As business leaders, we’re often faced with a decision to balance profits with making an impact in our community.
The COVID-19 pandemic accelerated a growing trend—businesses built on brand purpose, integrity and authentically delivering on its mission.
Now more than ever, businesses are expected to be purpose-driven. Consumers want brands with a conscience and are even willing to pay more for it. Richard Branson famously noted in 2021 that, “The brands that will thrive in coming years are the ones that have a purpose over profit.”
Stacy Watkins
Purpose-driven brands are becoming the new marketing strategy to employ, but how do you do it?
First, it starts with leadership and setting a purpose. Lexicon Bank was started by a board of all local directors with deep roots in Las Vegas from diverse backgrounds—esteemed philanthropists, successful entrepreneurs and community leaders. The bank sought to be the bank for business, no matter the size, and, most importantly, to unleash the economic potential of Southern Nevada. The bank’s fabric started with leadership stories and values, which became interwoven into the mission, operating processes, culture and bottom line.
Next is a relentless commitment to the brand’s mission. Consumers want to know and see more than just what is posted on your website or product label. They want to know that you really put your time and money into community-impact initiatives. Intentionality is key.
In 2020, Lexicon Bank started its Community Spotlight program which highlights a nonprofit making a difference in the community each month, in addition to its ongoing volunteer efforts.
To date, the bank has championed over 30 organizations with a dedicated marketing campaign, supply and food drives, event support and more. Past spotlights include Junior Achievement of Southern Nevada, Three Square Food Bank, Communities in Schools of Nevada, Shaquille O’Neal Foundation, Leaders in Training, Collaboration Center Foundation, Charity Series of Poker, National Association of Women Business Owners (NAWBO), the LGBTQ Center of Southern Nevada and many more.
We purposefully advocate for a cause internally and externally, and we give back through volunteering and often a monetary donation.
As Lexicon is dedicated to helping its clients achieve their financial goals, we always look for ways to say yes, even when its easier to say no. A process for personalized concierge-like service isn’t cookie-cutter or the most cost-effective approach, but it’s true to our brand and mission.
Third, business leaders must champion their cause. From the board to C-suite leadership to management, all parties must be unequivocally aligned and champion the company’s mission in the community. Service companies, like banking institutions, are powered by team members who serve as an extension of the brand. It is important that team members not only know the company’s products and services but also who its brand is in the marketplace. A purpose-driven brand’s best mouthpiece is its clients, who are directly interfacing with all aspects of the organization.
In addition to making an impact on others, community stewardship also enhances the culture of the institution. It allows your team to know that they are making a difference in their community and are a part of something special, which fosters more meaningful relationships among team members.
Lexicon’s purpose is at the core of everything we do, and it’s front and center on our website, social media and when you walk into our branch at Tivoli Village. It is also consistently a part of our client experience and the stories that they tell about us truly caring for the unique needs of Southern Nevada.
My purpose is to unleash the economic potential of Southern Nevada whether through professional, a business or nonprofit. I’m a woman on a mission, representing an institution that is paying it forward.
What’s your brand purpose?
Stacy Watkins is president and CEO of Lexicon Bank.
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