In a Forbes magazine article in 2017, it was stated that a purpose-driven business is one that has unlimited potential to change the world. They said:
“With purpose, a company can create positive value that is far greater than the sum of its parts. Some of the greatest purpose-driven companies of our generation, like eBay, Tesla, and Airbnb, have also produced some of the largest profits and highest valuations.”
Having a strong business purpose is seldom underestimated or not prioritised. The truth is, it’s one of the most important factors that will help grow and sustain a business. Here are 3 top reasons why a strong business purpose is what you need in 2022:
Have a clearer strategy
Having a strong business purpose helps identify which goals to focus on. Your purpose statement helps you decide exactly what products and services you will offer. This sets your business on the right track and will enable you to scale confidently amidst any challenges that the future may bring.
Gain competitive advantage
In a world where businesses offer products or services that are somehow similar to one another, having a strong business purpose helps guide the business on which best strategy they should adopt, which will in turn help them to stand out from the rest.
Improve customer loyalty
In a 2017 article in Forbes magazine* a purpose driven-business is described as ‘one that has unlimited potential to change the world.’ A purpose-driven business can touch the lives of others in a positive way and leave a legacy. This is what will make customers become loyal to you.
According to a recent Sustainable Brands report, 80% of consumers say they are more loyal to a company if it contributes to achieving what can be called ‘better life’. This means that customers tend to be more loyal to brands that contribute to having a positive impact on society; in other words, one that has a strong business purpose.
These are more than good reasons why organizations that haven’t yet given it much thought should focus on finding and working towards their purpose. A strong business purpose can guide you along the right path, help improve customer loyalty, engage motivated people, gain competitive advantage, and so much more.
Once you know your purpose, you can also create a successful business that makes the world a better place. A purpose-driven business can be very profitable when it’s designed and created with products that fit with a fully integrated Customer Journey. Furthermore, you can connect with other businesses in your industry and join together based on a shared purpose, to collectively create change and bring impact to the world around you.
Let’s find out what your business purpose is! Contact us here.