Doing good is just good business. That is why the phrase “purpose-driven” is fast becoming the new direction in building reputations online and off. Some have mistakenly viewed it as a passing trend, afterall, aren’t most businesses purpose-driven – i.e. existing for the purpose of making a profit? The truth is that many companies are indeed purpose-driven, however, they’re missing the value of labeling themselves as such. They may already reinvest a portion of their profits and/or volunteer time back into communities they serve, but not many people know about it, especially their customers, prospects and the news media.
A successful millionaire businessman recently told me, “Of course I’m purpose-driven. My purpose is to make lots of money, take care of my family and give back to my community. I just don’t brag about it.” His points are valid except now really is the time to brag about your purpose-driven work; and it wouldn’t hurt to label yourself as such.
WHY IS BECOMING PURPOSE-DRIVEN SO IMPORTANT TO MY BUSINESS?
Today, there’s more at stake when growing your business, and building your on- and offline reputation. Consumers now hold the entire business sector to higher standards, and if they aren’t aware of your company’s purpose, they’re not interested in buying your products. If you want to build brand-loyalty, your company’s purpose must be readily apparent to consumers, employees, investors and community stakeholders. Besides, with the prolific onset of social media platforms, there’s little reason not share purpose-driven activities to the world.
EXACTLY WHAT IS A PURPOSE-DRIVEN BUSINESS LEADER?
A purpose-driven business leader is someone who feels a deeper calling beyond just making profits to include affecting change. For them, purpose and profit go hand-in-hand. Their core values are integrated into their business objectives; they are most satisfied when they’re giving back to communities they serve.
How is Being Purpose-Driven Different Now than it was years ago?
Society rewards social responsibility (being purpose-driven) with their money and brand loyalty. If you want to make more money, you have to keep making change. There are four key reasons for this transformation:
- Consumers’ Lack of Trust in the Business Community – First, the business community is under pressure to report their involvement in socially responsible business practices that support the greater good. According to a recent study released by PriceWaterhouse Coopers entitled, “Redefining Business Success in a Changing World 2016,” (https://goo.gl/1V3C0k) the business community has to expand its focus from profits to include pursuing purpose. Consumers are demanding to be kept informed and, aside from federal regulations, they view the media as the ultimate form of third-party scrutiny.
- Lack of Tolerance for More Corporate Scandals – The impact of corporate scandals has forced an unwritten contract between business and society. It says in effect, “Consumer spending and brand loyalty will only be rewarded to those whose products and services support the greater good.” Consumers no longer respect fluff news pieces that describe how great a company is. Today, if you want to look good, you must first do good in communities where you operate. Breach the contract? Lose customers. Lose customers? Get bad reviews. Get bad reviews? Lose customer prospects. And so on….
- Changing Media Priorities to Report More Impactful News – Journalists are under more pressure from editors and subscribers to cover stories that matter to the greater good – that make people’s lives better. Puff pieces full of spin and talking heads will not be tolerated, or else they risk losing subscribers.
- The health of today’s business environment is now driven by purpose, not just profits. – In an extremely competitive marketplace, livelihoods and reputations are now at stake. Purpose-driven business owners, nor the media, can afford to ignore new consumer mandates. Both have been forced to reassess how they do business. The customer is always right.
PROFITABILITY FOLLOWS PURPOSE!
Our communities are falling apart at the seams. Not only is the business sector in the best position to help, society now expects it. Those who step up with solutions and communicate the impact of their work, will be rewarded with brand loyalty and business growth. Those who don’t, won’t.
If you need help communicating the impact of your purpose-driven work, sign up for a free 30-minute consultation here – http://pamroachpr.com/services/.
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