Why do you need a brand compass?
If you’ve read Shoe Dog, you’ll know that Phil Knight’s Nike journey had some colossal setbacks, problems, and the odd time when the global entity nearly went under.
Some readers may say that his success was the result of a lot of luck and great connections, however, one thing is for sure… the guy was fuelled by purpose.
Between his views and the founding team’s strategy, marketing, and innovative ideas, Nike is one of the most iconic companies in the world today.
It’s important to remember that global brands started somewhere. Every brand has their own unique characteristics and it all starts by having a strong brand compass. Having a clearly defined brand compass means you always have a navigator to guide your way, making sure you stay on course to achieve your goals.
What is a brand compass?
Purpose.
Your brand purpose represents what you stand for. It’s the reason you exist. Your purpose should be holistic and go beyond simply making money. Once you’ve defined your purpose, it should shape how you connect with your customers and add value to their lives.
Your brand purpose is the heart of your brand compass and is the starting point of your business journey.
Why is brand purpose important?
Customers need to know you stand for more than just selling products and making money. Your purpose shouldn’t start with profit in mind, it should represent your ambitions and the bigger problems you’re trying to solve.
Data from a recent study demonstrated; when a brand has a strong purpose, consumers were:
- 4 times more likely to purchase from the brand.
- 6 times more likely to protect that brand in challenging moments.
- 4-5 times more likely to champion that brand to friends and family; and
- 4.1 times more likely to trust the brand.
Nailing your brand purpose will help ground your entire approach and give your business more integrity, especially in the eyes of your customers.
Vision.
Your vision is where you want to go. It’s your end-destination.
Your vision should reflect and support the business strategy. It should be ambitious and motivate you and your team to achieve great things. Think about climbing mountains or becoming the number 1 in your industry… these are inspiring visions.
For example, Microsoft’s vision was once:
“A computer on every desktop, and in every home.” Once they achieved this, they changed it to…
“To help people and businesses throughout the world realize their full potential.” Vision complete.
Microsoft has now embarked on its biggest vision to date.
“To empower every person and every organization on the planet to achieve more.”
An ambitious and inspiring vision, and one we’re sure they will achieve.
Why is a brand vision important?
- Your brand vision gives a sense of direction for the business.
- It guides the decisions you make along your business journey.
- Your vision encourages long and short-term goals.
- It builds connections with audiences and taps into their own needs.
- It shows you have an aim
- It motivates everyone to change or improve.
Keep your purpose at the centre of your vision. Think deeply about what your larger responsibility should be. Don’t be afraid to be ambitious. Only you get to craft your vision!
Mission.
Your mission is a statement that describes what (big picture) you are going to do to achieve your vision and purpose.
Think of your mission as the roadmap to your vision. You chart a course and set a direction of travel. You may not know all of the individual steps (yet), but this will come later.
Why is a brand mission important?
Do you want to inspire your customers about the great work you’re doing, or what you plan to do? Well, your mission is a great way to do this.
A well-defined mission motivates customers to buy your brand. It creates an emotional connection and a shared sense of passion to contribute to the accomplishment of your vision and purpose.
Just imagine… your mission is to climb Mount Everest in 40 days? Or perhaps you want to eliminate the use of plastics in your company by 2025? Both are very different missions, but don’t they inspire you to take action?
Your mission statement is also an inspirational internal tool. Use it as a defining factor for employees too. Encourage your teams to follow this mission statement when making decisions or speaking on behalf of the organisation.
Our general advice is to go big on mission statements. Make your point and inspire your audience. Don’t shy away from sharing your mission and make sure your customers know what you’re trying to accomplish.
Values.
What matters most to your business? These are the questions you need to ask when defining your values.
Values shape what you stand for and what you’re most proud of as a business. Values are key to differentiating your brand and shape the way you behave and act.
Why are values important?
Your values are a big part of your brand compass as they influence how consumers view and connect with you.
Customers are more likely to buy your brand when they relate to your values. Hence, it pays to have an awesome set of brand values that embody your purpose. Let’s jump back to Nike. Their core values include:
- Inspiration
- Innovation
- Every athlete in the world
- Authentic
- Connected
- Distinctive
I think we can all agree that these 100% relate to Nike’s strategy, and are used continuously in their quest to be the best.
Are you starting to see how each of the compass elements work together?
Objectives
This is the time to get real with your brand compass.
Your brand objectives are a set of short-term achievable goals. They combine all elements of your brand compass and should be used to create tangible milestones you hope to achieve.
Why are objectives important?
- Objectives are the smaller steps you need to take to reach your end goals
- Objectives help you understand when your vision has been achieved
- Specific brand objectives help you know if your brand is making an impact
- Achieving objectives gives a sense of completion and satisfaction along the journey
Use this part of your brand compass to plot your key brand objectives. Keep things simple but be specific. Attach a deadline and update periodically.