175: Digging Deep into Corporate Purpose
When purpose moves front and center, a company can attract better talent and better customers. This is not conjecture. Dov Baron, via his leadership consulting practice, has proven it over and over. Dov, who is also a top podcaster, best-selling author and speaker, gets to purpose by asking the tough questions. No wonder he sees himself as the “father of dragons,” helping executive teams find their own distinct purpose, and a collective purpose for the organization. This means digging deep and even exploring one’s biggest fears. There’s obviously a lot more to it and we spend a lot of time in this episode exploring why “starting with why” is in fact just the beginning of every organization’s purpose-seeking journey.
On this week’s episode, Dov and Drew are also joined by a live audience of industry-leading CMOs, who weigh-in and help shape the engaging discussion. Listen in for more about the best way to find the why of your why, which questions you really should be asking to get there, and how to get tangible results from shining a light on your company’s purpose.
How do you know if your purpose is going to work for the organization?
You know it’s a real purpose if it has an emotional pull for everyone. To stand out from other companies, you need a unique position or point of differentiation, and as marketers, you understand that the driving force of human beings is not rationale or logic, it’s emotion. What’s the deepest connection to emotion? Purpose. The why you get up in the morning. When hiring, the leaders and talent that you want to hire want meaningful work. They want to align with the purpose of your organization. Your buyer wants an alignment of purpose as well. They want to feel like there’s a meaning, a connection beyond the product. That purpose piece has to come front and center in everything that’s going on. You don’t buy from a great company because they create a great product or because it’s the right price, but because there’s an alignment with the meaning.
Can a strong brand purpose really manifest into revenue?
One consulting firm I worked with has grown five thousand percent and is now a global organization. A health technology company was able to raise $100M for their next tier of development and they said it couldn’t have been done without the purpose. A financial advisory company in my city has tripled their employees and pivoted their target audience. They decided to only hire people who are on board with their purpose, even at the executive-level, and as a result they have better communication and conflict resolution on the whole. Many people think that purpose is fluffy nonsense, but once they see some of the tangible results of finding purpose, they realize how important that fluffy nonsense is.