Purpose- Driven Brands Leading the Business World

Purpose-driven companies witness higher market share gains and grow three times faster on average than their competitors, all while achieving higher workforce and customer satisfaction.

Much like what a foundation is to a house, a conductor is to an orchestra, and a canvas is to an artist’s masterpiece—a clear purpose is everything to an organization. It is an organization’s soul and identity, providing both a platform to build upon and a mirror to reflect its existence in the world. It articulates why an organization exists, what problems it is here to solve, and who it wants to be to each human it touches through its work. While it’s not the first time in history businesses are pondering why they exist and who they are to their customers,1 the current trend based on our research shows that businesses are using purpose to create deeper connections with consumers, do more for the communities with which they work, attract and retain talent, and in the process, are achieving greater results and impact.

Many consumers today make decisions based on how brands treat their people, how they treat the environment, and how they support the communities in which they operate. When companies align their purpose with doing good, they can build deeper connections with their stakeholders and, in turn, amplify the company’s relevance in their stakeholders’ lives. Increasingly, businesses are harnessing the power and opportunity of aligning their purposes with societal good.

Purpose is a core differentiator.

 Purpose-oriented companies have higher productivity and growth rates, along with a more satisfied workforce who stay longer with them. A recent research made by Deloitte showed that such companies report 30 percent higher levels of innovation and 40 percent higher levels of workforce retention than their competitors. While traditional trends might dominate purchasing behavior, new opportunities exist to connect with customers through purpose.

Purpose means something to all people.

Purpose-driven businesses factor in the experiences of all humans they touch, as people want to work for and support a company whose purpose is focused on the greater good of society. “They are looking to work with companies that share their values, that actively express what they are doing to be a good partner with the world,” explains Carol Cone, founder and CEO of Carol Cone ON PURPOSE, often referred to as the “Purpose Queen.” Organizations that don’t clearly articulate their purpose to their customers, workforce, and partners may run the risk of falling behind or failing entirely.

In a world overflowing with options, many brands authentically leading with purpose are discovering new opportunities to deliver value to their customers and the communities in which they operate. By leading with purpose, being authentic in how they tell stories and articulate their impact, focusing on all humans, and imbibing empathy, many of these companies are outpacing their competitors and leaving an impact on everyone they touch.

EuropeanLife Magazine 2021

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