Companies are understandably eager to get back to business. Sadly, many will desperately need a cash injection to stay afloat, and funds will naturally be the primary purpose and priority. As lockdown eases, the bottom line will inevitably be locked in the crosshairs. But, this shouldn’t devalue your purpose, especially as it’s become your superpower 1. During lockdown, you were true to your values 2 now is the best time to double down on your purpose. Here’s why:
“The community in which your business operates is your success and your revenue. The success of your business depends on the health, wealth and happiness of this community.”Conservetourism.com Purpose Driven Marketing
Be Part of the Solution
Your business must continue to play an active role in supporting your community. Trust is increasingly becoming a significant purchase and loyalty factor, second only to price according to the Edelman Trust Barometer. Trust is simply an expectation to do the right thing, and 58% believe brands should educate, influence and advocate for change.
Retain Your Biggest Asset
It’s time to think about other things than just your bank account, mainly your reputation. Purpose has many advantages when it comes to staff 3 . But it’s important to be on the right side. Employees will let you know if you’re failing 4 5 . Mercier, in their Global Talent and Trends Report 2020, suggests that empathy is key to retaining staff 6. Empathy is the ability to connect with people at a deeper level. Staff are continually holding companies accountable and have high expectations. A strong purpose that delivers on positive outcomes increases the chance to attract and retain talent 7.
The conscious consumer could become your biggest threat or your best advocate 8 9. The more your competitors focus on purpose, the more is expected of you. Take a look around, who’s doubling down on purpose? Companies with a strong purpose tend to outperform their competitors 10 11. If your competitors are silent, this is an opportunity to shine. Each business has a unique role in society, consider your position and decide how to show your purpose rather than say it.
Deloitte found that companies increased their likelihood of success by doing good and aligning their purpose with their customers’ values. Good or bad decisions will stick. Customers are now willing to stop using companies if they are found to be misbehaving 12 . Millennials are dramatically worse off and tend to think a little more about their purchases 13 . For 83% of millennials, brands must align with their values 14 .
Importance of Being Proactive
Have a finger on the pulse because things are changing fast! Ben and Jerry’s have been commended for their social inclusion campaigns that began years before the recent BLM movement 15. Rather than riding the choppy equity wave that has sunk some organisations reputation, Ben and Jerry’s built it into the very heart of the company. They knew it was the right thing to do years ago, adding authenticity to their voice. People now have huge amounts of information at their fingertips, ‘woke washing’ is easy to spot 16 .