Examples of Purpose-Driven Innovation

Marketing is no longer just about selling. It’s about inspiring.   As customers seek deeper connections and more meaningful experiences, purpose-led companies are increasingly taking center stage.   They’re rewriting the rules of business engagement.   Purpose-led companies hold the key to unlocking the hearts, minds, and, wallets of today’s socially conscious customers.   What does it mean to be a purpose-led company?   It means taking action on something bigger than the products or services you offer …   Using your organizational purpose as the compass to guide decision-making.   In 2022, according to Pricewaterhouse Coopers, 79% of business leaders stated that purpose was central to success.   Study after study supports the growing importance … particularly to younger consumers … of purpose-led companies.   Forbes reported in 2020 that 70% of Gen Z and Millennials believe a brand should have a purpose they personally believe in compared to just 48% of Boomers.   In October or 2022 Bain & Company found that insurgent purpose-led brands focused on sustainability are experiencing a 10X higher revenue growth than incumbents.   And, the 2019 Cone/Porter Novelli Purpose Study showed that 79% of Americans would be more loyal to purpose-driven brands.    Consider the success of these 2 companies:   🔶 𝐃𝐈𝐕𝐈𝐍𝐄 𝐂𝐇𝐎𝐂𝐎𝐋𝐀𝐓𝐄 Divine Chocolate is a global social enterprise driven by a mission to help end exploitation in the cocoa industry, creating a world where farmers thrive and prosper. Launched in 1988 it has achieved success on an international scale in a highly competitive sector. Sales in 2021 increased 17%.    🔶 𝐄𝐓𝐒𝐘 An online marketplace for handmade and vintage goods, it empowers independent artists and craftsmen by providing them a platform to sell their products, supporting small-scale and sustainable businesses. They have created a community of customers who appreciate the uniqueness and personal connection of handmade and vintage items. Their annual revenue in 2021 grew 34.97% from 2020. And in 2022 they realized an increase of another 10.18%.   More and more, customers don’t consider being a purpose-led company as just a business choice.   They consider it to be a responsibility.   Embedding purpose into your core strategy will attract loyal customers, inspire your employees, and, set your business apart by helping create a positive social impact.                                                                                                                                          Illustration: Management 3.0    Ring the 🔔 on my profile to follow Linda Goodman for marketing strategy and business development content.   #MarketingStrategy #Sales #BusinessDevelopment #EmotionalIntelligence #CEO #Leadership

It's cheap to showcase a noble purpose to benefit the company's image. Now, making a real difference in the world is an entirely different story. Lack of opportunity is not the problem. Think about banking. Even after Muhammad Yunus started showing the possibility of micro-finance almost 50 years ago, there are still more than 1.7 billion unbanked people worldwide. Tala knows that well. Driven by a strong sense of purpose to benefit millions through a business opportunity few could see, the company dove into understanding the social norms and needs of underserved populations in the banking industry. With extensive use of data and technology, the company has developed a robust business model that proves that you can make a difference and be profitable at the same time. I had the pleasure of interviewing Kunal Kaul, Chief Strategy Officer of Tala, an Outthinker Networks member whom I admire and look to for inspiration (link in the comments). Kunal shared Tala's journey and how they found ways to provide financial services in impoverished regions despite technology infrastructure, logistics, and economic challenges. Nothing that can stop them when the mission is clear. #Strategy #purpose #Esg

After landing in San Francisco last March for a book tour and to speak at Stanford University, my dear colleague Shamini Dhana, introduced me to Victoria (Vic) Woo, who told me about a nonprofit gala happening that same weekend. In a heartbeat, I decided to rewrite my weekend agenda, embracing spontaneity and curiosity as my guides, after falling in love with the mission of Sprouts Chef Training. Sprouts, as I soon discovered, is more than an organization. It's a beacon of hope and empowerment for underprivileged youth. Their mission, as noble as it was ambitious, is to train these young souls to become chefs in order to get jobs. The unique combination of food, innovation, entrepreneurship, and economic empowerment fascinated me, and I was even more stoked to meet the visionary behind it all: Kate Rogers. Kate’s organization exemplifies how aligning strategy with a profound purpose can lead to significant economic and social impact. In partnership with Alice Waters and Jamie Oliver, she has been running culinary job training programs for disadvantaged Bay Area youth since 2012. Today, she's expanding the program to more cities, including New York, through partnerships such as with OpenTable, offering economic opportunities and fulfilling careers for youth facing hardships. Remarkably, 88% of graduates secure culinary jobs, marking their journey towards economic empowerment. Her success showcases how purpose-driven business models can be a force for change. By prioritizing core values, businesses become agents of community transformation. As we follow Kate's journey (I highly recommend connecting with her on LinkedIn), let's also reflect: ❓How does your business's purpose align with your personal values and mission? ❓What steps can you take to further integrate your purpose into your daily business operations? ❓In what ways has a clear sense of purpose positively impacted your business, employees, or customers? Thanks Shamini Dhana, GCB.D, Victoria (Vic) Woo, Ph.D., and Kate Rogers. This journey, ignited by degrees of connections, underscores the incredible power of human networks. Let's continue to celebrate visionaries like Kate and empower entrepreneurs to make a lasting impact. Together, we can light the way towards a future where purpose and profit coexist harmoniously. Katie Schrader Rachel M. Melissa Cook Michael Bauer Mark Liberman Danielle Carattini, MBA Katherine Garlinghouse Kellee Marlow Liam Mayclem Steven Weinbaum #femalefounders #empoweringentrepreneurs #visionaries #purposedrivenleadership