Purpose is a powerful thing. In the business world, having a compelling purpose can steer the organization in the right direction and better serve customer needs. Yet many businesses overlook the importance of purpose, and, in doing so, miss out on the opportunity to build customer loyalty and growth.
A study from Harvard Business Review found that 52% of purpose-driven businesses had over 10% growth compared to 42% of non-purpose-driven organizations. Those figures are compelling enough to sway any business owner to shift gears and focus on leading with purpose. But why is purpose so important to consumers? How can a strong mission and purpose help you better meet customer needs?
Why Purpose and Mission Matter to Consumers
Research shows that customers actively seek our brands with a clear purpose, and they’re more loyal to these companies. 64% of global consumers are more attracted to businesses that communicate their purpose. When businesses lead with a purpose and build their operations around that purpose, they can achieve not only customer loyalty but also the ability to stay relevant in the lives of consumers. Why? Because, often, consumers identify with a company’s purpose. Having a shared purpose or value allows you to develop a deeper connection with consumers. In other words, your brand aligns with who the customer is and who they strive to be.
Consumers want to do business with organizations that are going to solve their problems. Purpose-led businesses can do exactly that because their mission drives everything they do.
How a Strong Mission and Purpose Impacts Customer Needs
Creating value with a purpose is part of the MSAE framework, which starts with creating a powerful mission. A business’s mission and purpose will impact customer needs in the long term as your company grows and changes.
Purpose drives higher growth in business because:
Employees are more engaged
Visions are aligned across all stakeholders
Workers are more productive
Customer needs change and evolve, much like your business will. Your vision and purpose should align with the values of the consumer. If both align, you’ll have a catalyst to position the brand in the market and naturally create products or services that better meet the consumer’s needs. Dedication among your organization’s workforce will organically impact customer needs because:
Products will be created with enthusiasm
Features will be integrated into offers with a purpose and goal
Strategic objectives will be met while customer needs are exceeded
Meaningful action is taken within organizations that have a strong mission and sense of purpose. Reevaluation of priorities, SWOT analysis, and adaptation will further strengthen your market position and resilience as a brand. As customer needs and market landscapes change, finding the best solution that aligns with your mission and purpose will keep current customers happy and a steady stream of new leads in your pipeline. Connecting your mission and business purpose is a powerful tool that the world’s leading brands leverage to create loyalty and products that their consumers need. You can follow the same concepts to exceed customer expectations today and in the future.
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