Date: 17 February 2021
Author: Gihan A.M. Hyde, CEO & Founder, Communique
When was the last time you as a founder sat down and reflected on your “P” aka your Purpose?
As a founder your priorities when you start your company is to get the right financial backing, perfect your product and services and make sure you have your first “100 day” team in place. At least this is what I did when I founded “Communique” a communication social enterprise start-up. I knew that I constantly had to revisit my “Why” every time I make changes to my offering because the reason, I founded the company was to align it to my personal Purpose – Helping people feel heard and valued.
However, this will not come naturally to everyone. I did it because I was told constantly to do it and because I read the data that proved those who do not do the same will face setbacks in their company’s growth.
Let me explain what I mean by “Purpose” and “Mission”?
First, we should not confuse purpose with mission as they are two different statements that have two different outcomes.
A purpose is a statement that you share with your investors, employees, and customers and by saying it clearly you will achieve the following:
- You will showcase your dream with your audience and explain why you want to bring it to life.
- You will empower and instil passion in these audiences because you can relate to it and feel part of the journey to achieve it
- You will create a community who believe in what you believe in and who want to help you achieve it.
A mission on the other hand is a statement that comes to life after your purpose is identified. By saying it clearly you will achieve the following:
- You will share your idea on what will you do to bring your purpose to life from a strategic and operational point of view.
- You will gain “buy-in” from your audience because it shows you have a clear plan on how you will run your company.
- You will instil focus and clarity as everyone will know what role they play in your journey.
Here is Communique’s example of how we worded Purpose vs. Mission
Purpose: Changing people’s livelihood and impacting the environment and society through communication.
Mission: Helping you grow your business by clearly knowing why you exist as a company and how you are making a difference to your environment and society.
Now that we clarified the difference here is why we should constantly weave it into your decision making and our ways of working.
According to the data communicating Purpose clearly results in the following
Brands who clearly amplify their positive impact on the environment, society and customers have a brand value growth of 175%, versus 86% for medium positive impact and 70% for low positive impact.
Customers buy from people they trust this is why 78 % of consumers would tell others to buy from a Purpose-driven company and that 68% are more willing to share content with their social networks over that of traditional companies. While 73% of consumers are also willing to stand up for a Purpose-driven brand if it is spoken badly of.
Having a clear purpose will help you reshape your market and open new territories for growth and reshape your value proposition in a way that would create a holistic long-term growth. For example, 2 in 3 consumers will pay more for products and services from you if you show that you are committed to making a positive social impact.
Clearly articulating and communicating your purpose and the impact you have on your environment and society is not a difficult task. It requires you to take certain steps and involve your people with you along the way. If you would like to know what steps you need to start with and who to involve in your company do get in touch and we will be happy to work with you to bring this activity to life. We can be reached through