Why should consumers and employees choose your agency over any other? This is a fundamental question every business owner should ask themselves. Independent agents typically highlight great customer service or competitive pricing. But for today's consumers, who you are and what you stand for is just as important as what you offer.

For 75% of American consumers, companies should not just make money, they must also positively impact communities, according to research by Porter Novelli. Additionally, employees look for a deeper meaning beyond just doing a job. Job fulfillment is a key factor for those considering a change in work, right alongside fair pay, according to research by PwC.

But how do you share who you are and what your business stands for? It comes down to purpose. Purpose addresses the reasons for your work that go beyond a paycheck. It centers on the impact of your work on the communities you serve. This should be reflected in a purpose statement, a result of team collaboration about your core business values and how you demonstrate them.

While a mission statement focuses on the “what" and “how," a purpose statement answers the question of “why." It acts as a unifying principle for your team, deepening agency culture and differentiating you in talent recruitment.

Furthermore, a purpose statement helps build trust with customers because it highlights your agency's character. As Simon Sinek once said, “People don't buy what you do; they buy why you do it."

Here are steps agents can use to develop a purpose statement:

Start by engaging your team to identify your core values. Ask each team member to write down on sticky notes the values that resonate most with them. Then place them on a wall and have each team member vote for their top three. Narrow the list by choosing two or three values that received the most votes.

Once you've determined your core values, have each team member answer these two questions on separate sticky notes: “How does your team demonstrate these values at work? Be specific." And “How do your services affect people and communities? Focus on the human impact."

Next, place each response on a wall categorized by the question, and let each team member vote on their top three answers per question.

You're now ready to put it all together: Team values + Impact of services + How values are demonstrated = Your purpose statement.

Aim to make the purpose statement short. Here's an example:

“At XYZ Insurance, integrity and respect are at the heart of everything we do to protect the communities we live in and serve. We're here to ensure you've got the right coverage for you and your family so you can live without worry, knowing we've got your back."

Crafting and promoting a meaningful purpose statement can be a differentiator. When used effectively, it can enhance every aspect of your business, from employee satisfaction to customer loyalty.

With so many insurance options and career opportunities available today, a clear purpose may just be the reason they choose you.

Manny Barbosa is an Agent for the Future advisor at Liberty Mutual, Safeco and State Auto Insurance with 21 years in the insurance industry helping independent agents.