There is a significant and positive relationship between a company’s reason for being – its Purpose – and its performance. Business organizations that lead with Purpose enjoy a better reputation, stronger customer relationships, and better overall results.
If there was ever any doubt that “Purpose” is a key determinant of business success, the findings from a recent Strength of Purpose study by the Zeno Group should dispel any doubts. More than 8,000 consumers in Canada and seven other countries confirmed their preference for Purpose-driven companies. This study found that buyers were:
4.0 times more likely to purchase from a [Purpose-driven] company;
6.0 times more likely to protect that company and its brand if its ever challenged;
4.5 times more likely to champion and recommend the company; and
4.1 times more likely to trust the company.
The study confirmed what we've been saying about the important role Purpose plays in a business’s success. And of great significance, it suggested that support for Purpose-driven organizations is growing – greater now than it was before the pandemic.
"The significant, positive relationship between the strength of Purpose and business results makes leading with Purpose an imperative for business success.”
– Zeno Group, 2020 Strength of Purpose study
Financial success is important… and not enough!
I know I’ve observed a growing propensity on the part of friends and associates to deal with companies that have staked out and live by a meaningful Purpose. These companies are likely to be financially successful. Yet they are much more than well-oiled, money-making machines. As author and business consultant Patrick Dixon has said, “Every product and service is sold on the promise of a better future. The purpose of business is to deliver on the promise, and profit is the reward for doing so.”
Doing nothing is not an option
So back to our question, “Is your organization prepared for the post-pandemic world?” Having spoken to many business leaders about the pandemic and its impact on their businesses, one thing is clear. Hunkering down and waiting for the world to return to "normal" is not an option.
What was once considered “normal” is gone forever, replaced by a business environment that is very much a work in progress. The evidence suggests that proactive organizations, those that have thought about and articulated a meaningful answer to the question, “Why do we exist?” and are making a conscious effort to live their Purpose, are well positioned, not only to survive the pandemic, but to thrive in the years ahead.
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Helping business organizations establish and live a purposeful existence is a speciality at Strategic Directions. If you would like to explore what your organization can do to survive and thrive, or just get a few pointers for a DIY project, send me an email at chris@strategicdirections.ca.