‘Purpose beyond profit’ benefits brands and consumer well-being

In response to industry reports, apparent consumer demand, and high-profile calls from top executives, brands have publicly begun pursuing purpose beyond profit. Brands in a wide variety of categories have sought to define, articulate, communicate and act according to their brand purpose.

The authors define ‘brand purpose’ as a brand’s long-term aim central to “identity, meaning structure and strategy” that leads to productive engagement with some aspect of the world beyond profit.

Consumers experience different kinds of well-being

The research team explored the different types of well-being consumers may experience by engaging with brands they believe reflect their own values. Specifically, they focused on eudaimonia, a feeling of fulfilment resulting from living a meaningful life, contributing meaningfully to society, and acting in alignment with moral virtues.

Their framework cites five mediating factors that affect the relationship between brand purpose and consumer well-being: 

1. Consumer purpose. 
2. Meaning and significance. 
3. Self-acceptance/achievement of true self.
4. Positive relationships.
5. Other-praising emotions.

These findings suggests that, if a brand adequately addresses moderating factors, the potential benefits to consumers and marketers are considerable. These factors include:

1. Consumer trust.
2. Brand authenticity.
3. Brand credibility.
4. Commitment to purpose.
5. Consumer-value congruence.
6. Brand-purpose proximity. 

While consumers may gain a vital sense of well-being; marketers may secure positive brand judgements, brand loyalty and brand evangelism.

“The ultimate goal of our review,” the authors say, “is to guide future consumer psychology research into brand purpose, a concept that we believe may have a transformative impact on business, consumers, and society.”

You can find out more about the research paper here.