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Author page: Tracy Liang

Start with Purpose, not Profit

Start with Purpose, not Profit

Do your customers understand why your business exist for them?

What are you impacting their lives?

If you focus on their needs, better profitability will be a by-product.

 

Why does your family business exit?

Here are some powerful purpose statements that pull their customers towards them

1. Tesla: To accelerate the world’s transition to sustainable energy
2. TED: Spread ideas
3. Walt Disney: To make people happy.

You might be brought into the family business by default and you believe that purpose is to make profit. Let’s put ourselves into customers’ shoes for a moment – they are hard wired to take a self-interest and aren’t interested in you making profit or not. Quietly frankly, they are too worried about their own profit. They will be perfectly happy for you to make a profit if their needs are met first.

Your customers more likely to engage your business if your Purpose resonates with them. ‘People don’t buy what you do, they buy why you do it’ – Simon Sinek. Strong purpose statement will drive strong loyalty. Loyal customers are the most valuable asset of your family business which drives stronger financial performance for generations to come. So defining your purpose is a smart business strategy.

 

What if you are not just a company but a cause?

Sharing your business Purpose to your team allows them to see they are contributing something bigger than themselves. It enables them to see how their role is attributing to the overall vision of the business – how they are impacting your customers’ lives.

Strong sense of purpose drives employee satisfaction which help improve their loyalty.

 

How can you build an emotional connection with you customer?

Being able to clearly articulate why you exist for your customers in your marketing will tie customers to your brand. For example, your new customer might be doing their due diligent , stalk your website or social media, It’s more likely they’ll develop an emotional connection to your business and buy from you.  ‘Logic make you think, emotion make you act’.

We are in the times of rapid change and disruption, having a crystal clear purpose will help your business to transform, adapt and thrive.

Get in touch if you need help in developing your Purpose Statement