Mission vs Purpose vs Vision vs Values

There has been plenty of talk about purchasing from mission-driven companies or businesses that have a purpose, but does anyone know what that really means? These terms are critical to the development and enhancement of a brand but tend to be tossed around like meaningless buzzwords in a lot of business-related conversations. I really feel a brand's essence is built upon a strong foundation of mission, vision, purpose and values. Without them, a brand is just a company selling a product or service. There is nothing unique, valuable, beneficial, or noteworthy about it. A brand's "stickiness" depends on this foundation set in place by leaders and nurtured by every staff member, every product or service sold, every marketing and ad campaign, and every policy and procedure within the company. But what do these terms really mean? Let's discuss.

Brand Vision

A vision statement describes the future you would to see when your company is successful. It’s a statement of WHERE you are headed. Your vision statement is what your brand will achieve in the future, the results you want to see, and the measurable impact you want to make. Your vision statement is a description of your long-term goals for your business. A good vision statement will inspire your team, attract top talent, and connect with customers who have the same goals.

Some vision statements are lofty, i.e. Amazon's "To be Earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online." And some are more down-to-earth (but still ambitious), i.e. Nordstrom, "To serve our customers better, to always be relevant in their lives, and to form lifelong relationships."

Brand Purpose

A purpose statement explains your brand’s reason for existence. It is your WHY. Your purpose statement should outline why you started the business and why you continue on the journey. It should explain what problem you are solving for your customers or what gap you are filling in the market. Your purpose statement should have a clear goal for the company. It provides a focus for your brand to keep moving forwards towards that goal.

Some brands don't publicize their purpose statement, keeping it an internal statement to motivate staff. This is fine but since the younger generations tend to gravitate towards "purpose-driven organizations", it might be a miss to keep your purpose statement internal. If your purpose resonates with your target audience, I suggest sharing with the world.

At LSS, we kept more of our purpose statement internal, because it was so detailed to our services, but I shared part of it externally whenever it made sense because it was so crucial to our DNA. It was an explanation of why we got up every morning and went to work. It was that our soul.

Brand Mission

Your mission statement answers the questions WHAT and HOW, as in “What are we going to do to make our vision a reality? or How are we going to achieve our purpose?" Mission statement is where you talk about your product and your customer. A mission statement is a literal quote stating what you plan to do. It tells the public about your product and service, who you want to sell it to and how you will go about selling it. Your mission statement can even include a tangible goal, such as how many people served or products sold. Your mission is your plan of action.

Nordstrom's mission is "To provide outstanding service every day, one customer at a time." Amazon's mission statement is "Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon."

Brand Values

Your brand values are the foundational beliefs and guiding principles that your company stands for. They serve as the compass that guides your brand's actions, behaviors, and decisions. Brand values are both internal and external and can include diversity, customer service, quality, integrity, teamwork, innovation, and more. Your brand values shape your internal culture and decision-making, and play a crucial role in shaping your brand's external reputation among customers and stakeholders. Your brand values are your company standards.

Amazon's core brand values are:

• Customer obsession rather than competitor focus
• Ownership
• Invent and Simplify
• Learn and Be Curious
• Hire and Develop the Best
• Insist on the Highest Standards
• Think Big
• Bias for Action
• Frugality
• Earn Trust of Others

Nordstrom's values are:

• We're family
• Integrity
• Be honest
• Respectful communication

Your company's values, purpose, mission, and vision are all important elements of not only your business strategy but also your brand. ?In short, your values are your guiding principles, your purpose is your "why," your mission is your "what and how," and your vision is your "where." All four elements should be aligned with each other for maximum impact.

If you need assistance in discovering your brand's foundation, I'd love to help! Please reach out to schedule a discovery call.