Excerpts from MONOCLE magazine, February 2019 edition; essay from Monocle’s sister company, Winkreative, “Once more with Purpose”.
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For a business to thrive today, it must define a purpose beyond commercial gain. Brands that reflect our personal and social values can more confidently engage customers, employees and partners – and they might even improve the quality of people’s lives.
We look to these brands to share, reflect and even challenge our world view through product innovations, social policies or meaningful campaigns. We’re seeing more companies commit to purpose-led brand values, missions and visions: all the strategic elements that make up a brand. And that can only be a good thing for businesses. 90 per cent of people who work in a purpose-driven organisation not only felt more engaged in and connected to their work but also contributed to an annual growth rate nearly three times the average annual rate for their respective industries (Korn Ferry research).
The recent Fink letter (to the CEO’s of companies Blackrock invests in) gave a clear message: commit to a clear purpose beyond mere profit and contribute to society or we will stop investing in you.
Those who capture the why often feel fresher and more focused than other brands.
As the private sector continues to take on environmental and philanthropic responsibilities traditionally met by the public sector, now is the time for businesses to start thinking about their why. It’s not about making the most noise; it’s about simplifying complex ideas to make them relatable and understood. It sounds easy, but so few do it well.
Summary By David Woods, 01 Feb 2019
MONOCLE Magazine, Feb 2019 Edition, “Once more with Purpose.”