In 1991, I wrote an article for Adweek entitled "Principles as Important as Product." In it, I explored the idea that "what a company stands for is more important than what it sells." Consumers were just beginning to pierce the product veil and ask about the companies behind the merchandise -- their values and principles.
So much of the current financial disaster stems from a series of complicated miscalculations and mismanagement of the core principles of our free enterprise system. Those mistakes will be debated for decades. The question before us is, when the water recedes from this tsunami, who will be left standing?
I believe, just as I wrote nearly two decades ago, that companies and brands that have no purpose other than to make and sell stuff won't be left standing.
Rather, it's the brands, organizations and leaders who are driven by a purpose-one based on values and value that improve the lives of all the stakeholders they touch-that will stand tall through adversity. Purpose-based organizations will command both respect and profitable market share.
So what is purpose and why should you want it? Purpose is the definitive difference you are trying to make in the marketplace and the world.
If you have a purpose and can articulate it with clarity and passion, then everything makes sense and everything flows. You feel good about what you're doing and clear about how to get there. You're excited to get up in the morning and sleep easier at night. If you don't have a clear purpose, everything feels a bit chaotic, harried and maybe even meaningless. Meetings may go on for hours with arbitrary decision-making criteria being thrown out by anyone with an opinion. You may launch totally new business plans year after year. Without a core purpose in place, the way forward is often a real challenge.
While so much business news is bad, there is good out there with those companies, brands and leaders who believe in and practice the power of purpose.
Why should CEOs and CMOs want to put purpose first during these economic times? Because it drives performance. Purpose is not some soft or nice thing -- it's everything. If you want to jump-start your company and rejuvenate your culture, and start driving sales and profitable market share, start with discovering and bringing to life your core purpose. Purpose trumps everything else -- strategy, tactics, mission and vision. If you start with purpose, everything else falls into place.
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