22 Aug Don’t Blink. Live Your Purpose For Good.
By BravoEcho
Fortune recently declared, “it’s not just DEI – corporate ESG initiatives are under threat … 80% of companies say they’re adjusting their policies.” They were quoting a Conference Board finding that policies are being changed to mitigate legal and political risk. While much of the most vocal DEI and ESG pressure has been from the political right, companies have also felt pressure from the left, with accusations of greenwashing and that diversity initiatives are purely performative.
These attacks on the positive difference a company can make in the world have made being Purpose-driven difficult. If a Purpose is a company’s reason for being beyond making a profit, it will involve making people’s lives better in some meaningful way – from Patagonia being in business “to save our home planet” to Lego wanting to “inspire and develop the builders of tomorrow”. And that often leads to the playing field-leveling, opportunity-providing, climate change-tackling initiatives that are now being challenged.
At BravoEcho, we believe companies have a responsibility to do good. We believe Purpose is good for business. And we believe companies should persist with Purpose.
Good Purpose
A good Purpose should be:
- Authentic to the company’s values and legacy.
- Relevant to the company’s offering and the category it operates in.
- In step with the issues people face and society cares about.
- Aspirational but grounded (e.g., an architect – “to build the future of civilization” is much too lofty, but “to create spaces that foster connection” aims high while still being realistic).
Externally, according to Kantar, a Purpose perceived as a good fit with a company builds brand equity 3x better than one perceived as a poor fit. And companies seen to have a strong Purpose grow 2x more value than companies with a Purpose seen to be weak.
An enduring Purpose, authentically defined and effectively delivered, builds trust, goodwill, and reputation. It’s a company’s highest utility. We also see it as a mandate to do good.
Purpose For Good
From our work around Purpose, we’ve identified six key steps companies can take to authentically, consistently, and impactfully live their Purpose to make a positive difference in the world.
1. Build A Purpose Activation Baseline
Review every aspect of the company. Can the product or service be used directly to do good? Is there talent and expertise within the company that can be leveraged? Which departments or teams are best equipped to drive impact? Are there suppliers, distributors and customers who can amplify efforts? Are there efforts underway that can serve as a starting point?
2. Innovate Off That Baseline
Move beyond the tried-and-true to do good in a differentiating way. Can the company’s offering be used in a new way to help the community? Are there ignored pockets of passion and knowledge that can be tapped? Are there new ways to empower employees or new external relationships that can be built? Are there different societal needs that can be addressed?
3. Build A Unified and Unifying Plan
A unified plan ensures every department is contributing in an appropriate way, and that the initiative is a collective effort. To unify, align on the overall objectives and strategies, explain how the social impact program is a reflection of the Purpose, and, to inspire buy-in, share stories of the positive change the company wants to create.
4. Move As A Single, Aligned Team
A focused and collaborative approach is essential. This means cross-functional teams with clear responsibilities, ways of working, and decision-making and governance protocols, along with consultation and alignment with external partners and local communities. Success requires communication, collaboration, and timely checkpoints.
5. Tell Stories Of Human Impact
Stories about people are the best way to demonstrate impact. Stories of change through challenges overcome, opportunities grasped, and new futures begun. Compelling stories highlight a specific issue, detail the actions taken, and demonstrate impact all through a human lens. These stories are proof points that motivate internally and externally.
6. Measure, Listen, Evolve, Amplify
Transparently measuring and reporting impact – not dollars donated, or hours volunteered – is key, along with formal mechanisms to gather feedback from employees, partners, and communities. An honest assessment of initiatives, with good data, can guide improvements and future expansion. This feedback loop builds trust and reinforces commitment to the Purpose.
When a company uses its Purpose to guide good works, the impact can be great. We recently helped our longtime client Ford launch “Ford Building Together”. With its genesis in the company’s Purpose, “To help build a better world, where every person is free to move and pursue their dreams,” the initiative leverages the full enterprise and dealership power of the company to scale the reach and impact of four national nonprofits – American Red Cross, Feeding America, Habitat for Humanity, and Team Rubicon – to build thriving and skilled communities, and to rebuild resilient communities through disaster response efforts.
The Power Of A Purpose Well-Lived
Ralph Waldo Emerson wrote “the purpose of life is not to be happy. It is to be useful … to have it make some difference that you have lived and lived well”. This is as true of companies as it is of people. Purpose expresses usefulness and utility at the highest level. It’s also a commitment to act. So, even when under intense pressure, we say don’t blink, live your Purpose for good.