The Power Of Purpose: The Business Case For Purpose (All The Data You Were Looking For Pt 1)
By now, the data that supports the thesis that “Purpose” (the catch-all term for “business as a force for good”) is good for business is overwhelmingly clear. As a helpful guide, I’ve listed all the most salient and current data points in this article, and I’ve also collated the various studies, surveys, and reports in one online folder.
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I’ve broken down the data into the three main areas where purpose is manifesting itself in business: consumers, employees, and investors.
The Harvard EY Beacon Institute survey found that “companies with a strong sense of purpose are able to transform and innovate better.” Executives from companies that treat purpose as a core driver of strategy and decision-making reported “greater ability to drive successful innovation and transformational change.”
The survey said that half (53%) of executives at companies with a strong sense of purpose said their organization is successful with innovation and transformation efforts, while less than one-fifth (19%) report success at companies who have not thought about purpose.
Deloitte Insights 2020 Global Marketing Trends Report also found that purpose-driven companies report 30% higher levels of innovation.