Back to all posts
August 6, 2018
|
Tiffany Houkom

Defining Your Property Management Company’s Purpose

I recently attended a local marketing conference where leaders from companies both large and small shared success stories around strategies they had implemented in their business. While there were several incredible presentations, one that really spoke to me was The Purposeful Brand by Stacy Minero of Twitter, as it can be applied to any business looking to build more meaningful connections with customers and prospects. Consumers want brands that stand for something bigger, far beyond the product or service they offer. As Minero said, people don’t buy what you do, they buy why you do it.

So you might be asking yourself, “is it really necessary for my property management company to have a purpose?” Absolutely! Every business, whether it’s a grocery store, coffee shop, or even a property management company, can tell a deeper story around why they exist and how they’re dedicated at having a positive impact on the lives they touch. 

Forbes explains that when “brands add purpose to the equation, they are seeking something deeper – a relationship that connects the purpose of the people behind the brand with the purpose of the people who use the brand.” This helps establish an emotional experience with customers. To establish a purpose, Forbes recommends that you “look beyond the basic function of your product or service to see the real life, day-to-day impact that you’re having on people’s lives.” 

When thinking about your purpose, follow this three-part framework provided Minero:

  • Products: what fuels your company?
  • Principles: what guides your company?
  • Pledge: what invites others, mobilizes and galvanizes them to get involved?

To apply this framework, Minero used Country Time Lemonade as an example. There have been numerous stories of children receiving fines for not having permits to operate a lemonade stand in certain cities. The company went on a mission to help support these children by paying fines and permits through their Legal-Aide initiative. This has helped kids keep their stands open so they can continue learning the basics of operating their own business. This framework applies perfectly to this strategy.

  • Product: lemonade
  • Principles: running a lemonade stand is a rite of passage for children
  • Pledge: $500,000 in Legal-Aide to cover costs of fines and permits

As you’re analyzing and establishing your purpose, I recommend that you first focus on the power of communities. Simply look up various definitions of the word community to help you get started. Communities are defined as:

  • A group of people living in the same place or having a particular characteristic in common
  • A feeling of fellowship with others, as a result of sharing common attitudes, interests, and goals

Focus on the role your company plays in helping build communities, and how you’re aimed at bettering the lives of those living in your communities. If you want to take your purpose even further, think of ways your team can give back to further improve the surrounding community. Minero shared that 75% of consumers expect brands to make some sort of contribution. Whether it’s time, money, or even pro-bono work, there are a number of ways your team can make the world a better place. By giving back, you’re also making your business more appealing to work with, as well as work for. 

Interested in learning how to build stronger communities? Get your free copy of our whitepaper, Key Strategies to Promote an Informed and Efficient Community.

More posts