Podcast Summary
In a market where consumers increasingly buy based on emotion and profit with purpose, having a meaningful purpose beyond making money allows brands to powerfully connect while boosting business. Though associations with big names like Apple may come to mind when considering profit and purpose, businesses of any size can clarify, activate, and benefit from centering their work around core motivations.
Finding Your Purpose Fuels Clarity and Commitment
Brand strategist Chase Friedman stresses that identifying internal beliefs, aspirations, and motivations lights the spark for external branding and messaging. Unpacking questions like:
- Who do you most want to help or work alongside?
- What legacy do you want to build?
- What social and environmental issues fire you up?
…crystallizes the values your business can authentically champion.
This soul searching leads to crafting a purpose statement – your guiding star for decision making and connections with stakeholders. Though it seems simple, putting principles down on paper provides much needed direction, especially for small businesses trying to cut through noise.
Localizing Purpose: Grassroots Opportunities for SMBs
While big brands may have the budgets to plaster purpose across billboards, small and medium businesses have flexibility in showcasing it through personalized service and community support. Recording heartfelt videos, offering services to aligned nonprofits, and providing frictionless customer experiences helps SMBs activate purpose based on feelings versus flashy statements.
…allow SMBs to activate purpose with agility through what people feel versus what they’re told.
Purpose to Profit: Principles Enable Business Returns
The proof lies in the ever-growing body of research exposing the profitability of purpose-driven business:
- 82% of consumers buy based on shared beliefs. (Consumer Goods Technology)
- 76% willing to pay more for purpose-aligned products. (Deloitte’s Survey)
- Companies with strong purpose outperform the market by 5-7%. (Harvard Business Review)
Rather than facilities or cost leveraging, followed principles signal substance. Taking time to clarify and activate beliefs through customer experience premieres profits for principle-driven brands – big and small.
Key Takeaways:
- Clarifying motivations and crafting an authentic purpose statement provides decisions guidance
- SMBs can activate purpose locally through customer experience vs flashy messaging
- Extensive data shows purpose-driven businesses substantially outperform profit-prioritizing
- Principles signal substance over facilities or low cost optimization levers
- Centering operations around beliefs beyond money premieres sustainable returns
For more insights on strategically driving growth through purpose from expert brand strategist Chase Friedman, be sure to check out the full episode : How to Profit with Purpose (with Chase Friedman). Click here to watch full episode with video. Tune in to The Story Power Marketing Show for new episodes.
