So how do you judge if an organization or business matters and what does mattering actually mean? How do you apply such a relative concept as “mattering” to something as mechanical as a business or an organization? To answer such an amorphous question, let’s break it down to its most elemental level by looking at the definitions of the words that make up the Growth Formula.
Purpose is defined as “the reason for which something exists or is done, made, used, etc.” If we take Webster’s definition literally, the purpose of your business is to fulfill a need or desire with its products or services so that the business can experience growth.
Growth occurs when a business or industry grows or is expected to grow in value over a period of time.
In business there are two types of growth:
a. Economic Growth is associated with an increase in value as it relates to profits or assets.
b. Impact Growth is associated with the increase in value as it relates to its impact made on society.
To matter, defined as a verb, is “to be of importance; have significance”. This means that every business matters assuming their products and services are aligned with their purpose by fulfilling a need or desire for Economic Growth. However, some would argue that organizations matter more when they are focused on filling a need, not solely based on profit but based on their impact. These Impact Driven Organizations use a portion of their profits to sponsor charity events, little league games, or any number of worthy initiatives.
There is another group of businesses that understand what the power of giving AND profit can exist in an ecosystem of growth. When these companies align their products and services with a cause and then ask the consumer to join them on that journey, the results can be extraordinary. These businesses are considered Growth Driven Organizations because they use marketing to drive both Economic Growth and Impact Growth.
Tom’s Shoes built a brand from the ground up that was focused both on growing profits and impact. They let their consumers see, feel and touch the difference they were making by purchasing a pair of shoes. Imagine the profits and the impact if we could UNITE brands, consumers and causes in purpose.
Get started on simplifying your marketing & growing your business by contacting StructureM today!