Luxury experts reveal how companies can become a brand with purpose
The rise of “brands with purpose” that seek to go beyond simply making money has been a defining trend of the last few years. At the TTG Luxury Travel Summit an expert panel discussed how luxury travel brands can join the “purpose” movement – and why it matters.
Consumers now expect brands to have a view on issues such as sustainability and inclusion, futurist Lucie Greene told delegates at the TTG Luxury Travel Summit on 3 November, and said taking a clear stance will not only lead to consumers trusting and recommending a brand, but will be key for attracting talent.
Greene is the founder of futures, research and brand strategy practice Light Years, and co-created the The Future of Good report in collaboration with Conspiracy of Love, which helps brands on their purpose journey. She stressed that making a profit and having a clear purpose are objectives that can coexist. She said bigger, more established brands are having to “retrofit this idea of purpose into their activities”, whereas newer brands – particularly those selling directly to consumers – are baking it into their brands from the outset, and aren’t afraid to use bold language when discussing their initiatives.
Greene said the ambition of global brands is shifting, with many starting to think of themselves as venture capitalists with an agenda, citing the example of beauty giant L’Oreal investing in new biotech solutions, adding: “They very much see themselves as agents of change.” Greene also discussed the increasing number of people investing in companies and funds that go good, especially younger consumers who inherit vast sums of wealth.
She also encouraged companies to consider how they can support and give a platform to local activists, and work alongside local communities to co-create projects that will make an impact. She continued: “Don’t assume that your brand is the first, or take an imperialistic approach to giving, as the most successful examples are where you co-create these things.”
The panel of luxury travel bosses also discussed how they have woven purpose into their businesses:
Tom Marchant
Co-founder of luxury operator Black Tomato:
“Defining our purpose and understanding the impact we wish to have as a company has always been important but has taken on even more significance in recent years. Our values drive the behaviours that allow us to deliver on our purpose and what ‘lies beneath’ is increasingly important to customers.
“Our purpose influences recruitment (employee motivation and happiness), product development (communities and partners we work with), and provides daily motivation. Clients are increasingly looking for travel that is rooted in clear purpose and demonstrates the positive impact it is having.”
Stas Anastasiades
Restaurants & innovations director of Kinsfolk & Co, a new hospitality management company seeking to deliver sustainable returns for people, for place and for investors:
“At Kinsfolk & Co, we are invested in a people-first culture, where our teams’ experience of the hotel is of equal importance to that of our guests, so our investment in development and training, back of house facilities and working patterns is paramount. Investing in external experts to help establish your purpose and to challenge the senior leadership team with uncomfortable questions is a brilliant way of galvanising this, but ultimately you must live and breathe them constantly.”
Natasha Towey
Managing director, Carrier:
“Our journey started back in 2017; we wanted to escape the sea of sameness. It was a journey of discovery – who you are, who your customers are, aligning your ‘why’ with customers values, beliefs, needs and trends. Our purpose became: “To inspire people to be who they can be”.
“A purpose has to permeate your entire organisation. We set clear brand values and created a purpose handbook to help guide the people in the business. It transformed the culture and had an instant impact on profitability.
“It changed our product and supplier model, changed how we viewed existing product and led to new ranges. It transformed our marketing and our service; our language and how we communicate. For some it might make good business sense to focus growth on volume and profit, but if you want to stand for more and to create a true luxury brand, then invest the time and money in discovering your purpose.”
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