Purpose drives firms to find and create new forms of value (Jim Steingel)
In a nutshell
Having a purpose is probably the most important asset for your long-term business. Great companies are crystal clear about why they exist! Do you know your purpose? Is it robust enough and clear enough? Can you leverage it further for creating value? Not knowing or having a weak purpose will certainly play against your ambition. A strong purpose will help you when looking for extra value!
In the Marketing Canvas
In the Marketing Canvas, we have identified 6 main categories for building your Marketing Strategy: CUSTOMERS, BRAND, VALUE PROPOSITION, JOURNEY, CONVERSATION and METRICS. Each of these categories, have 4 dimensions which means that a total of 24 dimensions (6 by 4) are defining your Marketing Strategy.
PURPOSE is a one of the 4 dimensions of the BRAND category.
How to use it?
Simon Sinek  explained through his golden circle that great leaders and brands alsways start from the WHY. This concept is similar with the PURPOSE. Having a clear PURPOSE means that you are able to provide an articulated answer why you are in business.
Jim Steingel  proposes that having a purpose means that you have clearly identified and formulated a brand ideal for your activity which is the higher benefit your brand gives to the people..
Eliciting Joy: Activating experiences of happiness, wonder, and limitless possibility
Enabling Connection: Enhancing the ability of people to connect with each other and the world in meaningful ways
Inspiring Exploration: Helping people explore new horizons and new experiences
Evoking Pride: Giving people increased confidence, strength, security, and vitality
Impacting Society: Affecting society broadly, from challenging the status quo to redefining categories
Your brand’s reason for being and contribution to the world. It goes beyond profit, because that is a result.
Following a survey made by Deloitte in 2014 , organizations having a strong sense of purpose are much more optimistic about their ability to stay ahead of industry disruptions (83 percent vs. 42 percent) and to outperform their competition (79 percent vs. 47 percent).
Is the PURPOSE of your Brand helping you achieve your goals?
Simon Sinek, Start with WHY, https://simonsinek.com
Jim Steingel, Purpose, https://www.jimstengel.com/purpose/
Deloitte, 2014, Culture of Purpose (pdf), https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/us-leadership-2014-core-beliefs-culture-survey-040414.pdf