The Power of Understanding Your Businesses Core Purpose
THE POWER OF KNOWING THE CORE PURPOSE OF YOUR COMPANY. It is one of the essential ingredients to grow your business and market share…
Any of the major print media organisations have been experiencing immense pressure over the last decade or so. The internet has created an environment for fluid and spontaneous media coverage from amateurs and threatened the traditional structures and pressroom set-up of the big print conglomerates.
A recent article in the Australian Financial Review (4th March, 2019) highlighted their own powerful story in healthy growth and market share capture against some very tough times for the print media industry. The article highlighted the importance of having two essential strategic ingredients in growing and sustaining a business:
A Core Purpose
A succinct definition of a Core Customer
Part 1 of this blog will focus on the CORE PURPOSE.
CORE PURPOSE relates to the “spirit” of one’s business. Otherwise known as the “WHY” a business exists. Simon Sinek in his book “Start with Why” contrasts a number of powerful brands who connect with their market segment through their WHY. It is this WHY that resonates far deeper than “WHAT” a business does. He uses examples of Apple, who challenge the status quo and think differently, and Walmart, whose PURPOSE is all about service - service to their employees who will in-turn provide this to their customers, suppliers, and the community.
In the AFR article, they reflect upon having created their PURPOSE about becoming “the daily habit of successful people”. For me, this is particularly powerful and resonates a whole lot more than just buying a business oriented newspaper or journal. I want to do what the successful business people do, and if that means picking up a new habit, I’m in!
The importance of having a CORE PURPOSE was reiterated in a discussion I had yesterday with the CEO of one of Australia’s largest building materials franchise businesses. He truly believes that his business does not sell “lots of products”, but actually exists to provide a lifestyle for their franchisees, (which he calls his members). The products they sell could be anything. He does everything in his power to help them create the lifestyle they want - whatever that means to them.
Disney’s Purpose is all about “happiness”. Red Balloon’s Purpose is about “gifting through gratitude”. Starbucks’ is about “creating a place to escape”.
At Visage Growth Partners, our business’ PURPOSE is to demystify growth and remove the complexity and pain of scaling a business. We find this resonates deeply for our clients and prospects who have some trepidation about scaling their business and want some external experience to support them.
If you want to include this key ingredient into your strategic plan and engage your team in it, here are a few points that will help you construct your business’ Core Purpose:
Does it represent a higher purpose beyond profit?
Of itself, a purpose will not change, but will INSPIRE change
It will help a business to work around obstacles
It helps to create a culture of team and volunteerism, and
It identifies the difference you are making in the world
What is your WHY – your CORE PURPOSE? How are you connecting with your market? How deeply is your message resonating to drive inquiry and ultimately a growing, thriving customer base that gets the benefits your business provides?