Purpose
Although purpose may be thought of as the most ambiguous pillar, it should perhaps be considered one of the most detrimental for the success of a brand. That is because purpose is our reason “why” we do something, both as consumers and producers and therefore dictates the direction and transformation of a brand.
Brand philosophy is of great importance to a brand as it allows consumers to see the journey of a brand from past, to present and eventually future. It is perhaps appropriate to dissect “brand philosophy”, into three components; mission, vision and value propositions.
A brands mission encompasses where they are now in addition to why they exist, and is essentially the driving force behind a brands existence. A brands vision is about highlighting their ambitions for where they want to be in the future. This is crucial as, consumers, in particular Gen Z, invest in brands who seem proactive in their ability to improve their practises for a more sustainable future. A companies values can be seen through what they focus on as being important, in addition to how they chose to operate. For example, at the core of Stella McCartney, there are several key concepts; “being responsible, being honest, and practising with an eye toward the future”, (Londrigan, 2018) in addition to their values being strongly, and notoriously, rooted in sustainability. Moreover, a brands values can also be conveyed through Corporate Social Responsibility (CSR), which refers to when “companies take responsibility for their impact on society” (Londrigan, 2018).
It can be argued that “many, if not most people, want to make the ethical choice—they just need help getting there”, (Brown, 2014) which is why brands must focus on communicating with consumers about their supply chain practises, as this will “facilitate trust” (Brown, 2014). This willingness to communicate encompasses a company’s values. However, authors Granados, Gupta, and Kauffman (2010), agree that transparency is “complex and can be rather elusive”.
Furthermore, brand philosophy is of increasing importance in todays retail climate due to the fact that Gen Z, as consumers, are more selective when choosing which brands to consume and base their retail decisions on whether they feel the brand aligns with their morals. It is true that, as a cohort, Gen Z are “looking beyond tangible products and actually trying to understand what is it that makes the company tick”(Finneman, 2020).
Brands must communicate with Gen Z by eliciting an “emotional connection” and in a “manner that resonates with customers, that feels authentic”(Finneman, 2020). However, it is important for brands to be aware that other brands are attempting to do this also, to connect with the new generation of consumers, and therefore “to break through the clutter requires emotional connection and quality storytelling” (Finneman, 2020) . Gen Z in particular “expect companies to establish clear stances on social or political issues”. (Curry, 2020) However, many brands fal; short when fulfilling claims as they fail to consistently uphold their supposed beliefs. Therefore, brands must commit to their purpose and follow through with any pledges for change they promise consumers.
Bibliography
Finneman, B. (2020) Meet Generation Z: Shaping the future of Shopping, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping (Accessed: 29 October 2023).
Londrigan, M.P. and Jenkins, J.M. (2018) Fashion Supply Chain Management , Bloomsbury Fashion Central . New York: Fairchild Books. Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf (Accessed: 27 October 2023).
Curry, L. (2023) How brands can follow through on the values they’re selling, Harvard Business Review. Available at: https://hbr.org/2020/08/how-brands-can-follow-through-on-the-values-theyre-selling#:~:text=Investing%20in%20structural%20change.,working%20to%20uproot%20systemic%20injustice (Accessed: 29 October 2023).