’s why we don’t always acquire the cheapest or most functional product or service. The bottom line is that our feelings towards brands are a key decision-making tool for us.
Brands that are perceived to be better, or are admired, can command a price premium. We all know that as consumers. The challenge, therefore, is how to build an image that draws willingness to pay? The answer is that a brand is a reaction to user experience, that is defined by (1) how your staff interacts with your customers, (2) how your products perform, and (3) how and where you communicate your brand. In other words, what people think of your brand depends, quite simply, on how well you live up to their expectations. Period. What follows is that if you want to develop a powerful brand, you have to focus on your marketing and communication strategies, and on your innovation strategies, and on your human resources strategies. That’s how you build value into your brand.
It is time for companies to take a step forward and understand that business shouldn’t be about wealth, but about prosperity. Social, economic and environmental prosperity. Purpose gives us this perspective. It helps us understand what we stand for, what we want to change and how we want to contribute to society’s progress. Purpose beyond Profit captures and stores our “whys” and “what fors”. It is not a communication device. It is an overarching and inspiring socially-oriented business concept that informs strategy in order to build a robust and responsible brand that has an enduring sense of direction.