Consumers are highly valuable stakeholders who insist on transparency at the corporate level and expect meaningful products, services and promises. They act as champions of brands they believe in—and foils to those they don’t.
Price, product quality and customer experience are important attributes, but companies looking to build their competitive agility need to find new ways to stand out.
Brand purpose provides the differentiation that many seek. It is the foundation of every experience, the underlying essence that makes a brand relevant and necessary. Importantly, a brand’s purpose must be as unique as the brand itself. SunTrust, the seventh-largest bank in the United States, clearly understands this. It has the financial clout of a multinational bank, but much of its success can be attributed to its purpose-driven reputation as a reliable local bank focused on developing personal relationships and helping customers gain financial confidence.
While brand purpose must be carefully honed and aligned to the values of customers, certain dimensions outshine others. In the United States, such dimensions include brand quality, culture and transparency.