Purpose is the reason a brand exists beyond economic profit. It is what makes it significant and necessary.
All companies without a real and consistent purpose are destined to fall into irrelevance and disappear, but having a purpose not only makes companies committed and beneficial to the world, purpose itself benefits them.
How?
1. PURPOSE ATTRACTS AND RETAINS TALENT
Social commitment, benefits for society, and ethical conduct of companies increase affection, pride of belonging, and commitment among employees.
2. PURPOSE CONNECTS WITH CONSUMERS
Data confirms it again and again: consumers are more willing to acquire products and services from companies that have a SHARED PURPOSE with them and that reflect their personal values and beliefs.
3. PURPOSE CONNECTS WITH SOCIETY
Society demands greater commitment from companies and a clear contribution that improves the quality of life and well-being of citizens. Brands and companies that do not contribute collectively will be relegated.
4. PURPOSE WORKS FOR THE FUTURE OF COMPANIES
Opinion leaders and prominent business organizations have already made public their commitment to lead their companies with purpose to ensure the sustainability of the system and their own survival.
5. PURPOSE IS KEY IN FINANCING
ESG (Environmental, Social & Governance) criteria are increasingly decisive for access to investment or financing for companies. We are witnessing the “Boom” of sustainable or socially responsible investment.
6. PURPOSE STIMULATES INNOVATION IN COMPANIES
The European Union (EU) Commissioner for Research, Science and Innovation states that “in the EU we are going to bet on social innovation, not because it is fashionable, but because we believe that the future of innovation is social innovation.”
Do you need more reasons to define and activate your purpose?
