ABSTRACT
This chapter focuses on why it's important to know what business you are in, identifying and focusing on the most influential purchase drivers, distilling purchase drivers into a compelling brand essence and developing signature products and services that better meet customers' needs. Savvy marketers know that having a strong brand purpose is critical. To deliver a superior product and service experience, companies need to understand what drives the purchase behaviour of their chosen customer segments – specifically, what their target customers are looking for when shopping the category, and thus what they need to see or hear to make them switch and stay loyal to a brand. Brand essence is the heart and soul of the brand, representing its fundamental nature or quality. In today's consumer-driven market, if companies innovate at the minimum level, the business is likely to decline – as opposed to stand still – as competitors and new entrants innovate around them.
