“Let people know your why, your raison d’être and you will be more profitable.”
But that is where I have to pause for thought…
Is there a direct link between purpose and profit? Why would that be? Or is it all hippy nonsense?
Well, there is some evidence to support the hypothesis. It isn’t what I would call scientifically rigorous but the likes of Deloitte have got behind the idea along with a series of esteemed business schools. Some of the research suggests that companies focusing on purpose see twice the profits of their counterparts (Great Place to Work, 2014).
While the research suggests that seemingly purpose-led business are more profitable, this could just be a correlation and not a cause-and-effect. Or maybe profitable businesses can afford to become purpose-led?
Is there a link between purpose, culture and profits in business? – Tweet this
Does your business have a why, a purpose? Would having a clear statement of why you do what you do help to differentiate you from the competition? Could it?
And yet, in our lives as consumers, we are fascinated by the why, the purpose, as it is told in the brand story. Nando’s is more than chicken, Apple is more than computers, Google is more than a search engine just as Toms shoes aren’t just espadrilles.
The why, the backstory, is the hideous backdrop to every reality TV programme. Likewise it is what makes one product or service different from the others. After all, why should people bother to buy from you if you are the same as the competition?
Consider whether you should articulate your why. How would you communicate it?
Some clients have found significant results from wearing their hearts on their sleeves.