What is your why?

2020 has been challenging for many businesses both small and large, many have struggled to stay afloat, while others have had to close completely. But in this changing landscape some brands have managed to thrive… why?

Purpose over profit

There are lots of factors as to why some brands have thrived and not just survived over the last year, but one of the key driving forces has been ‘purpose’.

Many consumers seek out brands that align with their own values and beliefs, brands they feel can make a difference to their own lives and also the wider world. And this last year has really put the spotlight on those brands that are giving back.

Health and wellbeing is at the forefront of people’s minds and it’s no wonder that brands who are placing real emphasis on this are seeing more loyalty from existing customers and an increase in new followers.

A study by Zeno Group last year found that consumers are four to six times more likely to buy from and trust brands that have a strong purpose. You only have to take a look at Joe Wicks, a huge success in 2020, to see this in practice. For many of us he appeared an overnight success thrust upon us to deliver 20-minute PE lessons directly into our living rooms on a daily basis. But for the ex teaching assistant and personal trainer this has been an affirmation of his brand purpose and why he does what he does. He’s been building a following since his days of posting healthy cooking videos on Instagram in 2014 so he is no overnight success. But during the pandemic more and more people have flocked to his channels because he’s adding value to their everyday lives by providing free PE lessons while giving back to the greater good – during the first lockdown he donated all of his YouTube profits to the NHS.

Know your why

Simon Sinek, Author of the Amazon best seller ‘Start With Why’ talks about this idea of brand purpose, breaking it down into the magic circle of What, How and Why. 

What - Every brand knows their what. What product or service do you provide? In the case of Joe Wicks he isn’t providing anything entirely unique, there are thousands of other online exercise classes. 

How - Most brands know their how. How do you do what you do, what are the features and benefits that set you apart? Joe Wicks has some features and benefits that set him apart like tailored plans, supporting books and strong social media content - but again nothing that someone else can’t offer. It is not wholly unique.

Why - A small number know their why. This is your purpose, belief, your get up and go. This is what sets someone like Joe Wicks and his brand apart. If you know your why you will have far more chance of being a success, of rallying customers, voters or friends to your cause.

The more people who care about your brand = the more successful you will be.