Have you ever wished it was easier to attract new clients, keep them and see your business grow to $1m or to $10m and beyond?

What’s the secret?

When I first joined forces with my partner he’d grown his digital agency to a million through a lot of hard work and hustle, but then it stopped growing and started losing money instead.

His focus on profits wasn’t paying off.

As Lisa McLeod points out in her book, Selling with Noble Purpose, companies that focus purely on profits are more likely to make less than those that have a singular and compelling purpose. 

What happens when your company lacks a clear purpose other than profit?

Last week I was talking with a marketing agency owner and asked him who his ideal clients were. His answer...

Any that make me money. It was true he had a wide range of clients all of which it looked like he’d done great work for. 

The only problem was without a clear purpose or clear clientele - his services had become a commodity and hardly anyone was calling him or emailing him about potential projects. 

What happens when your company has a compelling purpose?

When I refocused our marketing agency on making a difference to our clients, in changing their lives for the better, our team coalesced around our purpose. We got better results and clients instead of leaving started staying around for longer and longer

What are the benefits of having a compelling purpose?

• Increased attraction of ideal clients
• Sales teams with purpose outperform those who are just focused on monetary goals
• A client centric approach iIncreases client retention
• The company embraces long term thinking and larger long term gains

A  clear purpose is the precursor to sustainable and significant profitability. Here’s how to use this idea in your business. 

1. Clarify Your Purpose

Purpose is the driving force behind any successful business. It is the reason why your business exists beyond making money. Clarifying your purpose involves answering these questions:

1. What motivates you? Identify what gets you excited and passionate about your business, other than just making money.
   
   
2. What are your core values? Determine the principles that guide your business decisions and actions.
   
   
3. What long-term impact do you want to make? Envision the change you want to see in the world as a result of your business efforts.

A clear and compelling purpose acts as a north star, guiding every aspect of your business, from strategic decisions to daily operations. It ensures that you and your team remain aligned and focused, even during challenging times like 2020, when covid challenged all of us.

2. Identify Who You Help

Once you have a clear purpose, the next step is to identify your target audience. Knowing who you help is crucial for tailoring your products, services, and marketing efforts to meet their needs. Consider the following:

1. Who are your ideal clients? Define the demographics, psychographics, and specific characteristics of the people or businesses you aim to serve.
   
   
2. What are their pain points? Understand the challenges, problems, or desires that your target audience faces.
   
   
3. How can you solve their problems? Align your offerings with the needs of your ideal clients, positioning your business as the solution provider.

By clearly identifying who you help, you can create targeted marketing strategies, improve client satisfaction, and build a loyal customer base that drives word-of-mouth referrals and repeat business.

3. Articulate How You Make a Difference

With your purpose and target audience defined, the next step is to articulate how you make a difference. This involves communicating the unique value your business brings to the table. Consider these points:

1. What sets you apart? Highlight the unique selling propositions (USPs) that differentiate your business from competitors.
   
   
2. What benefits do clients gain? Clearly communicate the tangible and intangible benefits your clients receive from your products or services.
   
   
3. How do you deliver value consistently? Ensure that your business processes, customer service, and overall experience consistently meet or exceed client expectations.

Effectively articulating how you make a difference builds trust and credibility with your audience, fostering strong relationships and encouraging long-term loyalty.

Build a Scalable, Highly Profitable Business

With a clear purpose, a defined target audience, and a compelling value proposition, you have laid the groundwork for a scalable business. Here’s how to leverage these elements to generate outsized profits:

1. Develop a Recurring Revenue Model: Create subscription-based offerings that provide ongoing value and generate predictable income streams.
   
   
2. Automate and Systematize: Implement systems and automation to streamline operations, improve efficiency, and reduce costs.
   
   
3. Invest in Marketing and Sales: Use targeted marketing campaigns and strategic sales initiatives to create demand and attract and convert more clients.
   
   
4. Focus on Continuous Improvement: Regularly assess and refine your team's skills, your services, and processes to enhance quality and client satisfaction.

By staying true to your purpose and consistently delivering value to your target audience, you can build a scalable business that not only achieves outsized profits but also makes a meaningful difference in the world.

Resources

Selling with Noble Purpose

If you haven’t already read Lisa McLeod’s book, or listened to her, those are great places to start.

Ikiagi
The Ikiagi provides a framework to clarify your true passion and where to focus in your work. Many people find it useful. I found it overly complex;

Why
Watch Simon Sinek’s talk on how great leaders inspire action

Clarify Purpose 
In reality, it can be challenging to figure out your purpose. Over the years I’ve asked scores of clients to use various tools to clarify their why and the one that works best?

A one on one consultation, where I talk them thru the process and help them put into words their why.

Interested in clarifying and harnessing your why?
Schedule a one on one consultation to clarify your own why and your company’s why to supercharge your potential for growth.