How Can You Justify Brand Purpose? Through Sales Performance.
By Brian Odell
This recent study by Big Innovation Centre has concluded that brand purpose is critical to a company’s success. But how do you convince leadership to make a long-term investment in something that is so intangible? By making it tangible. Show them how it increases sales.
Below are three key areas, proven by research, where a clearly defined and communicated brand purpose can enable companies to outperform their competition and grow the business:
Sales teams that can articulate a company’s purpose beyond the usual product story are better able to create meaningful distinctions relative to the competition. In markets that are considered “me-too,” brand purpose differentiates because it helps customers understand who you are and what you stand for. This might not sound important, but B2B buyers are increasingly utilizing these measures in decision-making – beyond just rationale product facts. And ultimately, integrating brand purpose into sales training and presentations leads to sales teams selling with more conviction.
It is widely acknowledged that strong brands enable businesses to prevent price erosion or to actually charge a premium. Lots of additional research has been done in this area too. Ultimately, this also leads to higher share prices.
Emotions play a big role in B2B decision-making. Simon Sinek’s book “Start with Why” highlights the importance people place on doing business with others who share similar beliefs. And in a competitive and sometimes saturated market, sales teams driven by brand purpose are better equipped to connect with customers and prospects on this more personal level.
Attaching brand purpose to measurable attributes like sales has been a problem for brands in the past. Today, a growing amount of research is proving that “to reach the land of profit, you need to follow the road to purpose.” So as company leaders and/or shareholders need tangible reasons to invest in brand purpose - improving sales performance should be number one on that list.