Free Guide: How to Harness the Power of Purpose to Grow Your Business

Today, we're talking how to grow - not by doing more, but by getting back to the basics and making sure your purpose is crystal clear to you and your audience.

In a world where it's increasingly more difficult to connect with buyers, having a clear purpose is essential for the success and growth of any business.

Purpose will provide direction and focus, inspire and motivate, and differentiate your company in a crowded marketplace.

The problem is, we sometimes get wrapped up with solving all the pain points, all the goals, or distracted with the latest "shiny object." We waste resources, talent, and time - three things that are already in short supply.

When we get get distracted from our purpose, we have a lot of exciting things going on, but not a lot of excited customers.

All because we are doing too much.

Never lose sight of the ultimate goal

Being able to articulate how your products or services add value to people’s lives is critical to business growth. Providing the “why” of your business story gives your customers, employees, partners, and every business stakeholder a way to connect with you on a personal level and view your business as a living, breathing entity.

The proven tactics you'll read here will help you identify your true purpose, execute on your purpose, and double down on marketing/sales strategy to enable radical growth.

Before proceeding, remember:

• There will be no easy shortcuts when it comes to purpose. But put in the work and commitment, and you'll see the benefit. (According to Deloitte, Purpose-driven companies grow three times faster than their competitors, all while achieving higher workforce and customer satisfaction.)
  
• As a leader, you have to tell the difference between 1) opportunities that align with your purpose and 2) the distractions that could be toxic
  
• If you try to do too much, you’ll end up being okay at a lot of things. But it won't allow you to leverage your unique skills and capabilities to differentiate in the market. (Simple messaging resonates with customers, improving trust, which is vital to longevity.)

Here are 3 steps to harness the power of purpose for business growth.

#1: Identify your purpose

The first step in harnessing the power of purpose is to identify your company's purpose, your "why."

A good "why" is specific to an organization and helps teams connect day-to-day work with the company’s purpose.

Identifying and committing to a “why” makes evident what work a company must prioritize as most important. It gives them the perspective to see what they really want to accomplish. It reveals a direction, a "North Star" to move towards.

For example, all of Google’s products and services like Search, Gmail, Earth, etc, correspond with their purpose. According to Google Co-founder Larry Page, Google's purpose is “to organize the world’s information and make it universally accessible and useful.”

Another great example is Whole Foods Market. Every word is important in their purpose statement, "to nourish people and the planet." This very simply and clearly defines their connection to the world and their customers through food. They could have used the word "food" or "grocery", but using the word "nourish" shows their commitment to healthy, nutritious food.

At Charles Schwab, their purpose statement positions their brand to make you feel safe. They highlight passion and integrity, but they're also telling consumers about their commitment to personalized service.

All these examples demonstrate how a well-defined "why" can connect team objectives and key results to a company’s core purpose. Notice how none of those "whys" are “whats.” They are not products, services, or sales goals.

"Whys" are inspirational, but they’re not vague. A good why must feel specific to a company. At the end of the day, it should allow every employee to clearly understand how the work they do day-to-day is contributing to fulfilling their company’s purpose.

The benefits of determining your company’s "why" are undeniable. But how do you find it?

If you need some help, here are three strategies to try.

Strategy A: Ask yourself (and your team!) questions like these:

• Why does your company exist?
• What inspired your business idea?
• How has your business evolved?
• What is unique about your business?
• Is there a cause your business is supporting?
• What unique problem are you trying to solve?
• What's interesting about your founding story?
• What do you believe in personally and professionally?

After answering these questions, share them with your most trusted colleagues. Ask the opinions of others who understand the company you're growing. Ask them for real, constructive criticism.

Strategy B: 6 quick steps to your purpose

Director of Innovation and Social Entrepreneurship at the University of Michigan’s School of Public Health Vic Strecher suggested these six steps to find your company’s true purpose.

• Step 1: Consider the top three-to-five core values of the company. What are the things the company cares about the most? What’s non-negotiable?
• Step 2: Consider other companies you admire and would want to emulate (not imitate).
• Step 3: This is a tough one. Assume your company went out of business. In retrospect, what would you want it to be known for? What legacy would you’d like the company to leave?
• Step 4: Now that you’ve primed the pump, it’s time to ask, “What are the goals of your company that matter most?” These goals naturally emerge from what you value the most.
• Step 5: Assemble these valued goals into an overall company purpose. This is where you stop and ask yourself, “Does this purpose transcend revenue?” Make sure the suit fits - your purpose can be aspirational but it must be authentic.
• Step 6: Wear the suit. Make sure everyone in the organization understands the purpose. If the purpose doesn’t fit, change it until it does.

That last step is vital because it recognizes that your purpose can and does change. Sometimes the purpose stays constant as a company’s objectives and key results continue to change over the years. But it’s perfectly fine for a purpose to evolve along with a company’s goals and values.

Strategy C: What's the benefit?

Another way to find your purpose is to write down what your company does and ask yourself "what’s the benefit of that." Write down your answer and then ask "what’s the benefit of that." Continue this pattern as many times as you can.

Here’s an example of how the benefits would play out with a mobile sauna rental company.

Proposed purpose: We rent mobile saunas on trailers.

What’s the benefit of that?

We help people access sauna where and when they want.

What’s the benefit of that?
Reduction in stress levels, lower risk of cardiovascular events.

What’s the benefit of that?

Happier, longer life.

Purpose: To bring a better quality of life to people wherever they are.

There are dozens of ways to identify your company’s purpose, but the most important thing is to get started and narrow in on your purpose thoughtfully. It is meant to shape and focus everything we do. If it isn’t at the core of your company and its leadership, it won’t sustain.

Discovering your company’s purpose will transform the day to day by bringing meaning into your work. It will create a clear and compelling narrative that will guide your decision-making and drive growth.

#2: Execute on purpose as part of your business plan

Once you have identified your purpose, the next step is to set up a strong execution strategy by weaving it into your business plan.

This means ensuring that your business operations, products or services, marketing and sales efforts, hiring, etc. all reflect and support your purpose to create a consistent and compelling brand experience for your customers.

A new framework by Mckinsey highlights a detailed approach to embedding purpose throughout your organization, they call it the 5Ps.

Mckinsey walks through this framework step-by-step here. It is a fantastic read for anyone interested in making their purpose real and alive in their business.

If you want the quick takeaways from me, here you go.

1 - Portfolio Strategy & Products

• Make sure the products and services you provide, and the "where to play" / "how to play" choices to best serve customers aligns with your purpose.
  
• Carve out the things that don't, fighting the tendency to approach purpose with a "this is the hand I've been dealt" reaction. You have greater freedom than you might expect.

2 - People & Culture

• Employees at purpose-driven companies are four times more engaged at work. Purpose begins with human beings. They are sources of strength and a hard check against inauthenticity.  
• Align purpose at critical points such as hiring by screening for values that support purpose. People development and career pathways being consistent and genuine. Managers being trained to articulate and role-model behaviors linked to purpose and hold employees accountable for the same with specific key performance indicators (KPIs).
• People can be your best barometers of progress. Don't let early warning signs be ignored. Ensure people have tools supported by a "speak up" culture will identify critical gaps to embedding purpose.

3 - Processes & Systems

• The operational processes, incentives, and governance you use to create value and realize purpose targets.
• Consider your processes now and in the future, internally and externally.
• How will you clearly communicate these systems, adapt over time, and ensure accountability?
   

4 - Performance Metrics

• Identify key performance indicators (KPIs) that tie to purpose, track over time, and incentivize to meet them.
• Purpose metrics should inform day-to-day operations and allocation decisions.
• Measuring and activating should not be limited to monetary incentives. Encourage recognition and outreach.
• Strive for transparency in progress.

5 - Positions & Engagements

• Purpose should be embedded into how you communicate with the public and how you position your company.
• It's easy to spot artificial expressions of purpose.
• The Edelman Trust Barometer found that two-thirds of respondents agreed that “[a] good reputation may get me to try a product, but unless I come to trust the company behind the product, I will soon stop buying it.” 
• Consider the associations your business supports.
• Consider your philanthropy and corporate giving, making those efforts part of your business model in an authentic way that aligns with your purpose. 

#3: Double down on purpose-driven, integrated marketing + sales efforts

Now that you are crystal clear on your purpose and are living and breathing it within your company, it's time to connect with customers and prospects and show your purpose-driven differentiation in the marketplace. By promoting your purpose and the values that drive it, you can create a unique and compelling brand experience that will attract and retain customers.

Depending on how you incorporated purpose into your business model, this might mean supporting the right external "3rd party" charitable organization, or weaving impact directly into your business model like Ryan Hillier's law firm NOVAlex, the world's first “one-for-one” law firm. For every hour of paid legal services it provides to commercial clients, one hour of pro bono is offered to eligible low-income individuals, non-profits and start-ups.

Either way, we can follow these best practices to connect, engage, and generate new relationships with our intended audience.

•  Ensure Marketing & Sales Teams are tight, aligned and working collaboratively
  
  Most importantly, we need to make sure our marketing and sales groups are cohesive. This includes syncing up goals, roles, systems, technology and culture. This includes making sure we agree on common terms and milestones.
  
  Once we nail down the basics, we need to make sure day-to-date activities are integrated. Whether you're creating collaborative project teams, weekly communications cadence, joint Slack group, it's important to be on the same page.
  
  Even if you're not working directly together on a specific task, you need to understand how each marketing activity feeds into sales objectives and vice versa.
  
  Make sure marketing and sales external messaging is aligned to help provide a consistent experience for customers. In disparate sales and marketing teams different terminology can develop which creates disjointed experiences and negates trust. 
    
  
• Focus exclusively on your target audience
  
  When you clarified your purpose back in the start of this endeavor, you made sure that your target market was aligned with your brand purpose. You did your research to ensure that the people you’re trying to reach with your marketing efforts are those who would be most likely to support your brand’s purpose.
  
  If you haven't yet, take the time to build out your buyer persona(s) and share them internally. Take the time to understand at a deep level what makes your buyer tick, what pains they face on a day-to-day basis, what are their personal and professional goals, how they consume information, etc.
  
  
•  Create a purpose-driven brand story that connects to your audience
  
  I frequently see businesses make the mistake of pushing out marketing content without a clear story to wrap it around. Without a story foundation, brand messaging risks being inconsistent and confusing.
  
  You're already clear on your business purpose. Think of your brand as a legacy. What do you want to leave behind?
  
  A great brand story addresses (directly or indirectly) a tension that their audience is going through and resolves it in a way that is human, relatable, and offers a transformative experience. This helps your audience feel understood and connected to your brand and purpose. 
  
  
• Align all brand activities to your brand purpose and story with a strong call-to-action
  
  Consistently reinforce your brand purpose and story with content and experiences that support it (i.e. your marketing plan).
  
  This includes all your swim lanes of activity like brand development, digital marketing, events and webinars, PR, including inbound and outbound.
  
  Make sure your call to action is clear, straightforward, and engages your audience with your purpose.
   
• Create a community
  
  Purpose-driven brands are more than just businesses – they’re communities. Be the leader of your brand community.
  
  Create a space where people who share the same values and beliefs as you can come together and support each other.
  
  The goal is to create meaningful relationships that will last. As you start to build your brand community, remember that it takes time and effort to cultivate relationships. Be patient, be genuine, and be consistent in your messaging, and you’ll soon see your community begin to take shape. 
  
  
• Capture and Nurture Leads
  
  As you develop new relationships as a result of purpose-driven marketing efforts or marketing tied to the causes you support, it's imperative to capture, nurture, and  support these relationships with a non-sales focused approach.
  
  Strive to bring value to reach interaction to build trust. And engage with opportunities to support your purpose.
  
    
• Measure ROI
  

 It's important to measure and evaluate the impact of your purpose on business growth at every stage of the funnel.  What impacts are being made in building awareness, enabling consideration, streamlining conversions, and building loyalty.

Conduct surveys, focus groups, or build an advisory board with customers as well as gather feedback from sales and marketing teams - be open to the results.

By regularly measuring and evaluating your purpose-driven marketing impact, you can ensure that your purpose is driving your growth.

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Summary

In summary, purpose-driven companies perform better than those without a unifying purpose.

Figuring out how to leverage the power of purpose to grow your business can be a very daunting idea.

So, to get started, do the following:

Step 1: Identify and agree on your company's purpose
Step 2: Execute on your purpose as part of your company's business plan
Step 3: Double down on purpose-driven, integrated marketing + sales efforts

By following these steps, you can harness the power of your purpose to grow your business.

I'll be updating this guide ongoing as I keep learning more about purpose.

Thanks for reading.

Whenever you're ready, there are 3 ways I can help you:

1. Let's build and execute revenue-focused marketing strategies that grow your business, community, and brand. Work with me to get the wheels in motion: Contact me now

2. Purpose-Driven companies outperform by 42%: Empower your business. Do good. Build a legacy. Work with me and a proven methodology that boosts your business, engages employees and customers, and benefits your community. Contact me now

3. Give Back Office Hours for Non-Profits: I want to help you help your community. I offer free coaching to help you reach your audience. Contact me now (booked out 8 weeks)