Is your brand purpose-driven?

The reason for which something exists or is done...- Dictionary.com

To give life meaning one must have a purpose larger than one’s self. - Will Durant, early 20th-century author, and philosopher

Purpose is a company’s reason for being beyond profits. Purpose guides its business growth and impact on society. - Carol Cone. One Purpose.

A company’s reason for being that simultaneously helps solve a societal problem and creates significant financial value for the company...shared value is the most powerful way for companies to deliver on purpose. - FSG, a mission-driven consulting firm.

For organizations, it is the foundation of what creates a company and of every experience. It is the underlying essence that makes a brand relevant and necessary.- Bill Theofilou, Accenture. Forbes, Purpose Series.

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.)

78% of Americans think companies should take action on important issues facing society.

73% of business leaders say that having a well-integrated purpose will help their company navigate disruption.

66% of executives are profoundly rethinking their purpose as a result of disruption.

52% of leaders are evolving their definition of Purpose to have greater community impact.

95% of leaders in one survey say that their organization has a purpose. (How Can Purpose Reveal a Path Through Uncertainty?) Most executives believe purpose matters, and 44% said their company is trying to develop one.

84 % said purpose can affect an organization’s ability to transform.

46% said their company has a strong sense of purpose.

Purpose-driven companies can increase value with customer loyalty, employees, and other stakeholders to include shareholders, investors, and partners.

89% of consumers are more likely to buy from companies that support solutions to particular social issues. For more than 50% of those, purpose is the most important factor influencing brand choice when quality and price are equal. -Edelman’s 2012 Global Good Purpose Report.

80 % of leaders surveyed in The Business Case for Purpose, said it helps increase customer loyalty.

62% of global consumers want companies to take a stand on the social, cultural, environmental, and political issues that they care about the most. 63% of global consumers prefer to purchase products and services from companies that stand for a purpose that reflects their own values and beliefs, and will avoid companies that don't. 65 % of global consumers say their purchasing decisions are influenced by company words, values, and actions. - Accenture Study.

52% of business leaders report that purpose has a strong link to customer loyalty -The Business Case for Purpose.

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.”

77% of millennial employees say organizational culture (driven by purpose) is just as (or even more) important as base salary and benefits. -2015 Virgin Pulse Survey

60 % of millennials stated that they chose to work for their current employers due to their sense of purpose. -2015 Deloitte Survey

Purpose clarifies expectations. A clearly defined purpose makes delegating responsibility simpler as for a growing business because expectations are clear and consistent.

Recruitment and retention is much more effective when employees believe and embrace company purpose.

When employees’ work environments match their personal values, they are more productive.

The “50 higher-purpose brands” in their study grew 3X faster than their competitors in a 10-year period. Additionally, he found if he had invested in the “Stengel 50” over a decade, it would have been 400% more profitable than investing in the S&P 500.

Over the past 10 years, brands with meaning (purpose) have outperformed the stock market by up to 206% -Havas, 2017,

Purpose can increase shareholder value by $1 billion, according to a 15-year study of the S&P 500, Project ROI, 2015.

83% of companies that over-perform on revenue growth link everything they do to purpose -Google & SAP, 2018.

84 % said it can affect an organization’s ability to transform.

Purpose-driven brands are more balanced with a focus on long-term culture.

Purpose enhances the ability to manage risk. A strong, purpose-driven culture provides grounded realistic optimism.

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.

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

First, consider if you can set your bar higher and take a stand for the greater good.

Integrate purpose into your brand, corporate DNA, and your story.

Create value for your customers, employees, shareholders, and all stakeholders.

Embrace your purpose and sell your pursuit, not your product.

Articulate an inspirational purpose that is simple and clear.

Ensure all stakeholders have to buy in and own it.

Create a very clear aspirational buy-in and alignment with your employees.

Embed purpose into behaviors, decision making, systems, and metrics.

Link employee performance to purpose KPS’s.

Communicate your purpose in all internal and external communications. Check out law firm Hanson Brigett’s Guiding Principles.

And again, always walk your talk. (Hanson Bridgett does.)

KIND® Healthy Snacks has successfully used brand purpose as its point of difference. It has become the 3rd largest snack bar maker in the world. The company’s commitment to improving public health with nutritious snack foods and a new level of transparency to ingredient sourcing has resonated with health-conscious consumers.

Watch CEO, Helen Russell of Equator Coffee talk with Laurie Rinker on her purpose-driven brand and a B-Lab, with their “chain of wellbeing.” Or read the blog.

Airbnb's purpose is to "belong anywhere". It's a refreshing and inspiring purpose with clear benefits for its users, striving to create the kind of warm interpersonal connections that are groundbreaking.

Google's motto was, "don't be evil." But with the formation of its parent company Alphabet, the phrase was removed from their code of conduct. Instead, it now opts for the much subtler phrase: "do the right thing.”

CVS CEO Larry Merlo, in 2014 “left billions of dollars on the table because the sale of tobacco products was inconsistent with the company’s purpose of helping people on their path to better health. Now they need to take the next step to not only do no harm but to do good proactively.