Companies who don’t know their ‘why’ will fail. Customers, the community and all employees need to know a company ‘why’ and be able to share the story behind why a company does what it does. People don’t engage with ‘how’ you do something – the loyalty starts with ‘why’ you do it.
Why is this so important — because if you do not know who you are or why you do what you do, you cannot expect others to care about your brand, products and services.
‘Why’ can be stated as purpose…Harvard Business Review and the EY Beacon Institute surveyed 474 global executives to look at the business case for purpose. The majority of executives agreed—purpose is important. But fewer than 40% of the executives surveyed said their company had actually articulated a strong sense of purpose. Millennial issues? Get them to buy into your ‘why.’ Turnover? They didn’t believe in your ‘why.’ Culture issues? ‘Why’ is a part of that as well.
1. Purpose-driven companies grow faster.
Fifty-eight percent of companies with a clearly defined purpose have experienced growth of 10% or more over the past three years, compared with just 42% of companies where purpose is not well understood or communicated. Companies with a clearly defined sense of purpose are up to 50% more likely to successfully expand into a new market.
2. Purpose makes a difference to employees.
Without a doubt, meaningful work brings employees fulfillment. Sisodia, the author of Conscious Capitalism, and other experts say employees may be the most important stakeholders to which to communicate your company’s purpose. That makes sense—the company starts with its employees, who spread its message to customers and suppliers.
3. Purpose increases customer loyalty.
Your company’s mission and values make a difference to customers, too. Eighty percent of executives surveyed agreed that “an organization with shared purpose will have greater customer loyalty.” Increasingly, brands are taking stands to let their customers know they care.
4. Purpose matters to millennials.
The spending power of millennials grows every day. Research from Enso suggests 68% of millennials care about social issues compared to just 4
2% of their baby boomer generation counterparts.
(Points above referenced in this article: https://www.globalgiving.org/…/4-reasons-to-talk-about-pur…/)
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