Using Brand Purpose as a tool to map out a growth strategy for your business.
When Equinox announced they were opening a hotel, it was met with excitement instead of apprehension. What gave a gym-brand the green light to open a luxury hotel, in one of the most sought after new developments in New York City, and successfully fill rooms at an ADR of over $2,000 a night?
Because Equinox’s Brand Purpose has nothing to do with the traditional gym experience. On their website, their mission is “To create the possibility for people to maximize the potential within themselves.” If Equinox’s purpose is to maximize human potential, it’s not crazy to think they’d branch into hospitality, tech, neuroscience, or heck, even space.
Take Apple. A brand purpose of “to challenge the status quo” has not one single thing to do with computers, phones, or music. It instead grounds their company in an idea, a pursuit, a philosophy. Innovation meetings might sound like, ‘what else can we challenge and do differently? ’(pure conjecture here, I have never even been behind the Genius Bar). Even the way they ‘challenged’ the traditional retail experience, putting checkout desks in the hands of employees and making their stores an interactive, guided exploration, has the fingerprints of “challenging the status quo” all over it.
AirBnb was created to make it possible for guests to connect with communities in more authentic ways. And while that first started with home shares, they’ve expanded into experiences, a seemingly sensicle bridge from overnight hosted stays. If I were in their innovation meetings (Airbnb, feel free to reach out) I would propose ideas like a school that taught language, cooking, dance, and art, because that in fact ‘connects guests with communities in more authentic ways.’
An inspiring, emotion-based Brand Purpose gives your brand the runway to grow, evolve, and innovate, while still remaining true to who it is, thus retaining loyal customers and not resulting in existing revenue streams running dry.
So, is your Brand Purpose giving you the room to grow? Let’s find out.
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