It's Not What You Sell, It's What You Stand For

Why Every Extraordinary Business Is Driven by Purpose

Portfolio, 2011

15 min read

10 take-aways

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What's inside?

Most successful companies have a special purpose beyond making money.

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Advertising agency CEO Roy M. Spence Jr. boasts a client roster of prestigious organizations that promote a purpose as well as a product, including Walmart, the American Red Cross, Norwegian Cruise Line, the American Association of Retired Persons, the PGA Tour and Southwest Airlines. Spence and co-author Haley Rushing of the Purpose Institute explain how Spence’s agency targets, defines and presents each client’s core mission. Spence and Rushing sketch instructive case histories of for-profit and nonprofit organizations. They tell fascinating stories about world-class organizations, the importance of corporate purpose, and adventures in branding and marketing. getAbstract recommends their perceptive methods to businesspeople who want their companies to have purpose and meaning as well as commercial success.

Summary

Progress with Purpose

The public prefers organizations with a purpose that transcends the profit motive. A company with a purpose meaningfully prioritizes its societal contributions though it still vigorously pursues profits. The rewards for being purpose-driven include dedicated employees, evangelical customers and iconic brands.

The essential precept of this model of enlightened capitalism holds that companies should prosper because they improve the lives of their customers. This approach appeals to workers and consumers from the idealistic millennial generation as well as to aging baby boomers. For example, Southwest Airlines transformed air travel into something nearly everyone in America can afford. Walmart offers low prices, but purposefully. Its slogan promises people that they can pay less and live better. Johnson & Johnson’s medical products reduce pain and suffering.

The Benefits of Purpose

Each of these organizations has a clear mission or purpose that makes “a definitive statement about the difference it is trying to make in the world.” A “noble goal” helps define your organization. You, your business partners, your employees and your ...

About the Authors

Roy M. Spence Jr. is chairman and CEO of GSD&M Idea City, a marketing communications and advertising company that has helped grow some of the world’s most successful brands. Texas Monthly named him “Adman of the Century.” Haley Rushing co-founded the Purpose Institute along with Roy Spence. The Purpose Institute is an organization dedicated exclusively to helping clients discover and articulate their purpose and values.

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H. G. 1 decade ago

Interesting in light of our value proposition -- what we accomplish for our clients.
A. 1 decade ago

I absolutely agree! Every company should start with a mission.
- 1 decade ago
  
  Good but the summary to short
- 1 decade ago
  
  Would be interested in a summary that is at least 8 - 10 pages.

Roy M. Spence, Jr. and Haley Rushing