4 Why purpose matters to marketing: growth, revenue, and profit with Mack Fogelson, CEO of Genuinely
Summary: Does your purpose currently impact your marketing, revenue growth, and profit? If not, it should.<br> Here’s why:<br> According to research, curated by Mack Fogelson, consider the following:<br> <br> <br> * 73% of people care about the company, not just the product when making a purchase. (<a href="https://bcorporation.net/certification">BBMG</a>)<br> * 50% of purchases are made because of word-of-mouth (Brains on Fire)<br> * 85% of purpose-led companies showed positive growth (<a href="https://www.ey.com/Publication/vwLUAssets/ey-sustainable-brands-purpose-led-brands-survey/%24FILE/EY-Sustainable%20Brands%20Purpose-led%20Brands%20Survey%20Insights_Aug%202017(Digital%20-%20Single)_secured.pdf">Harvard Business Review/EY</a>)<br> <br> In sum, purpose matter because it impacts your growth, revenue, and profit.<br> That’s why I interviewed Mack Fogelson (<a href="https://twitter.com/mackfogelson">@mackfogelson</a>), the CEO of <a href="https://genuinely.co/">Genuinely</a>, a consulting and training company. I met Mack through a mutual friend and we’ve developed a friendship too. I’ve learned a lot about marketing with purpose and why it’s important to revenue growth and profit and I’m excited to share her thinking with you. You’ll also learn four steps to articulate your purpose.<br> Author’s Note: The transcript was edited for publication.<br> Mack, can you tell us a little bit more about your background?<br> Way long ago, I was a teacher and did that for a while. Then over the last fourteen years, I’ve been in the marketing space, so everything from building and coding websites to optimizing with search engine optimization and SEM to building community and brands and the full, integrated approach to marketing a company.<br> All of those layers have brought us to where we are now which is primarily teaching companies how to use these concepts, frameworks, and the processes that we’ve tested and know really work to grow their companies. We do this to ultimately help businesses in the digital age compete, contend, and build really great, meaningful and sustainable businesses.<br> What inspired you to focus on purpose and humanize marketing?<br> Around the time I started having my family, I just realized that if I was taking that time away from my kids that I really needed to make it count. I’ve built a business around something that has been very meaningful to me and for my employees. We started by helping companies be better. I started getting in the conversation about community many years back. When many marketers were talking about how to rank #1 in Google, I was talking a lot about the benefit of community and of businesses building a community to help their companies. What I didn’t realize at the time, but unfolded many years later, was that purpose was really at the heart of all of that: helping companies to understand how you bring people together through purpose and drive the organization’s growth.<br> You said that it’s not about what you spend on marketing; it’s purpose that helps you get focused. Why is that?<br> Because there is so much that has changed. The world isn’t the same. Businesses aren’t the same, and the way the business community works. Customers are not the same. So, we cannot expect marketing to be the same. Mainly we’re looking at consumers now. We expect authentic and very real and human experiences. And not only that but employees are looking for more meaning in their work just like I was many years ago.<br> It really comes down to the fact that it’s not about what your company sells or solves anymore, and certainly, you need to be incredibly stellar at what you sell and what you make, but it’s about who your business is. And really, it’s about the three components of purpose, people, and promise,
