6 surprising stats that confirm having purpose driven branding is good for business growth
Updated: Jun 10, 2022
Having a purpose driven brand can do more for the growth of your outdoor brand than you might realize.
Not only is being purpose driven a great way to use your company for good and to have a positive impact on the planet, but it can also be a powerful tool in your business growth strategy.
The world is changing and, with it, the behaviours of your audiences.
As the Consumer Culture Report (Source: financesonline.com) from 2020 notes:
"Consumers no longer see products as mere commodities—each one is now a statement. This is why purpose-led brands have more appeal to modern shoppers."
Being driven by a purpose beyond profit is becoming expected, and more and more brands are moving towards sharing what they stand for and what they stand up for.
However, it is not always easy to see the direct impact of your purpose on your business growth. Purpose can feel a bit like a nice-to-have but not necessarily a need-to-have. After all, how can something as intangible as purpose contribute to business growth?
These stats tell a compelling story about how tapping into your purpose and building it consciously into your brand can help you with organic business growth:
86% of consumers say that authenticity is a key factor when deciding what brands they like and support. (Source: Stackla, 2019)
81% of global respondents feel strongly that companies should help improve the environment. (Source: nielsen.com)
Of the consumers in our study who said they have a brand relationship, 64% cited shared values as the primary reason. (Source: Harvard Business Review)
The third most reputable company in 2019 is Patagonia. (Source: financesonline.com)
77% of consumers buy from brands who share the same values as they do. (Sources: HavasGroup, 2019, oberlo.ca)
13% of consumers would pay 31-50% more for your products or services if they were under the impression that your business is making a positive impact on the world. (Source: Customer Thermometer)
Being a purpose driven brand may come naturally to you, but it is also immensely valuable to your business growth.
By accentuating your purpose and weaving it strategically throughout the fabric of your brand and business, you show your values to the world and open yourself up to connecting with more people who share the same values.
The business case for purpose is clear - the more you connect and resonate with people, the more they support your brand, and the more you grow.
Oh, and don't forget that the more your business grows, the more you can give back to the purpose that started it all.