We’ve all been in those meetings. The subject of the company’s brand purpose comes up and the C-level executives around the table roll their eyes or become fidgety.
For them, the P-word is a soft thing, nice words, lofty and aspirational, and notoriously difficult to measure. Purpose may remind them of a plaque in the boardroom which makes employees cynical about hollow leadership initiatives and mantras. Or it may sound like a branding, public relations or Corporate Social Responsibility (CSR) tactic, not worthy of a board-level discussion.
But they would be wise not to dismiss the P-word. In fact, today many leading CEOs and companies are finding that embracing a core purpose is not only a ‘good’ thing to do but also drives top corporate performance. Bottom line? Purpose means growth, and growth means profit.
What Is Brand Purpose?
Purpose is the reason the company exists not only materially and economically but also emotionally and spiritually. It is the enterprise’s unifying statement of commitment to customers, employees and the larger world it operates in.
A higher purpose connects the business and peoples’ work to societal goals such as reducing hunger in the developing world or improving public health in the US.