The global pandemic highlighted the rise in inequalities and directly impacted the way that customers do business and their purchasing habits. Not only that, but the ongoing climate change threats have also greatly shifted expectations from markets and investors, making businesses realize that they have to take action as soon as possible. Everything that’s been happening has shown companies that people are increasingly looking for purpose and value, both in the workplace and with the companies that they choose to do business with. It goes without saying that providing real value to customers is no longer enough for most businesses to survive, and many have started to look for different ways that they can provide value to their communities, general society, and the planet. More and more companies have started implementing their purpose into their business operations, as well as their marketing efforts. However, it’s important for companies to know that their purpose shouldn’t just be used as a simple buzzword to attract more customers because a lot of consumers these days are easily able to see through whether a company is authentic with its purpose or not. After all, if a company doesn’t stand by its purpose and support it through actionable steps, then the consumers are going to see that disconnect and stop supporting the company. Fortunately, there are a few different ways for companies with a purpose to market themselves to their consumers in a way that’s truly effective.
The purpose of a company shouldn’t exist in a vacuum, because one of the reasons why companies need a purpose is not just to create more value for their customers, but to be responsible and provide value to a larger ecosystem, which can include customers, local communities, and more. As companies are struggling to meet various regulatory demands, they have to balance those demands with the responsibility that they have regarding their purpose. Consumers are eager for more authenticity and transparency in what companies are doing, and businesses that are able to clearly show the way that they take action in support of their purpose are the ones that will gain a competitive advantage. There is a long way to go before any company is truly able to figure out the best possible way to go about supporting a purpose through every business decision, however, companies can decide to take the lead through their authenticity, and continue to make a positive impact.
Aside from showcasing the purpose, and supporting it through action, companies should make sure that their purpose is ingrained inside the business as well as the business operations. After all, two-thirds of all employees feel like their purpose has been defined by the work, and companies that have a strong purpose can directly impact their productivity and sense of worth. After all, when a person is looking to get more meaning from their work, they are looking to work for a company that’s able to make an impact on the world in a positive way.