Companies with a purpose beyond profit tend to make more money
This article in the Financial Times, looks at the role of purpose to guide organisational strategy and execution. It opens with the line “One of the paradoxes of business is that the most profitable companies are not those that are most profit-focused.”
Referring to recent research from Harvard Business Review analytics, it supports the finding from Brand Learning’s Growth Drivers Study, that the most successful businesses have a growth purpose that is more meaningful that numbers. More than that, successful companies deliver that purpose throughout their activities. By contrast, as one of our respondents put it, too many companies have “missions laminated, not lived”.
The best purposes, as this article argues, ensure successful companies are guided by delivering customer happiness. At Brand Learning, for example, we help clients create a vision for their customer experience as the first step in a customer experience strategy which can work not only in marketing teams but across the organisation. This strategy starts with the company growth purpose, and translates that into decisions about where to play, how to win, what to do and how to adjust execution as you learn – in a way that will create most value for customers whilst returning the commercial returns required to make it viable.
To find out more about how Brand Learning can help you with business or team purpose, strategy and planning, please contact us. And in the meantime let us know how you found the Financial Times article we recommended.