Culture, values, purpose - pick up any marketing text written in the last decade and you'll likely be bombarded with one if not all of these terms.
Don't get me wrong, they're great words. I mean, everyone likes a bit of positive psychology, right? But these four words are far more than a 2009-2019 buzzword-kit designed to make entrepreneurs feel even better about themselves and their actions.
Understood correctly and implemented into your business model, culture, values and purpose can make a hugely positive impact on the strategic direction of your business or company.
Truth be told, it's a dangerous time for entrepreneurs and CEOs. Just take a look at the figures.
Each and every month almost 150,000 thousand new startups hit the marketplace. It's an incredible figure and at first glance gives the impression that things are booming in the business sector. But, the sobering fact is that by the end of their second year, 30 per cent of businesses will fail according to the Small Business Association (SBA). And the Startup Genome has found a 90 per cent failure rate for startups overall.
Why? Well, because today's consumers are completely disillusioned with the corporate sector, and given the growing number of ignoble - and painfully public - cock-ups by profit-as-purpose companies, who can blame them?
There's just no trust anymore - sorry, but it's true - and faceless, money hungry, corporations around the world have done very little to change the public's less than glowing opinion.
The market has reached its threshold and something has to change. Now.
What I've come to realise is that if a business has any hope of achieving longevity in today's saturated market, it's imperative that they establish a trusting relationship with the market. And to do this, they need a clearly identified set of company values and a purpose statement that informs their business culture.
In short, businesses need to know who they are and why they do what they do. Answer these two questions and you're on your way to building a business with staying power. Ignore them, and you're only setting yourself up to be forgotten.
Because today's consumer doesn't just buy what you sell but why you sell it. Back in 2009, Simon Sinek was talking about how "why" is a more important decision swaying factor than "what". That was 10 years ago, but apparently the message still hasn't hit home.
Everyone in business knows what they do, but without a clearly defined company culture and purpose statement, the implicitly simple question of why they do it becomes uncomfortably difficult to answer.
Companies who solely focus on generating profit run the risk of alienating themselves from the modern marketplace. Why? Because they give nothing back. They have no culture, no values and no purpose beyond dollar signs.
Successful businesses, on the other hand, not only give the public reasons to purchase their product or service, but reasons to make them feel good about doing it.
For over 20 years, MeMedia has been helping businesses to transform themselves into world-class and memorable brands. And the first step to marketing and financial success lies in identifying your purpose and developing your company culture.
So, If all this sounds confusing or too hard. Then I welcome you to reach out to me for further discussion or to come to one of my monthly marketing strategy workshops where we can help you to future-proof your business in a disillusioned market.
This article is sponsored content published in partnership with MeMedia.
Get our daily business news
Sign up to our free email news updates.