They’re called the Grateful Dead. And they helped one entrepreneur earn millions, scale his business to growth and become a highly successful CEO.
I recently spoke to the man himself, HubSpot CEO Brian Halligan, about the power of purpose and culture in business. To date, HubSpot has raised over $100m in venture capital and has more than 12,000 customers worldwide.
The company, which celebrated its tenth birthday just a few months ago, has carved out a reputation for being industry leaders in culture and brand vision.
Many of the culture principles that Halligan has established at HubSpot stem from his love of one of the most iconic US rock bands of all time, so let’s explore three lessons that The Grateful Dead can teach you about business, brand purpose and talent attraction.
(1) Develop a brand purpose and stick to it!
Get this: nearly 80 per cent of consumers are more likely to purchase from a company that can quantifiably show how it makes a difference in people’s lives. That’s 80 per cent!
The Grateful Dead pioneered a novel business approach in their own right, generating income via live concerts rather than album sales. This idea required ingenuity across the board, so the band increased direct ticket sales and allowed the audience to record live performances. A unique brand purpose was born that focused first and foremost on the experience of the audience.
This lesson rings true for the business world as well. Developing a strong, consistent brand purpose will help you identify how to improve your customers’ lives.
Halligan’s massive success with HubSpot is a testament to this. HubSpot proudly declares, “We dare to be different.” Their core values include ideas of transparency, shared knowledge, and working for the customers’ success and happiness.
Take a leaf out of The Grateful Dead’s book and create your own unique culture. When you do, remember the one thing that really matters: that your product or service improves your customers’ lives.