Does Purpose still matter? After all, the notion of Purpose has been around for years.
It can feel like a buzzword and, perhaps understandably, it has taken some heat for being out-of-touch with what actually drives consumers to buy products (search Hellmann’s mayonnaise and Purpose).
Judging by a recent FastCompany article, however, Purpose is alive and well among leading CMOs, who repeatedly reinforced two themes:
- Purpose is more than marketing. It needs to be tied to business growth and societal impact.
- Purpose needs to be authentic. It needs to reflect your company’s values and be truly believable to your audiences.
I’m encouraged by these reactions–and by the durability and longevity of Purpose.
In a hyper-transparent world of social media and the internet, where every corporate action is made visible, and where connecting with customers’ and employees’ values drives brand and reputation, Purpose is a must-have, not a nice-to-have.
Leaders today absolutely need a strategic platform that clarifies why their brand and company exist. They ignore it or mock it at their peril.
What needs more focus now, in my view, is HOW organizations are implementing their purpose and WHO owns it. In some companies, Purpose is still largely owned by CMOs, as it is primarily connected to the brand and marketing. This is somewhat implied in the FastCompany article, where “Brand Purpose” and “Purpose” are used interchangeably.
There’s absolutely nothing wrong with CMOs being champions of Purpose, but forward-thinking CMOs–and the CEOs they work for–know that Purpose is for the entire organization.
So while companies are on the right track, I think there’s more work to be done getting every leader across every discipline to embrace and action their Purpose. That’s real leadership that will drive brand and business success for the long-term.
