B2B Purpose Paradox

Key Points:

Purpose-driven companies make more money, have more engaged employees, more loyal customers, and are better at innovation and transformational change.
Once a marketing practice to support worthy causes and boost reputation, purpose is now embraced as a critical growth strategy.
Purpose can increase shareholder value by $1 Billion.
The question is no longer if an organization will state its purpose, but how it will activate that purpose authentically.
Employees are the priority audience for B2B purpose, followed by customers, shareholders, communities, future talent, and supply chain.
86% respondents believe that purpose is important to their business, yet only 24% said purpose is embedded in their business to the point of influencing culture, innovation, operations and their engagement with society.
The report discusses 4 main challenges that prevent full activation of purpose, with purpose being perceived as a PR tactic being the most significant challenge.
To ignite purpose, companies should identify their purpose ambassadors, drive purpose from senior leadership, embed purpose into culture, make employees their engines and measure the impact.
Enhanced purpose communications can pay off.
Measure impacts of activated purpose on new products or services, reputation, customer retention, growth, and ultimately sales.

Author: Carol Cone
Published: 2020
Focus: #Growth #Employees #Agility #Resilience #Measure #Statistics
Source: https://www.carolconeonpurpose.com/b2b-purpose-paradox

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