Companies with a strong sense of purpose not only thrive financially but also foster engaged employees and loyal customers. These purpose-driven businesses are often at the forefront of innovation and change.
On August 17th, we hosted an inspiring evening event, “At the Threshold – The Power of Purpose-Driven Business,” at Atolye, featuring thought leaders, our founder Nadine Zidani and Samie Al Achrafi, founder and CEO of Marmalade Fish. During the event, we delved into the blind spots in business, the pivotal role of purpose, mission, and values, and the benefits of becoming a B Corp in balancing purpose and profit.
The response was overwhelmingly positive, underscoring the growing interest in purpose-driven initiatives. Recent research reinforces the idea that purpose-driven companies reap significant rewards. The ‘Strength of Purpose’ study, which surveyed more than 8,000 consumers across eight markets, asked respondents to evaluate brands based on their sense of purpose. The results were compelling:
πΈ Consumers were four times more likely to make a purchase from a brand with a strong purpose.
πΈ Trust in the brand increased fourfold.
πΈ Customers were four-and-a-half times more likely to recommend the brand to others.
πΈ When faced with challenges, consumers were six times more likely to stand by the brand.
Additionally, analysis reveals that purposeful businesses outperform the stock market by 42 percent, while those lacking a clear purpose underperform by 40 percent.
Afdhel Aziz, the author of ‘Good Is the New Cool,’ succinctly captures this concept: “As brands strive for differentiation, relevance, and growth, a clear purpose brought to life in compelling ways is often the difference between success and failure.”
If you’re interested in exploring how to build a purpose-driven business and measure your impact, we invite you to explore our consulting services.
