This week, we had a great team meeting focused on the importance of having a reason for being, a why in our business.
Why is it important, to you and your company? We’d encourage you to view a great video by one of today’s leading experts, Simon Sinek, that perfectly explains this theory. Simon Sinek starts with the concept of what he calls “The Golden Circle”. Visualize, if you can, three circles each with a category- the inner circle is the “Why”, the middle circle is the “How”, and the outer circle is the “What”. The “What” is described as exactly what your company does. The “How” is described as how you do what you do, whether that be with a differentiating value proposition, unique products etc. The “Why” can be defined as why companies do what they do; their purpose, cause, belief. Sinek reiterates that what sets the most inspired and successful businesses in the world apart, is their ability to communicate with their audience from the inside of the circle- out. He states, “people don’t buy what you do, they buy why you do it”, and we could not agree more with this statement.
Many clients we work with may have their “why” outlined in a mission statement, but this is not enough. When you look at it both from a business and marketing perspective, integrating your why into every form of communication you have with potential clients and clients alike, is what can make you stand out amongst the crowd. Your prospects and clients will connect with a purpose first, and then they will support that by investing in your product or service. Why do they do this? Not because they are head over heels for your company (sorry, we know you are cool), but because it reaffirms their values and beliefs and makes them feel good about themselves.
Businesses who focus on not only the bottom line, but also the impact they have on the world around them, tend to connect more effectively with their stakeholders. But lucky for you, higher profits can stem from higher-purpose initiatives. For example, Sinek talks about Apple, one of the most profitable companies in the world. Why? Because people believe that Apple challenges the status quo and they identify with that, not just because they provide them with the hottest gadgets. Your most loyal and profitable customers will be those that see through your two outer layers, and believe what you believe in at the core. The importance of your “why” does not just stop with your customers. If you communicate and hire employees who support your cause first, the results are more committed and productive employees. Increased profits, loyal customers, and committed staff sounds like a great reason to spend some time focusing on your why.
Our recommendation, figure out what really drives you as a company and begin to communicate it in everything you do. The result will surprise you.