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From Our Leadership
How a Clear Purpose Impacts All We Do
June 29, 2020
The Value of a Purpose-Driven Brand
Do you know what your favorite brands stand for? You probably know that Disney is devoted to creating magical experiences – and you might also know that Patagonia is committed to reducing its impact on the planet. But why are these companies' motivations so unmistakable?
Just like people, strong brands search for a higher purpose to drive all they do. They want to provide value beyond products and make a lasting impact that benefits people long after their purchase.
Brands that stand for something bigger than their industry or offerings can transform possibilities for their company, their customers and their workforce. A clear and distinct purpose can:
- Attract better talent.
- Inspire better products.
- Improve a company's operations.
- Strengthen company culture.
- Resonate in every experience.
Brands that Understand the Power of Purpose
Identifying and articulating a purpose is just the beginning. Finding meaningful approaches to living out that purpose – that's where the real transformation happens. We love what these companies have done to live out their purpose.
CVS Health transforms their business capabilities
Why do you stop into CVS? Whether you need a grab-n-go snack, a flu shot or to refill your prescription, you can always rely on CVS to supply healthy and convenient essentials. But there's one thing you can't purchase: cigarettes. A few years ago, CVS elevated their purpose to "helping people on their path to better health" – and they were willing to make some drastic changes to live up to this purpose. The removed all cigarettes from U.S. stores, losing $2 billion in the process. But the long-term benefit was worth it. Today CVS Health's network features 9,900+ retail locations, 68,000+ pharmacies, and 75 health systems that have transformed the health care experience.
Patagonia is transparent and proactive about their environmental impact
Since 1973, Patagonia has committed to creating high quality performance gear while working toward the smallest carbon footprint possible. Their relentless commitment has led to some extraordinary initiatives, like setting a goal to be carbon neutral by 2025 and investing in Regenerative Organic Agriculture.
Patagonia also invites its customers to take responsibility for the life cycle of their clothing and gear. For example, the brand's "Don't buy this jacket" campaign from 2011 actively discouraged customers from buying new Patagonia items and invest in used Patagonia clothing instead. That same year, their revenue grew more than 30%. Patagonia's radical commitment to their core philosophy attracts droves of likeminded customers and employees while inspiring other brands to follow in their (carbon-neutral) footsteps.
How Thrivent Has Reimagined Our Purpose
At Thrivent, our clients inspire all we do. We're grateful to serve a community of purpose-driven people who understand the power of community, generosity and faith.
While there are many financial services organizations, Thrivent has built a legacy helping people achieve financial clarity, so they can reach their potential and truly thrive. We have expanded our services to help you reach your goals in more ways than ever before, and with every step forward, we’re deepening our connection to our clients and finding ways to better serve you.
During this rapid global change, we understand that the purpose of an individual, a community, or an organization is an unshakeable force – one that provides clarity in an everchanging landscape. And as you graciously share your purpose with us while we support you on your road to financial clarity, we're pleased to share our purpose with you.
Our purpose is the 'why' behind the work we're meant to do. Everything we create, and every moment we dedicate to you, is guided by our belief that humanity thrives when people make the most of all they've been given. Our role is to create the services, connections, products and opportunities that allow more people to use money as a tool to make an impact in their lives and the communities that are important to them. And that work is outlined in our promise to you.
We believe a promise is a radical declaration of connection. It's an act of trust, transparency and respect. When defining our promise, we reviewed our purpose and looked closely at the values that drive our clients to create meaningful lives. Our promise is the bridge between our purpose and yours. We help people achieve financial clarity, enabling lives full of meaning and gratitude.
"I've spent my career in financial services and insurance companies – a lot of it is accumulation just for accumulation sake … We are helping people achieve that financial clarity for a purpose. Not just to have more ..."
– Paul Johnston | Senior Vice President, Chief Legal Officer, General Counsel and Secretary
How We Deliver on Our Promise to You
To further commit to our promise, we have identified four actionable principles that ensure we consistently deliver on our promise in ways that reflect the unique relationship between Thrivent and our clients:
- Fusion of Finance & Faith
- Inspiring Generosity
- Invested in One Another
- Simply Transparent
Fusion of Finance & Faith
We are first and foremost a holistic financial services organization, with a legacy of faith, community and generosity. By inspiring generations to make financial choices guided by Christian values, we provide the expertise and support that enables our clients to take care of themselves and others.
Since the beginning, generosity has been a pillar of the Thrivent brand. Through our community, individuals give to over 44,000 charities that are dear to them. We amplify the impact of our clients' and colleagues' generosity through our proven programs, products and advice. As part of our promise, inspiring generosity by continuing to create helpful resources and support our action teams, we're enabling lives of meaning and gratitude.
Invested in One Another
We are endlessly inspired by our clients – they are the very heartbeat of our organization. We are committed to developing new, uniquely Thrivent ways to continue putting our clients at the center of everything we do. Our business model enables a client-focused, long-term view to all we do and the investments we make, helping individuals and their communities thrive.
"In our employer community, and in our membership community, we care about one another and we invest in one another ... We're good neighbors, that's what I'd like to say." – CEO Terry Rasmussen
Our clients trust us to help them work toward big goals driven by an even bigger purpose. We provide transparent guidance in an approachable and meaningful way. The goal has always been to make it easier to achieve financial clarity. And we believe the first step is to prioritize transparency.
Learn more about our new brand
Our new brand expression reflects the deeper changes we've made at our core, while also emphasizing the enduring values that have allowed us to serve you and your family for over 100 years. Ready to learn more about the thinking behind our brand? Take a look at the June issue of Thrivent Magazine, and keep a look out for more Thrivent Thinking here on the blog over the next few weeks.