your purpose is the foundation for business growth
Much of the work I do with clients involves reviewing business goals, then mapping out a marketing strategy to help drive those goals forward. Before we get started, it surprises me if the leadership team can’t clearly express the company purpose, vision, and mission. Sometimes, founders bumble along for five minutes and insert explanations. Chances are, if the leadership can’t easily share these foundational concepts, it’s unlikely their employees can. How is company purpose tied to marketing and why should you care? There is growing evidence that it can be a competitive advantage and big reason why some companies thrive while others wilt.
My preferred definition of purpose, mission, and vision come from Conscious Capitalism, a book and a movement developed in collaboration with Whole Foods’ co-founder John Mackey:
“Purpose refers to the difference you’re trying to make in the world, mission is the core strategy that must be undertaken to fulfill that purpose, a vision is a vivid, imaginative conception or view of how the world will look once your purpose has been largely realized.”
This simple hierarchy sets a solid foundation for a business, laying the groundwork before designing the business or marketing strategy. A clear purpose can be the glue that holds a company together and a draw to attract the right people – from employees to customers, suppliers and investors, to your big idea. Purpose gets everyone pointed in the same direction; while a well-designed strategy maps out HOW to get there.Your company purpose is a competitive advantage. What is your Why? #consciousbiz Click To Tweet
So what is your WHY? According to Beyond the Brand, Why Business Decision Makers Buy Into Strong Cultures, 80% of over 500 executives surveyed around the globe felt that the biggest idea of a company is likely the one upon which the company was built. What exactly inspired your founders to start the company in the first place? Getting to the heart of a founding idea is a key differentiator for any business. It may be that untapped opportunity for a company to completely stand out from the competition.
According to 80% of respondents, the biggest idea of a company is often the one upon which the business was built. Beyond the Brand, Why Business Decision Makers Buy Into Strong Culture
If you’ve launched a business, gained momentum, hired new people, and taken a few turns, have you veered off track and lost sight of this? That same study noted above found that the penalty for losing your culture and sense of purpose may be losing your customers.
To better understand this reality, you need to look at human nature and how decisions are made. The rational side of our brain looks at analytical thought and language. The limbic brain however, looks at our feelings, such as trust and loyalty. It guides human behaviour and decision making, but not language. This side of the brain connects to that lingering feeling in your gut when you have to choose between a few options.
This science is the premise behind Simon Sinek’s book, Start With Why. His big idea genuinely resonates with my clients when we talk about it in the context of purpose, branding and marketing:
“People don’t buy what you do, they buy why you do it.”
The video of Sinek’s TED Talk, “How great leaders inspire action,” has received over 27 million views. Its popularity is a sign of the times, illustrating that more than ever, people seek to make a deeper connection with a business before buying.
Beyond the Brand also revealed some other notable insights: about two thirds of respondents that develop long-term relationships prefer to do business with companies that clearly define what they stand for. This is a huge message for brands in the B2B space. Further, while purpose may have previously been an idea reserved for rallying staff at annual retreats, companies are now more transparent about their big ideas, with 85% of executives now sharing their company purpose with a range of stakeholders.
85% of executives are sharing purpose with stakeholders, more than ever in last 5 years. Beyond the Brand, Why Business Decision Makers Buy Into Strong Culture
So before embarking on a strategic initiative in your business, how about starting with WHY? Reconnect to purpose, mission and vision. Dig deeper, ask Why? at least five times to get to the soul of why you do what you do. Remember what inspired this journey to begin with before hitting the road and taking a new direction.
When you’re ready to explore how to embed these ideas into the heart of your brand, don’t overlook how your purpose nourishes corporate culture. Contact Seeds Consulting for advice on how to get started. Learn more in a related post: A healthy company culture = stronger brand promise.