One of my favorite trends in marketing is that corporate America is growing a conscience and realizing that many employees want to be part of something bigger and nobler. As a result, many companies have created purpose statements to articulate why they exist beyond making money.
I've noticed that companies often spend a lot of time crafting their purpose statements. It’s an introspective process. It causes them to look at the real impact they're having on the world and on people’s lives. And it often makes them think differently about what they do and how they do it.
A purpose can be a key to business success. One consulting company's research "found that brands with a high sense of purpose have seen their brand valuation increase by 175% over the past 12 years compared with a median growth rate of 86% and a growth rate of 70% for brands with a low sense of purpose."
Furthermore, according to a study by a professional services company, "nearly two-thirds of consumers globally (63 percent) prefer to buy goods and services from companies that stand for a shared purpose that reflects their personal values and beliefs, and are ditching those that don’t."
But unfortunately, I’ve seen many companies set their well-intentioned purpose on a shelf, and go on with business as usual, which can be more harmful than never creating a purpose in the first place. Putting your purpose on the back burner can send signals to your employees that it was just an exercise, something to appease people. Research shows that members of Generation Z want purpose in their work, and they may leave a firm if the company can’t help them find it.
Many brands don't seem to be successfully communicating their purpose to consumers either. A full 92% of the 1,000 U.S. internet users surveyed by one marketing communications firm could not correctly match more than half of the brands tested to the stands they took.
So how can we keep our purpose front and center to create a truly purpose-driven organization? Here are eight strategies:
1. Never use the word “and” in your purpose statement. Purpose statements should be easily remembered and repeatable. The stickier a statement, the more it will be put to use within the company. The more it is put to use, the more consumers will understand it and use it in their decisions regarding the brand. Most purpose statements that use the word "and" use it to splice two different thoughts together, which can make the statement less memorable. It doesn't have to be as pithy as a tagline, but it should be one coherent thought that can be acted upon in many ways.
2. Repeat, repeat, repeat. Use your purpose statement prolifically in companywide communications, videos, emails, press releases, etc. The more you say it, the more people will understand it and realize that the company is truly dedicated to it.
3. Use your purpose as a driver and a filter for all decisions. And just as importantly, connect what the company chooses not to do with its purpose. Connect your growth strategies to your purpose whenever possible and communicate them in a way that shows how your purpose is shaping your company’s future. If people connect your decisions to your purpose, they will likely find themselves in it.
4. Set a big, hairy, audacious goal (BHAG) associated with your purpose, and continuously drive to it. This often forces you to take a stand, but in a way that’s less about responding to cultural pressure and more about achieving your purpose. An associated goal can serve as evidence of your purpose’s desired effect. It makes it tangible. Striving for something allows people to belong, and it creates a brand culture that goes beyond a few values statements.
5. Let your purpose drive your culture. Recognize and reward employees who enable your company to achieve your purpose. Do it on a regular basis, and make it a big deal. These points of recognition often can mean just as much, if not more, than increases in compensation. And if communicated well to external audiences, it signals that you value people and those who have the same purpose. Before long, you'll likely find consumers who identify with your brand and employees who are attracted to your brand because of your purpose.
6. Bring outside inspiration into your company to show that you're looking at different ways to achieve and live your purpose. It’s easy to drink the proverbial corporate Kool-Aid and not see outside of your own four walls. Bringing in outside perspectives shows your employees that this really matters and that you’re looking at it from all sides. At our agency, we host a “creator series” where we periodically bring in speakers from all walks of life who have created positive change with their ideas.
7. Make sure your marketing is aligned with your purpose and is enabling you to live it. This one is huge. Saying one thing and doing another can undermine your credibility with both consumers and employees. A marketing approach that focuses on purpose can help connect seemingly tactical communications to something bigger, which is what consumers want.
8. Use your purpose in times of uncertainty or adversity. Purpose is like a compass — no matter what tree falls in your path, you can find a way around it as long as you know what direction you're headed. Use it to navigate rough times and keep people’s eyes on the destination.
Don’t put your purpose on the wall and ignore it. Sometimes what you don’t do sends the biggest message of all. Keep your purpose front and center. It can help you inspire loyalty among both employees and consumers.
