Is brand purpose dead?

In times like these, is worrying about ‘purpose’ an unnecessary luxury for brands?

This brilliant article in The Drum makes a strong argument for why a clear and compelling brand purpose is more important than ever to help businesses protect their margins and attract the best talent.

I don’t believe this is necessarily true for all categories, but it certainly is for businesses who are offering more than product alone - ie. companies founded on purpose-led values, or those in the premium and luxury sectors.

Ultimately, people buy into these sorts of brands in order to say something about themselves, and as wallets become squeezed, people will be thinking harder than ever about which purchases best reflect their own values. Businesses that can cut through the noise and tell their brand story will have a strong competitive advantage.

In Ben Essen's words: “Brands that demonstrate a commitment to society, the environment, communities and their customers’ worlds are the ones people are happy paying more for. Doubling down on purpose will be a key strategy for brands to protect their margins in the coming months.”

I couldn’t agree more.