Everyone from the C-suite level to consumers to stakeholders should know “why” the company exists.
This article notes that having an organisational purpose can help brands define their strategic direction, create a workspace for employees and build loyal consumers. Businesses must clearly articulate their company’s purpose and communicate it across the board to avoid power struggles among senior leadership.
With COVID-19 impacting businesses, brands have an opportunity to create a purpose with a hybrid approach that accounts for the past as well as the future. Incorporating purpose into multiple channels can help brands effectively communicate with their consumers and build trust.
Cohorts like millennials and Gen Z pay attention to brands that align their purpose with employee values. Businesses can guide their environmental, social, and governance metrics (ESG) reporting with purpose.
[8 minute read]