Why the company’s ‘why’ matters
Purpose driven business success
Introduction
In today’s competitive landscape, a company’s success isn’t solely determined by the quality of its products or services. It’s equally contingent upon the emotional connection it establishes with its audience. This connection is rooted in the company’s ‘why’– its purpose, its raison d’être. Simon Sinek, in his influential TED Talk and subsequent book, emphasized the importance of understanding and articulating this ‘why’ to inspire action and loyalty. The Harvard Business Review found that purpose-driven companies experienced higher market share gains and grew three times faster on average than their competitors.
However, merely identifying your company’s core purpose won’t be enough. To truly harness its power, it must be seamlessly integrated into your brand strategy – media delivery and digital assets. In this article, we delve into the significance of your company’s “why” and explore effective strategies to translate it through your brand’s digital presence.
Unveiling your company’s ‘why’
The ‘why’ is more than just a mission statement or a catchy slogan. It encapsulates the core beliefs and values that drive your organization forward. It’s the reason behind every decision, every action, and every product or service you offer. Identifying the purpose that drives the business forward requires introspection and a deep understanding of what truly motivates your business beyond profit.
The importance of company’s purpose goes beyond profits and here’s why
Consumer preference
According to a study by Accenture, 63% of consumers prefer to purchase products and services from companies that stand for a purpose that reflects their own values and beliefs.
Employee engagement & productivity
Research conducted by Deloitte found that employees who say they work for a purpose-driven company are four times more likely to be engaged at work.
Financial Performance
A study by EY Beacon Institute and Harvard Business Review Analytic Services Report discovered that 89% of executives surveyed said a strong sense of collective purpose drives employee satisfaction, customer loyalty, and overall financial performance.
These statistics underscore the tangible benefits that come with having a clear purpose, ranging from increased consumer preference and employee engagement to improved financial performance and investor confidence. As companies navigate an increasingly complex and competitive business landscape, articulating their purpose and translating it into tangible actions becomes essential for long-term success and sustainability.
Purpose driven actions through brand media
Authentic storytelling & messaging
Authenticity resonates with audiences on a profound level. Use your brand media to tell the story of how your company’s ‘why’ came to be. Highlight pivotal moments, challenges overcome, and the impact you aspire to make. Personal narratives from founders or employees can add a human touch, fostering relatability and trust.
Consistency is equally crucial in reinforcing your company’s purpose across different brand media channels. From social media posts to website content, ensure that your messaging aligns with your core values. Consistency breeds familiarity and strengthens brand recall, reinforcing the connection with your audience.
Visual Identity
Your visual identity should reflect your company’s values and personality. Incorporate elements in your brand media that evoke the emotions associated with your company’s purpose. Whether it’s through colour schemes, imagery, or design elements, consistency is key in reinforcing your brand’s message across various digital platforms.
Amplify your company’s ‘why’
Website
Your website serves as the digital storefront of your brand. Incorporate your company’s ‘why’into the homepage through compelling copy and visuals. Feature testimonials, case studies, or impact stories to illustrate how your brand is fulfilling its purpose.
Social Media
Social media platforms offer a dynamic space to engage with your audience and amplify your brand’s message. Craft posts that not only showcase your products or services but also reinforce your company’s values, beliefs and core driving force. Encourage user-generated content that aligns with your core values, to foster a sense of community.
Email Marketing
Leverage email marketing campaigns to communicate your company’s purpose directly to your audience. Talk about the issues and provide ideas to solutions. Share behind-the-scenes insights, success stories, or upcoming initiatives that exemplify your brand’s commitment to its purpose. Personalize content to resonate with different segments of your audience, nurturing long-term relationships.
The brand compass
Your company’s ‘why serves as the compass guiding your brand’s journey. Effectively translating the purpose through your brand media and digital assets is paramount in building a strong emotional connection with your audience. By embracing authentic storytelling, maintaining visual consistency, and leveraging digital platforms strategically, you can amplify your brand’s message and inspire meaningful engagement. Remember, it’s not just about what you do, but why you do it that truly resonates with your audience and sets your brand apart.