The Power of PurposeTBOP2017 ⋅ 3:43 ⋅ Filmed May 11, 2017
So you haven’t found your purpose in life. NBD. You’re young and busy. You’re still learning. You’re Netflix-and-chilling. Hold it right there, Grasshopper. Do you even know why it’s important to find your purpose? Just how powerful can it be? In this fascinating and amazing anecdote, Charlie Garcia walks through how one of the biggest companies on the planet almost lost it all — and was saved by a clever marketing officer who understood the power of purpose. You’ll thank us later.TRANSCRIPT
A month ago, in April, I was with Richard on Necker Island where he lives 2/3 of the year and we were having a leadership conference on purpose. Of course, I had to put the picture there so you could see what it looked like from my room because it is so cold here. We're going to do one of these on Necker Island.
[00:26] One of the individuals I invited is Jim Stengel. Jim Stengel is important because he was a young Marketing Office at Procter & Gamble which is a $220 billion Fortune 50 company and he took a couple of brands and he turned them around by focusing on purpose. In 2000, the company and stock of Procter & Gamble was going south fast. They brought back a CEO, A.G. Lafley and he picked this young man and made him Chief Marketing Office with 7,000 people and $8 billion budget and he said, "Ok, buddy. I saw you do it with those two [brands], try it with our other 20 brands".
[01:13] What he did over the next 8 years was nothing short of spectacular. He first went to a WPP group company and they did research with a university in California and they researched 50,000 brands in 31 countries [across] 380 different categories. The results were crystal clear. Successful companies that articulate a clear purpose [act] as a talent magnet in bringing resources of people who are passionate about that mission and that company and whose alignment around values also attracts customers. That is the beauty of purpose.
[10:58] His conclusion was that businesses that have a clear purpose substantially and significantly outperform their competitor and the research shows that there was generally 5 buckets of fundamental human values that improve people's lives by:
- 1. Eliciting Joy
- 2. Enabling Connection
- 3. Inspiring Exploration
- 4. Evoking Pride
- 5. Impacting Society in a Positive and Fundamental Way
[02:46] Jim wrote a book. I want to leave you with some books. I'm a big believer that you should read and learn these things. His book is called, Grow and you can read about the research and also do a dive deep into these companies.
[03:03] I want to show one of the inspirations for Jim, besides Jim Collins, is a gentleman by the name of Roy Spence. He has a great book that I also encourage you to read and it's called, It's Not What You Sell, It's What You Stand For and I would say that this is the basis for the purpose revolution.