Profit. What’s love got to do with it?
Increasing your profits needs to happen from the inside out. You already know one awesome way of doing so is by having happy and engaged staff. With purpose!
If you’re wondering what we’re talking about you can catch up here.
The next logical (and obvious) step to increase your profits is: increasing sales! And who can help you with that? Your customers, of course. But, we are flattered if reading this you immediately answered: The Sponge!
Now, you’re probably thinking that to increase sales, you simply need more customers. Not quite, there’s a twist! Let us rephrase our previous statement: A key to increasing your profits is to have better customers!
Yes, we mean quality over quantity. Your Raving Fans. The customers who will stick with you and stick up for you. Because they love you.
But, you may say, we can’t make people fall in love. Perhaps. But you can definitely make your brand more lovable. It’s simple: Give your customers what they want.
What do customers want?
They want to feel good – inside and out; about themselves; about their decisions.
You can help them do that!
They want to be good – morally; a good person; a good friend; a good neighbour.
You can help them do that too!
They want to do good – because they have the power to; for their social circle; for communities around the world.
Yes, you can also help them do that!
Have you ever examined your buyer personas? Do you fully understand your buyers’ journeys, their values, their thoughts? We can help with that! You will discover the many ways your customers want to feel, be and do good. And how you can take them on that journey with your brand.
But your brand alone can’t answer all of your customers’ needs.
To achieve this, your brand needs a Brand Purpose.
We aren’t making this stuff up. There’s a whole study about it: How good products make you feel: The underlying emotions of ethical by Margit Hain Faculty of Psychology, Leiden University.
So, that’s the essence of it: You need a brand purpose to attract better customers by making them feel good about choosing you. Pretty straightforward, isn’t? And there’s a bonus: you don’t need to lower your sales price (aka decrease your profit) to keep those Raving Fans happy. By giving them what they want, they will happily throw their money at you.
An increasing number of consumers are willing to pay more for socially responsible products.
A Nielsen global online survey found that “66% of respondents say they’re willing to pay more for products and services that come from companies who are committed to positive social and environmental impact”. That percentage jumps up to 73 for millennials, a powerful buying force.
This is what we meant by quality over quantity of customers!
Now, the opposite is also true. A business with a negative impact will not only miss out on getting more and better customers, it will lose customers.
A report by Macquarie University Graduate School of Management (MGSG) and the Principles of Responsible Management Education (PRME) provides interesting insight in consumer behaviour. An impressive number of consumers will avoid or boycott companies that are not in line with their values.
90.5% of the students (aka your existing and future clients) make an effort to avoid products or services that cause environmental damage. 81.1% even go as far as trying to boycott products or services from companies known for bad behaviour.
You’re probably thinking: even though a brand doesn’t have a clear positive purpose, it doesn’t mean it’s doing harm. So, it can’t be considered bad…
Wrong! You need to actively demonstrate that you’re not a Bad Business.
You need to make it clear for your customers that you’re a Good Business, have values they align with, and give them what they want.
It is about building trust so that you can become their obvious choice. Their only choice. And that’s something we, at The Sponge, can help you with. Just ask us!
Positive Brand Purpose
More customers who love you
What are you waiting for?
One more thing…
Your Brand Purpose must be authentic. But more on that later!
Has your brand got a positive brand purpose? Tell us about it in the comments below.