Why Your Business Purpose needs to be fully defined
Why your business purpose may not be fully defined
So, you named your company something clever, you’ve paid for a trendy looking logo, and you’ve bought a sign.
But, in the words of the great Shania Twain, “That don’t impress me much.”
When it comes to your brand, you need to go much deeper than your appearance in order to have a brand that creates value and generates revenue.
A business without a true brand identity is like a person without a purpose. If you haven’t put energy into creating an effective brand and have only thrown a logo at your business, then it will start to come across like a person without a purpose.
Your brand becomes your business personality and it attracts your ideal client. The logo and imagery are just the clothes your brand wears.
In this blog, I’m going to be walking you through what we mean by ‘brand’, how important it is for your positioning and your business, and why it’s such an invaluable revenue generating tool.
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What is ‘brand’ and how does it related to the overall business purpose?
It’s very easy to fall into the trap of thinking that a brand just means having a logo. Unfortunately, falling into this trap means you’re potentially losing out on a significant revenue stream.
Your brand isn’t just your logo, the sign outside your shop, or your colour pallete – it’s your identity.
Spending a bunch of money on just a logo and sign without considering what your mission, vision, and values are is like buying a new outfit and leaving it on the mannequin.
With a clearly defined identity, potential customers will easily be able to understand who you are, what you stand for, and what your purpose for being is – this is what they’ll use to create their perception of your business.
Brand creates perception around your business purpose
If I said ‘soap’ or ‘computer’, what words spring to mind?
Some of you might say “Dove” and “Mac”.
Others might say “Palmolive” and “HP”.
Everyone will have a different answer. However, regardless of the answer, those brands don’t pop into your mind by chance.
The brands you choose are the brands you trust, or they’re the brands that have positioned themselves as leaders in the market, and you’ve created a perception that they’re the ‘go-to’ brand.
This is where brand becomes an invaluable revenue stream.
If you leverage the power of branding to position yourself as a leader for your industry, your customers will become more loyal, they’ll refer you to other people, and your revenue will grow. Sooner or later, you’ll become the answer to a simple one-worded question.
Without a brand, you have no purpose
At Attain, we say, “Great People. Remarkable Business”, a motto that is reflected across our sales, marketing, leadership, and media.
Your revenue streams need to be aligned – simple as.
When you clearly define your business’ identity through your brand, it informs other revenue streams.
Your sales team will know how to pitch who you are to potential customers.
Your marketing team will know how to form your messaging.
Your leadership team (yes, that counts as a revenue stream) will know what values to uphold internally so your business is truly living your brand.
Your brand should bleed into every corner of your business.
Without that, what’s the point of any of it?
Brand is revenue
By leveraging your brand to position your business as a leader and by setting up a clearly defined identity that will inform other areas of your business, you’re establishing what will become a fruitful revenue stream.
According to Forbes, consistent brand presentation increases revenue by 23%. That means social media, website, even business cards all need to be consistently representing your brand, which also means every corner of your business needs to be aware of what that is exactly.
Forbes also reported that 64% of consumers say that their trust with a brand is largely dependent on shared values. This is where your brand’s identity finds its value. You need to dive deeper beneath your logo and pull forward who your brand is and communicate it to better connect and engage with your audience.
As a Chief Revenue Officer (CRO), it’s my job to go under the hood, to dive deep into a business and tinker with all the wires that feed into revenue.
And my first stop is brand.
“Are there clear values?”
“Are the leaders in the organisation adhering to these values?”
“What is the mission?”
“Are all revenue generating areas working towards that same singular mission?”
By asking these questions, I’m guiding businesses in developing their identity and making sure it’s fully ingrained in the business to increase it’s ability to generate more revenue.
How did this term come about?
I coined this term after hearing a lot of new clients telling me they were finding it hard to differentiate themselves in the market.
I found myself telling a lot of them the same thing: The only thing unique to any business is its people.
So, the superior value proposition takes the individuals you have, personifies that into the brand, and goes, ‘this is what you’re getting.’
Your brand should be a summary of your mission, vision, and values – things that you should be closely adhering to within your business (i.e. not just words on paper).
The CRO will play a big part in developing your business’ brand because they do exactly what a brand needs to do – go deep and connect.
A CRO will help you get the most value out of your brand, and support you in maintaining consistency and your purpose through changing market demands.
If you’re looking for help driving your revenue goals, get in touch with Attain.
Sharn Piper – CEO
M: +64 27 733 4333
Having successfully led numerous sales teams, built multiple successful businesses I know what it takes to create a sales process that is robust, repeatable and produces consistent results when applied in a consistent way.