Purpose Beyond Profit: What Is the “Why” Behind your Brand?
In the world of e-commerce and marketing, it is easy to only talk about the profit of a company. We are so constantly caught up in ROI, ROAS, and “moving the needle forward” that we can forget what the larger purpose behind our brand is. The “why” that sparked all of the creativity and ingenuity that lead you to this point.
This week, we are going to take a step back and think about the “why” behind your brand or business.
Currency Beyond Money
If the success of your brand has to be measured in something other than revenue, what would that look like? Would it be impacting a certain number of people? Helping people achieve a certain dream?
Global corporations like Toms were among the first to incorporate a “give to get” mentality into their core business model. From the start of their business empire, there was a level of corporate responsibility built into their core ethos. Not only did it help to push them into popularity, but it ultimately gave them another way to measure success: in the quantity of good they did in the world. But, what exactly is corporate responsibility, you ask?
Corporate Social Responsibility
Corporate Social Responsibility (CSR) has widely caught on in the recent years. As brands and the people that run them become more aware of the impact that our economic actions have on the world around us – practicing corporate sustainability has become more and more important. According to Business News Daily, Corporate Social Responsibility is:
“…an evolving business practice that incorporates sustainable development into a company’s business model. It has a positive impact on social, economic and environmental factors”
Business News Daily
When we evaluate businesses by standards of higher scrutiny like CSR, we can look at the “why” behind a business or brand besides just making money. Just like Toms recognized the power of embedding this “why” into the core of their business plan, forward thinking brands in the action and adventure sports are catching on as well.
Outerwear and surf clothing line Outerknown is one of the leaders in the sustainable action sports clothing space. The Sustainable and “giving to get” model is worked throughout their branding, and even appears in the main slogan – “Sustainability is the destination. Outerknown is the journey. Not only is sustainability and giving back to the community part of their brand, but it builds a loyal customer base and keeps people coming back. Their “why” and their purpose beyond profit is plastered at the forefront of their marketing and branding.
Considering the purpose beyond your profit can not only increase your CSR, but it can build a loyal base of people who want to fight the same fight. This week, take a moment to consider- what else is your success measured in? And, how are you taking Corporate Social Responsibility to be your own?