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The Importance of (Re)discovering Your Company Why

The Importance of (Re)discovering Your Company Why

Have you ever asked yourself, “What is the purpose of my business?” or “Why does my business exist?” If we were to guess, those questions – along with your company mission statement – were most likely addressed when your organization was established.

But, somewhere along the way, the journey stopped filling you with happiness and your pursuit of greater purpose fizzled out. Purpose. A buzzword that hit the B2B world by storm over the past decade. While it’s nothing new, company purpose has never been more relevant…or difficult.

Holding your “Why” at the heart of running a business is not easy, especially in the face of the daily grind, distractions and constant industry changes. But, keeping it front and center is so vital to stand out from the competition, build important relationships and grow your organization.

Let’s take a look at the reasons why company purpose matters, some B2B brands who are doing it right, and how you can rediscover your own company “Why”.

“People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe.” ~Simon Sinek, Author of Start with Why: How Great Leaders Inspire Everyone to Take Action

Why Does Your Why Really Matter?

Psychologist Sonja Lyubomirsky from the University of California wrote the book, “The How of Happiness, A Scientific Approach to Getting the Life You Want.” In it, Lyubomorisky points out that circumstances affect our happiness much less than we think. She wrote that only 10% of happiness comes from extrinsic incentives like money, fame, and status. In fact, according to scientific research, these fantasies are mostly just that: fantasies.

OK, so if our circumstances account for only 10 percent of happiness, what about the other 90 percent? In the book, Lyubomirsky reveals that while our “happiness set point” (the general baseline level of happiness) determines the majority of happiness, researchers identified that the remaining forty percent is influenced by intrinsic motivation and behaviors.

What does all of this happiness talk have to do with finding your “Why”?

Intrinsic motivation, all those factors and reasons that fulfill us and make us happy, represents your sense of purpose.

This purpose is our “Why”.

Walking the Talk

Over the past decade, purpose has become a trendy concept with corporations. Industry leaders have embraced the idea that it’s not enough to just do well financially; they also have to do good for society. In other words, they have to lead with their “why.” But how many businesses are really walking the talk? How many get beyond mission statements and publicity stunts to identify and pursue their “Why” that will lead to business success as well as benefiting a broader set of stakeholders.

How many dig deep down into the messy work and keep at it day after day, quarter after quarter, year after year?

Successful purpose-led companies, such as HP, Microsoft Zoom, Caterpillar and Etsy, stand for something bigger than just the product or service they sell, which is a key factor to building more authentic and transparent relationships. It’s such a key factor that, according to a 2022 Trustpilot survey report, 48% of consumers say it’s important for brands to take an ethical, sustainable, or political stance. They support companies whose brand purpose aligns with their beliefs and reject those that don’t.

But they don’t just reject them. One in five will say “sayonara” and walk away forever.

Do You Remember Your “Why”?

Many companies are founded with a strong “Why” but somewhere along the journey, origins are neglected, focus is placed on immediate growth and “Why” decay occurs. If you don’t have that compass to guide long-term fulfillment and pay constant attention to your “Why,” falling behind the times (and the market) is inevitable. And if that happens, your purpose-driven competitors are likely to leave you in the dust.

That’s right, a lack of purpose can be smelled from a mile away. In our increasingly hyper-connected digital world, transparency is crucial. Consumers can see right through the smoke and mirrors. Studies even prove it. According to Accenture Strategy research, consumers in the United States are no longer making decisions based solely on product selection or price; they’re assessing what a brand says, what it does and what it stands for. It’s that important.

Do you remember your “Why”?

Rediscovering your “Why” can have a profound impact in business sustainability, which can simultaneously impact client relationships, employees, projects, and customers in a positive way. The “Why” should feel natural. It should exude passion and solve a problem or a need in a meaningful way.

Rediscover Your Why

Simon Sinek, Ted Talk speaker and the author of the book “Find Your Why”, writes that it is only when you understand your “Why” (or your purpose) that you’ll be more capable of pursuing the things that give you fulfillment.

“Fulfillment is not born of the dream. Fulfillment is born of the journey.” ~Simon Sinek

This all sounds easier said than done. Luckily, we’ve outlined three ways to increase your chances of rediscovering your “Why” (and sticking with it this time).

1. Come Alive and Stay Alive
Inspire change, empower others and drive business results at the same time. How? Be more human. Get everyone involved in the company mission. From customers to stakeholders, focus on identifying shared values and communicating your purpose.

Interestingly, a recent Deloitte study found that purpose-driven companies reported 40% higher rates of retention and 30% more innovation than competitors.

HP shows us a solid example of bringing their “Why” to life on their About Us page: “We are a technology company born of the belief that companies should do more than just make a profit. They should make the world a better place. …We have the confidence to envision a world where innovation drives extraordinary contributions to humanity.”

Their goal is to create a “low-carbon, circular economy,” which they envision benefiting the world on both environmental and social levels.

2. Stand for Something Bigger
For modern organizations, it’s no longer enough to simply sell your product or service or have an iron-clad mission statement. Be part of a movement. Create real change.

Perhaps no organization has set the bar higher than Microsoft with their sustainable and innovation commitments to become carbon negative by 2030. Microsoft’s “mission is to empower every person and every organization on the planet to achieve more.”

This tech giant proves to all organizations that authentic, emotional connection is possible on any level.

“It’s what the world needs us all to do.” ~Brad Smith, President and Vice Chair, and Lucas Joppa, Chief Environmental Officer of Microsoft

3. Achieve Trust Status
Organizations with a clear and relevant “Why” have the opportunity to achieve trust status which can fuel growth into other markets that inspire new partnerships and additional revenue streams. But, that must be earned.

“Brands are all about trust. That trust is built in drops and lost in buckets.” ~Kevin Plank, Founder & Chief Executive, Under Armour

Align with a cause that’s close to heart and that relates to the activities of your brand. And then take action. If an audience hears a company talk the talk but fails to walk the walk, it’s a major red flag.

So, how can an organization showcase their “Why” in a way that doesn’t feel like window-dressing? Slack, a B2B brand who is leading the charge in the digital-first ecosystem for work, is a prime example of an authentic thought leader in their space. While focused on reshaping how work gets done, they also embrace their product as part of their culture: “We’re building a platform and products we believe in — as well as a strong, diverse team of curious, creative people who want to do the best work of their lives and support each other in the process.”

Keep your “Why” openly at the center of everything you do, authenticity will shine through.

Make it Part of Your Journey

Purpose is much bigger than a superficial statement. Writing it is the easy part. What comes next is much harder.

It’s how you live it.

At CMDS, our vision is to create the best customer-centric experience for B2B companies. In other words, we form strategies and leverage unique opportunities (grounded on your “Why”) that advance purpose, develop competitive advantages and generate exponential business growth.

Welcome to your “Why” journey.