People no longer care about what you make or how you make it, even if it’s different from anybody else on the market. Here are four of the top reasons why finding your purpose and telling your story will make your company reach new horizons.
Howard Schultz, Founder & Chairman of Starbucks said it best: “When you’re surrounded by people who share a passionate commitment around a common purpose, anything is possible.”
When you run your company with higher purpose, you attract like-minded, passionate people who want to make a difference.
This translates almost all of the time in higher productivity, improved retention rates, and increased engagement for employees across all levels of the organization.
Branding is “The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.”
Working on building a brand will help your company get more recognition, increase its value and creates trust within the market place.
There are many ways to build on your brand equity but defining your why and purpose is what you should start with.
Answering these questions will help you connect with consumers on a deeper level and will set your business apart from your competitors. Just like you’ve seen in the Dove example, people want to buy from companies who share the same values and higher purpose as they do. Without a clear purpose, you’re just a commodity.
To illustrate this point, let’s use Southwest Airlines as a case study. Back in the 1970s, air travel was considered as “elitist” and most families could not afford to travel by plane. In fact, only 15% of the population could afford to do so. This all changed when Southwest started offering inexpensive flights. But Southwest did not succeed merely by offering inexpensive flights; after all, Pacific Southwest tried the same approach, yet failed.
Southwest succeeded because it had a deeper mission. Southwest’s why was to champion “the common man” in his travels. They used the least busy time slots and lean management techniques to reduce the prices while still offering a fun, casual way to fly.
The result of their actions was made tangible in the things they said and did—their product, the people they hired, their culture and their marketing. “You are now free to move about the country,” they said in their advertising. That’s much more than a tagline. That’s a cause. The result, unmatchable customer loyalty. When the 9/11 tragedy happened, Southwest was one of the only airline to turn a profit and even today, it is one of the most beloved airlines in the United States.
How did Apple, a computer company managed to transform the music industry? They had a defined purpose that went beyond JUST SELLING COMPUTERS. When Jobs & Wozniak first created their personal computer, they had a goal that went beyond inventing a better computer.
They wanted to change how the world thought and did things.
Fast-forward a few decades and Apple has completely transformed the music business with Itunes and the iPod as well as the cellphone business with the iPhone. How were they able to touch so many industries while Dell, a competitor was never able to do the same? Apple had a purpose that went beyond building good computers and Dell focused too much on what they did and forgot to ask WHY?
To recap, finding your company’s purpose will help you attract driven & like-minded individuals who will help your business achieve more. Furthermore, successfully defining your WHY will boost brand equity, create a loyal customer base and, help your business discover new revenue streams.
Take the most crucial action today by starting to think beyond your services or products. Why are you doing what you do and how does it help the people you serve?