Do you have a purpose-driven brand?

#2 in the branding series, "It's time to take stock and rethink your brand."

 Are you in business for the right reason? If your business and your brands are not purpose-driven, this email & blog link will offer some things to consider. If you are purpose-driven, perhaps it’s time to move it to the next level.

 People don't buy what you do,they buy why you do it.

- Simon Sinek

 What is purpose, and why does it matter for your business?

 When we get quiet and trust our instincts, when we look back on our lives, we know the truth of who we are. We know there are things that drive us, and things we just can’t help ourselves from doing. I’m not talking about the bad habits that shadow us. I am talking about our gifts and our strengths that lead us to the good places and make us feel strong, and on the right path.

I am talking about your “purpose,” the source-code behind purpose-driven brands.

 It’s the individual that is driven to start, lead and sustain companies, brands, and people. Therefore, clarifying and communicating purpose for leadership is critical.

 If you are in a leadership position in your company, your personal purpose shapes the direction of the company in everything from branding, operations, hiring, and securing investors. And being on purpose or not can make or break your company.

There are many valid explanations of purpose coming from many perspectives. You just have to find what is true for you.

  To give life meaning one must have a purpose larger than one’s self.

 - Will Durant, early 20th-century author, and philosopher

 Read more…

Purpose vs. Mission vs. Vision

There is sometimes confusion over what purpose, vision, and mission mean. All organizations may define them differently and use them in various combinations and formats. For clarity here, this is how I define them:

•  Purpose: Why you exist. (e.g., Facebook: We believe that connection is a human right.)
• Mission: What you do and how you will do it. (e.g., Nordstrom’s: Give customers the most compelling shopping experience possible.)
• Vision: the difference you want to create in the world together. (e.g., Uber: We will change the way the world moves.)

Why is purpose especially important doing a crisis?

 The current disruptive environment is causing leaders to rethink how they operate and to dig deeper into what is important. They are looking for new and sustainable direction and solutions for profit, customers, employees, and other stakeholders.

 How people see their purpose is changing and the value that it provides as they navigate a volatile world.

 Customers and potential customers are paying extraordinary attention to how companies respond during this crisis, how they treat their stakeholders, especially their employees and the community around them.  Read more…

By standing for something bigger than what they sell,turning into customers’ beliefs and taking decisive action, companies have the chance to recast their customer relationships and connect with customers on a deeper level.- Accenture

Pre-order the full "Take Stock" series of 8 here now.

CEOs realize companies need an enduring purpose beyond profit

 We will not always be in a crisis; however, the world of business is evolving.

 Over the last century, the majority of U.S. companies had been following the philosophy of Milton Friedman, the famous University of Chicago economics professor, “The Social Responsibility of Business Is to Increase Its Profits.”

 In 2019, the Business Roundtable comprised of the top 181 CEOs of leading U.S. companies from Apple to Walmart, issued an open letter titled, “Statement on the Purpose of a Corporation.” The one-page declaration said, “Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities, and our country.”

•  95% of leaders in a survey say that their organization has a purpose. Most executives believe purpose matters, and 44% said their company is trying to develop one.

 Customer loyalty and respect

• 89% of consumers are more likely to buy from companies that support solutions to particular social issues. Read more…

 Employee engagement and loyalty

• 89% of executives surveyed said a strong sense of collective purpose drives employee satisfaction. And, employee morale is 3x higher in firms that are actively involved in their community (purpose) than their less-involved counterparts.”  Read more…

 Shareholder value and profitability

• Over the past 10 years, brands with meaning(purpose) have outperformed the stock market by up to 206% - Havas, 2017, and purpose can increase shareholder value by $1 billion, according to a 15-year study of the S&P 500, Project ROI, 2015 Read more…

How to find your purpose

 There are many different ways to identify your purpose. You could take a quick quiz and start from there or embark on a thorough examination that provides longer-term insights and impetus for sustainable change and impact.

 Start by identifying your personal purpose and consider why you are doing this. Here’s a hint, if it’s just about making money, perhaps this is not for you. It’s best if you believe in the idea of purpose and even the concept of a higher purpose.

 Regardless if you are an individual or a leader of a company, the process to uncover your purpose is similar. However, as a leader of people, you must enroll others into the “we” shared purpose.

 Purpose Questions to ask

Need a little help? Here are some purpose resources:

• Simon Sinek shares in his 2009 TED Talk, inspiring leaders, “Start with Why.”
• Watch Jack Canfield’s Video How to Discover Your Life Purpose. He also has a short purpose exercise in his book, “The Success Principles.”
• Take Oprah’s 28-question, “Who-are-you-meant-to-be-self-assessment." Based on personality science, she has identified seven "striving styles," modes of thought and behavior that direct us to seek satisfaction in different ways.
• For a deep dive, read The Golden Thread: Where to Find Purpose in Different Stages of Life, by Holly Woods PhD. Dr. Woods shows us how elemental purpose is in shaping critical personal and business decisions. Reflecting on her life’s journey and others’ stories, she explores the stages of purpose. She demonstrates where the journey can take us in our business and brands to be more authentic, impactful, and sustainable.
• Read the Purpose Playbook by The Shared Value Initiative. Putting purpose into practice with shared value for company purpose development.
• Conscious Capitalism: Liberating the Heroic Spirit of Business by John Mackey and Raj Sisodia. They share a vision of profit as a by-product of treating all stakeholders and the environment as ends and not means with great examples of world-changing businesses.

How do we apply purpose to our company and brand?

Having a purpose doesn’t necessarily make you purposeful. Acting on purpose is what counts.

Many businesses still need to learn the importance and application of purpose in business. The E.V. Report, The Business Case for Purpose, reveals some critical details on purpose in action and suggests that purpose is a powerful though underutilized tool:

• 90% of respondents believe their company understands the importance of purpose. However, only 46% use purpose to inform strategic and operational decision-making.

Once you’ve articulated your purpose, be prepared to walk the talk.

 If it’s not real or believable, it will inspire cynicism rather than trust. People want things they can connect with, and if they can apply this to the brand, they will vote with their pocketbook.  It is not an easy task. However, brands that do apply purpose to their business stand heads above their competition.

Steps to apply purpose in your company

1. First, consider if you can set your bar higher and take a stand for the greater good.
2. Integrate purpose into your brand, corporate DNA, and your story.
3. Create value for your customers, employees, shareholders, and all stakeholders.
4. Embrace your purpose and sell your pursuit, not your product.
5. Articulate an inspirational purpose that is simple and clear.
6. Ensure all stakeholders have to buy in and own it.
7. Create a very clear aspirational buy-in and alignment with your employees.
8. Embed purpose into behaviors, decision making, systems, and metrics. Link employee performance to purpose KPS’s.
9. Communicate your purpose in all internal and external communications. Check out law firm Hanson Brigett’s Guiding Principles.
10. And again, always walk your talk. (Hanson Bridgett does.)

I use our purpose in every talk I give. 

I get town halls around the world, a couple each month. I always talk about our purpose and our values and the fundamentals of what our business strategy is.

-         John Haley, CEO, Willis Towers Watson

Read more about Purpose-driven examples

Take the next step and beyond

 Have you considered setting your bar higher and taking a formal step to align your business practices with the Conscious Capitalism movement, securing a B-Lab Certification, or becoming a Benefit Corporation?

 These organizations are heavily steeped in purpose and are comprised of leaders and companies that many honor and respect. What are they doing right? And, what can you do to follow their lead?

 Regardless if you're happy where you are in your business, consider your purpose as the foundation for any long-term sustainable business for you and all your stakeholders.

 Are you ready to take the next step for a purpose-driven brand?

 Sign-up for the "Take Stock" series of blogs here.

Look for Laurie's next article in the series:

 "Do your customers see your point-of-difference over the competition?"

Or pre-order the full series now “Time to Take Stock & Rethink Your Brand” in an e-book for 10/1/2020 delivery

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Laurie P Rinker is a consultant, author, speaker, and podcaster. As principal of BrandsThatDeliver, she works with large to small clients who want to get focused and transform their brands and revenue. We help companies define their brand, engage customers, and deliver on their promises to develop marketing programs while encouraging social good.  Email [email protected] ---SF/Bay Area, CA and beyond

#branding, #Purposedrivenbranding #purpose #ConsciousCapitalism #b-labs

All resource/ and reference links are in the official blog https://www.brandsthatdeliver.com/post/is-your-brand-purpose-driven

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