Profit VS Purpose | Ed. 33

Profit VS Purpose | Ed. 33

Hi team,

As my business grows I start to see correlations with the clients I am onboarding. They all seem to have a purpose. A reason for being, rather than to just make money.

In today's society, many businesses prioritise profits over all else.

However, there has been a growing movement towards the idea of purpose over profits.

This concept suggests that businesses should prioritise making a positive impact on society and the environment, rather than solely focusing on making money.

The benefits of prioritising purpose over profits are numerous:

  1. lead to increased employee satisfaction and engagement
  2. greater customer loyalty
  3. lead to long-term financial success

Now in the marketing world, there is a little murmur of marketeers who joke at the thought of 'purpose'. At the end of the day, not every business, product or service needs to have a purpose, other than to sell to their end user.

Personally, 90% of my clients are purpose-led. I enjoy working with clients who expect more from their business than profiteering. I believe pathing the way to purpose-led businesses could change the landscape of capitalism. But I'm a dreamer.

Last month The Guardian announced that it was setting a global ban on gambling advertising, arguing it is unethical to take money from services that can lead to “addiction and financial ruin”.

The Guardian bans all gambling advertising

The Guardian already has a ban on adverts from fossil fuel companies, which has been place since 2020.

But as a small business, how do you plant purpose into your business?

  1. Start with your foundations. Don't be a business that attaches a green campaign once per year to sell your 'hardly' eco white-label range. Your customers will see through it. 👎 And it's wrong. Build purpose into your brand at ground level. So it because part of your internal and external culture.
  2. Set Goals. The same way you treat profit KPIs, it is as important to set purpose KPIs. What do you want to achieve by X? 📊
  3. You don't have to be everything to everyone all the time. Focus on singular themes. If you and your business are passionate about animal welfare 🦊 - choose that. It's authentic and actionable when you genuinely care.
  4. It's not always about money. You don't have to give profit away to charities in order to have a purpose. 💰 You can raise awareness within your campaigns. Look at your supply chain, is it aligned with your purpose goals? How about donating products or your time?
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Here is an example of some of my clients purposes to help you get started (rewritten to protect their brand!):

  • To create a community that cares through crafting, in order to combat loneliness.
  • To lead the conversation in sustainable consumerism
  • To build confidence and collaboration with young people in the west-midlands
  • To educate and empower our community in rewilding, regeneration and sustainability.

What is your companies purpose? Do you need to define it more? What can you do to reflect on your purpose? Drop me a DM if you want to find out how we can find your purpose. Or email me at sarah@bemorefox.co

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