+The Pluses of Purpose Over Profit+
Purpose-driven companies are driving the agenda of the way business is conducted. Why? Because they are able to tap the unlimited resource of aligned passion – and because they simply deliver better and faster.
According to Deloitte and its latest Global Marketing Trends report, purpose-driven companies witness higher market share gains and grow three times faster on average than their competitors, all while achieving better workforce and customer satisfaction.
This is mainly because the purpose-driven model allows brands to go beyond selling products. They have a more holistic, sustainable approach to doing business, both through the intention of their human resource and, subsequently, their operational prowess.
The current climate of low unemployment, forced contemplation and the insistence on businesses growing a conscience (shaped by the “rise of Gen Z”), is altruistically laying the pavement for progress and creating more businesses that heed the benefits of the triple-line profit approach of environment, society and shareholders.
It also lifts the bar of expectation, as brands are more cognizant of the filters they hold up, to determine strategies and decisions and support social and environmental programs.
Putting the A in TeAm
The way purpose-driven brands recruit is different. A business that sings its purpose and heralds a deeper contribution to the community it serves, applies a different lens to the people they consider hiring. This alignment helps the collective adoption of processes and behaviors for the greater good.
While the focus is, of course, on finding people who possess the skills and expertise required to perform their job, there is also an emphasis on looking for talent who is passionate about making a difference.
In other words - good souls.
The reason for this is simple. Once a purpose-driven brand has handpicked a set of motivated individuals united by the overall company goal and is as passionate about the case as the result, it makes creating and delivering strategies relating to environmental and social impact much easier.
With its A-Team, a purpose driven brands can:
• Use strong core values to inform business decisions
• Offer pro-bono services or free products to those in need
• Identify causes and/or nonprofit partners and provide them with funding
• Involve the team and brand resources to support suitable projects
And it’s not just “good causes” that a purpose-driven brand can help. Within the sector or industry it operates, it can also:
• Be a leader in developing (or changing) industry best practice – especially around wellbeing, sustainability, DEI and social value
• Fund and create R&D projects to find solutions for wider industry issues around the environment or impact on communities
• Enable the next gen through mentorship programs, internships and on-the-job learning opportunities
While it does not ring true to convert a profit-only business to one that is purpose-driven, it is possible for an inherently good company to do better and have more impact in multiple ways. Much more can be done for the social and wellbeing of its customers, staff and the broader community.
Here are three brands which are both purpose-driven and deliver the bottom line.
The mission-driven tech startup helps organizations use cutting-edge technology in impactful ways. An extended reality (XR) specialist, it has a big focus on employee wellbeing. This approach earned it the accolade of being among Best Places to Work in 2022, as chosen by Purpose Jobs.
Ben & Jerry
The legendary ice cream brand has a large staff of professional activists that are part of its team. It has for long been hot on climate justice and the environment and has a long and proud history of supporting the LGBTQ+ community. Check out for yourself what they care passionately about: https://www.benjerry.com/values/issues-we-care-about
Tesla has made a name for itself as a purpose-driven innovator, breaking records in sustainable transportation, technology and more. Its mission itself is all about a purpose – to accelerate the world's transition to sustainable energy. It believes the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
I’m sold, how do we dial up our purpose?
Here are Five Good Soul tips:
Businesses are born from a need. Re-examine yours and dial-up how you can do more to achieve that.
Eloquently articulate why you exist, what you do and who you are - on one page. Mission - Vision - Values. This should not read like the bank next door - “integrity”, “honesty”, etc - put your juice in there.
Turn the final version into a story. Your values need to live in your everyday interactions, on your walls, in your conversations, and what you reward for behavior.
Hire and fire on it. It’s always the people that matter. The right people become a self-fulfilling prophecy.
If it’s time to revisit these, engage a facilitator to ensure that every voice is heard and the outcome is authentic and provides a clear path for your next evolution.
Need help with finding purpose-driven good souls for your brand? Get in touch: email@example.com IMAGE:Magda Ehlers/Pexels.com