3 Tips To Create A Mission That Will Drive Growth
Last year, just over a third of small businesses grew their revenue. That gives you an idea of how hard it is to scale a startup. One mistake many entrepreneurs make is to think that growth is simply about increasing sales. True expansion demands more than just a great product or idea. You need a mission.
When a business has a clear and distinct purpose, it attracts the kind of employees who will drive growth. People who fit the culture of your company, share your ambitions and bring passion and enthusiasm to everything they do are 30% more likely to be high performers than those just there for the paycheck.
Having a mission also appeals to customers. Edelman’s Earned Brand 2018 report states that 64 percent of consumers take a brand’s principles into account when buying a product. Connecting with customers over shared values is a great way to build brand loyalty.
Finally, your purpose will guide your growth. Scaling is often where a business loses sight of what’s most important. A mission will keep you on the right path no matter how quickly growth comes.
It’s not always easy to know what your ultimate goal should be. Here are three tips for uncovering the mission that will drive growth at your business.
1 - Make your customers central to your mission
Having worked in fashion publishing, Emily Weiss decided to start a blog where models, stylists and makeup artists would share their daily beauty routines. Soon her readers began sharing their own tips and advice with each other. Weiss realized that this community could shake up a beauty industry that typically relied on experts and brands to set the standards.
She founded Glossier, a beauty products company with a mission to democratize beauty. When creating a new moisturizer, the company asked customers for ideas and received more than 1000 responses. When marketing products, Glossier sends samples to its most engaged fans instead of the usual media outlets and social influencers. By making customers central to its mission, Glossier has grown from one woman writing a blog to a 150-person company that has raised more than $86m in funding.
2 - Go back to your why
In Start With Why, writer Simon Sinek emphasizes the importance of purpose by stating “people don’t buy what you do, they buy why you do it”. Yet most startups inevitably focus on developing a product or service and finding customers. When they finally get time to outline a mission, they are so consumed with “what they do”, they’ve lost sight of their “why”.
As my business started to grow rapidly, I went back to the very beginning in order to articulate our purpose. I created our flavored water drinks to solve a specific problem: I wanted to stop drinking sugary sodas but found water boring. Ultimately, I wanted to be healthier, so I took that “why” and expanded it to a mission of making people enjoy water again. This mission impacts who we hire, the new products we introduce and other decisions we make as we’ve become a multimillion-dollar business.
A relação entre comércio digital e vendas
3- Don't make your mission about what you’re selling
Not all businesses produce worthy or world-changing products or services. But that doesn’t mean you can’t have an inspiring mission. Warby Parker began life after business school graduate Neil Blumenthal wondered why people weren’t buying glasses online. Blumenthal thought about this because he was also involved in a non-profit organization that trained women in developing world to give eye tests. So, he and his co-founders made this social cause part of their company’s mission.
When you buy Warby Parker glasses, a pair is also donated to people in need. Blumenthal acknowledges that this isn’t the main reason why customers buy their products. But having a social conscious is core to the business as a whole: “To be customer first, you need to be employee first. And to be employee first, you need to be mission-driven.” It’s definitely working. Warby Parker was valued at $1.75 billion earlier this year.
Creating true brand believers
Whatever your businesses, chances are you’re not the only company out there offering that product or service. Even if you are doing something unique, others will try and replicate your success. To stand out you need to give people a reason to believe in your brand. Your purpose is that reason. And as it informs every person you hire, product you make and action you take, your mission will become the main driver of growth for your business.
I am the founder and CEO of San Francisco–based hint, which produces the leading flavored water with no sweeteners and nothing artificial. I founded The Kara Network and recently launched my podcast Unstoppable to tell the stories of entrepreneurs and founders.
Kara Goldin is the founder and CEO of San Francisco–based hint, which produces the leading unsweetened flavored water. Listen to her podcast and follow her on Twitter, @karagoldin.
Por: Kara Goldin, Contributor. ForbesWomen
Fonte. Forbes, em 3 de Janeiro de 2019
Three things that could save the High Street
The retail sector took a battering in 2018.
Some 40,000 jobs have been lost or are at risk.
Household names like House of Fraser, New Look and Marks & Spencer have been forced to close stores and take a long look at how they do business. (…)
So, is the industry on life support? Or is there something more fundamental happening? (…)
"I think the day (most people) make purchases on it will be the day they don't look back" says Jon Copestake who has been researching the future of shopping for EY, the accountancy firm. (…)
"I think that consumers will become much more time-poor and they are going to rely much more on algorithms or AI to actually pre-empt their shopping needs, that will free up time for them to focus on shopping with the brands and products that really engage them," he says.
"There will always be a place for consumers to go to shops, to experience things, but I think those things are going to be things that they care about." (…)
The company launched six years ago as a purely online operation but Terry Betts, its head of business development, thinks Thread's ethos could work equally well on the High Street.
"I think what you've got to give back is something that is infinitely better than just walking into a regular store," he says.
"I guess essentially what we are building is a store where everything is in your size and your budget and we know you. We remember what you've bought and so we are only making suggestions based on what you tell us."
A key part of Avon's turnaround plan, under chief executive Jan Zijderveld, is to make better use of different technology platforms, allowing the company to be more agile.
Ms Scott says: "I believe trends today are moving at a speed of light. My challenge as a creator of products is really all about recognising that a product, to be Instagram worthy, actually has to look beautiful as well as work."
The High Street isn't dead, says Samantha Dover, senior retail analyst at Mintel. "It's the value, the brand awareness that having a physical store presence has that is really important to recognise."
She says the best performing retailers recognise that online and physical shopping are intrinsically linked as consumers compare prices and research products or use click and collect services.
Retailers will have to change though, says Mr Betts . "I think you're going to see retail as tastemakers. More local, more targeted and recommendation based."
Por: Danielle Hewson
Fonte: BBC, em 1 de Janeiro de 2019