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Communicating Purpose Can Create a Boom in Business

Entrepeneur 08 Oct 2019 04:00
Communicating Purpose Can Create a Boom in Business
Image credit: Hero Images | Getty Images

Any company, from a startup to a conglomerate, that wants to connect with its customer base may want to rethink its reason for being. Truth is, we’re watching companies like never before. While American politics and talk shows split everything into left and right extremes, the majority of us live in the middle. That has left a plethora of interests to serve. Less plastic in the oceans, reasonable gun control, inclusion and acceptance, free speech -- who doesn’t want some of that? Not surprisingly, seven in 10 consumers today believe a CEO or company’s actions can make a significant difference in social or political issues, according to a 2019 Gartner study.

But here’s the twist: Purpose is no longer just about a better world. It’s become good data and dollars, too. At the recent Sustainable Brands conference in Detroit, ImpactROI, a consultancy tracking purpose brands’ business impacts, reported findings that anyone with a P&L responsibility should be clamoring to learn more about.

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ImpactROIJ Walter ThompsonGartnerKendall JennerHarvard Business Review