Nearly 70 % of businesses say they lack the link between purpose and their business operations (PwC).
There are three questions of strategic relevance that every commercial business leader should continuously be asking themselves.
- How can we acquire new customers
- How can we keep existing customers
- How can we develop and grow with current customer relationships?
The challenge many companies face is that they in the communication focus on what they do or what products they offer. This diminishes the chances of commercial success. The problem, in simple terms, is that potential customers are aware of your company but too few get excited.
A key ingredient that can help turn this situation around is by a dynamic change in the way to approach the market and key stakeholders. In short, you need to think big, focus and develop. You need to live and breathe a purpose-led organisation which sparks interest in customers, partners and employees, you need to have an outside-in view. This happens simply when you stop talking about you do as a company and instead start talking about what you can help customers become.
One study by PWC, says that 79 % of business leaders believe that Purpose is central for a business success, yet 68 % said that it is still disconnected as a guideline in leadership and decision making. Customers view purpose-driven brands as being more caring and, as a result, are more loyal to them as are the employees to their employer. Research shown in the book “Firms of Endearment” show that Purpose led companies generally had nearly 10 %- points higher profit than the average S&P 500 (13,1% vs 4,3 %).
Finding my purpose
Something I am personally immensely proud of is what we have achieved together within the Brand X development programme with our team, customers and friends. The fantastic collaboration with Malin Groop, Erik Modig and Leif Fågelstedt and many others has had a tremendous impact on peoples thinking and supported fifty or so executives (now friends) from over a dozen companies to define the 'HOW' in turning strategy to action. It has been so wonderful to truly experience how an engaging process of understanding different business contexts and collaboration with open hearts and instinctive passion, has led to something great. Turning costs to investments and profit has led to something which has a higher purpose for people, and through the people the desired impact on the companies has been achieved.
Navigating through these unusual times is a challenge for any company, but many hesitate to act by waiting around for the 'new normal'. My question is, what if the future is now? In my view, the future is here today, and we better live it. I invite you to choose to start your Brand X journey to become mission-critical today.
The Brand X journey is a great opportunity to get a current state analysis of your business on your journey to create a competitive advantage and achieving commercial success. Through the Brand X programme, our team of independent experts will advise you both on quick fixes and long-term development. Then we gather with all participating companies to get inspiration for turning strategy and purpose into action. We define a concrete marketing strategy that aligns your commercial actions towards success, and yes, in a way which helps you communicate the value of your services with a heart in practice, to your customers to support them in achieving their goals. Be mission-critical and join our purposeful Brand X journey.