Why purpose will be vital for business resilience in 2023

Fact: Purpose-driven businesses are more resilient during economic downturns. They also enjoy higher client loyalty and grow up to five times faster than the competition. So why is purpose so powerful?

We live in an uncertain world in constant disruption. And it's hard to keep up.

During the long stretch of continuous disruption which started in 2020, we have all been reconsidering our priorities and core values. 

This included what we do and why we do what we do.

Today, it’s not surprising that most of us seek purpose in our lives more than ever. 

Who doesn’t want to live a meaningful life? The search for meaning is at the heart of the human condition. 

We are hard-wired to seek meaning in our lives. And we find meaning through purpose. 

Who doesn’t want to live a meaningful life? The search for meaning is at the heart of the human condition. 

In 2023 you should operate and communicate…with purpose

A business with a strong purpose creates an unbreakable bond with its audience.

Operating and communicating with purpose is vital to creating a deep connection with your audience.

When everyone, from employees to clients, connects with your purpose, everything falls into alignment.

 The 2021 McKinsey report ‘What matters most? Five priorities for CEOs in the next normal”, lists purpose as one of the five key priorities for business leaders in 2022. It also highlights that businesses with a strong sense of purpose outperform those that lack one.

In a fast-changing world, purpose also enables forward-thinking business leaders to recognise emerging opportunities before others.

For McKinsey, business leaders should make purpose a priority and a source of competitive advantage.

In another study by PwC, over 79% of all the business leaders surveyed said that they believe purpose is vital to business success. 

In another study by PwC, over 79% of all the business leaders surveyed said that they believe purpose is vital to business success. (https://www.pwc.com/us/en/purpose-workplace-study.html) 

In the same study, PwC found that millennials who strongly connect with their company’s purpose are 5.3 times more likely to stay.

As humans, purpose is ultimately what drives all our important decisions and motivates our actions. 

But let’s not forget that meaningfully communicating your purpose is vital to its accomplishment.

Unless your audience connects with how you communicate your purpose, you’ll always struggle to attract and retain their attention. 

You communicate purpose through your brand. Building a purpose-led brand message will seamlessly align your marketing communications, creating strong bonds with your audience. 

Putting purpose at the heart of your business and communicating it clearly will be key to business resilience and generating long-term revenue in 2023.

As humans, purpose is ultimately what drives all our important decisions and motivates our actions. 

In 2023, put purpose at the very heart of your business 

In times of massive economic, technological and sociological transformation, having a clear purpose guiding you through an uncertain world is more important than ever. 

Did you know that purpose-driven businesses grow three times faster than their competitors on average? They are also more resilient to disruption and setbacks.

This applies especially to mid-size businesses, who will invariably feel more directly the negative impact of future disruptions than larger international groups.

But remember, a great purpose poorly communicated is the same as having no purpose at all. 

Communicating your purpose meaningfully is vital to its accomplishment. Here’s the bottom line: unless your audience connects with your purpose, you’ll always struggle to attract and retain their attention. 

How do you define, articulate and communicate your purpose effectively? You do it through your brand. 

A great purpose poorly communicated is the same as having no purpose at all. 

Do you want to attract more clients and grow your business faster?​​

Did you know purpose-driven businesses grow three times faster than their competitors? 

They are also more resilient to disruption and setbacks.

In today’s digital-first world, you need a strong brand to cut through the noise, stand out from competitors and attract the best clients.

Discover how to put purpose at the very heart of your brand to grow your business faster.