The surest path to growth – pursue an aim greater than profit
When revenue growth is challenged, there are some typical culprits: a lack of internal alignment, disengaged employees, uninspired innovation and mediocre marketing. A higher purpose transforms results by transforming the organization, which in turn transforms the company’s impact in the world.
As Peter Drucker once observed, “The most successful company is not the one with the most brains, but the most brains acting in concert.” Nothing unifies a leadership team like a shared intention. Among those executives whose teams have a well-integrated purpose, 73% say it helps them steer through marketplace turmoil.Source: https://betterworkingworld.ey.com/purpose/how-can-purpose-reveal-a-path-through-disruption
In his book Drive, Daniel Pink found that “the most deeply motivated people—not to mention those who are most productive and satisfied—hitch their desires to a cause larger than themselves.” Among Millennials and Gen Z, that quest is more important than ever. In fact, “deeper purpose” is now the second-most important factor when considering a new job.Source: “Crunch Time” Study, Calling Brands, 2012
Purpose directs a company’s activity system toward a clear and present priority: conferring benefits to customers. From that quest, innovation blooms. In their ongoing work to fulfill human needs and aspirations, purpose-driven businesses are twice as likely to invest in new technologies.Source: Deloitte, “Culture of Purpose - Building business confidence; driving growth: 2014
Purpose paves the way for increased brand relevance and distinctiveness. Opening a realm beyond the ordinary product pitch, it forms the basis for a deeper customer-brand relationship – a connection built on shared values. Across industries, today’s customers are more deeply engaged in marketing that reflects values.Source: WARC News, “Cause related ads increase fourfold,” July 26, 2018