Why is Purpose-Driven Business Better?

Your business’s purpose will harness customer loyalty.

Research shows that your business CAN survive and thrive in times of crisis, such as the COVID-19 pandemic.
HOW? By being a brand that is built on a foundation of an authentic commitment to a purpose larger than simply making money.
WHY? Because consumers are more likely to trust, connect, and spend with a company that is, for example, socially conscious than one that is not. FACT.

Beyond the core products or services that your business sells, do you know WHY your company exists? As part of your brand’s story have you established what your company stands for and how you take action?

“Profit isn’t a purpose. It’s a result. To have purpose means the things we do are of real value to others”

– Simon Sinek (Author & Motivational Speaker)

Whether you’re a restaurant like Zambrero that donates a meal with every burrito purchased; or a trade service that offers discounts for not for profit organisations – your PURPOSE will connect your business with loyal customers. Thus, leading to ongoing SUCCESS, resulting in profit.

At GDR Group our purpose is to make your business dreams a reality by spreading your story far and wide.
Lending a hand to your business where you need it most through our superior marketing services.

Let Us Show You How

 

Why Do Purpose-Driven Companies Outperform Their Competitors?

Being purpose-driven doesn’t necessarily mean having world-changing ambitions but it does mean understanding why your business exists beyond profit. A survey of business leaders conducted by pwc found that 79% believe purpose is central to success.

 

79% of business leaders say purpose is central to success

 

Take note as a recent analysis of ‘purposeful’ companies suggested that:

purposeful brands outperform
the stock market by 42%

(source: Global Leadership Forecast)

But WHY? Cone and Porter Novelli surveyed consumers about their attitudes towards purpose-driven companies and found that purpose breeds loyalty and motivation to tell others to buy from your company.

73% are more likely to share content about purposeful companies

With a strong and clear purpose, you are already setting your business ahead of your competitors, ensuring that customers spend with you rather than alternative options.

It’s not too late to define your purpose. We can help 😀 EMAIL us today.

New York Times bestselling author Simon Mainwaring states that 91% of consumers would switch brands if a different one was purpose-driven and had similar price and quality (source: Forbes).

 

91% of consumers would switch to a purpose-driven competitor

 

Why Does Your Business Exist Beyond Profit?

We now know that purpose fuels success but how do you find ‘the why’?

Inspired by Maslow’s hierarchy of needs, which explores what elicits human satisfaction, IDEO created a purpose framework called the Purpose Wheel. This resource can be used to drive your conversation about future goals and align your vision as to why YOUR business exists BEYOND PROFIT.
CLICK HERE for the infographic – each slice answers the ‘why do we exist beyond profit?’ question in a different way.

Below are a few examples from household brands as seen in the wheel:

  • Cadbury exists to enable potential, creating impact by spreading joy
  • Airbnb exists to encourage exploration, creating impact by cultivating connections
  • VISA exists to foster prosperity, creating impact by providing security

 

Your purpose should be an integrated element of your brand story.
HOW TO DEVELOP YOUR BRAND STORY AND REACH NEW HEIGHTS

 

Embrace Your Business’s Purpose And Survive

So you’ve established your business’s purpose, now’s the time to EMBRACE IT.

The power of your business’s purpose is only as good as the buy-in across your organisation. Remember to bring your colleagues on the journey as well as making it clear to your customers. With employee belief and understanding in your company’s purpose, research shows that your business will weather stormy times better.

68% of executives believe purpose accelerates innovation in times of disruption and 59% believe purpose drives transformational change

(source: Global Leadership Forecast)

Your brand’s purpose WILL influence the survival of your company during turbulent times because it can pivot and shift based on how you deliver on the promise of your purpose. For example, the mattress company, Leesa, quickly saw a potential gap in available hospital beds. Usually a new product launch takes about 9 months from idea to delivery but in less than three weeks Leesa designed and shipped a new hospital bed kit suitable for COVID-19 patients. Not all business’s can react to disruption on this scale BUT by knowing and believing in your purpose you will be more likely to find a way to continue your company’s dreams!

At GDR Group we have a lived experience
Over the past 40 years GDR has transformed and evolved but the core message of the marketing services we provide has always been clear:

YOUR DREAMS MATTER

We understand and have been through the challenges faced by small-medium businesses and we’re ready to work tirelessly to achieve your business’s full potential.

 

GDR: Giving Dreams a Reason

Using storytelling, understanding the benefit of emotionally connecting with your audience AND unrivalled in-house expertise we’re ready to magnify your business’s purpose to ensure customers choose you EVERY TIME.

✨You can trust GDR to✨

Ask us how we can help TODAY.

Call us on 1800 657 797

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