No Purpose? No Success.
Our world is rapidly changing.
Consumers today demand transparency, accountability, and action from brands. They are more in tune with what they are buying, how it was made, and who is involved in the process. With this new rise in awareness, many companies have seen the benefits of incorporating purpose into their central business strategy.
DEFINING PURPOSE
What do we mean by purpose when it comes to business? A purpose-driven organization stands for and actively champions something bigger than itself and the goods and services they offer. A purpose-driven company looks at how it can do meaningful work, such as for the environment or society. A truly purpose-driven organization goes beyond just the products they have. They are not only aware of purpose, but center all decisions and actions around that purpose, using it as a north star and guiding point for making business decisions.
Many businesses acknowledge that while including purpose is important, so is the need to increase profit and success. But is success truly separate from purpose? Looking at the numbers and hearing from purposeful brands, it’s apparent that incorporating purpose is beneficial on multiple fronts.
58% of leaders said their purpose-led sponsorships outperform non-purpose-led sponsorships, and purpose-led campaigns increase brand perception and affinity by 91% and 85%, respectively.
When talking to brand leaders, many other metrics, such as increases in awareness and market share, show approval among customers only raises when purpose is involved, driving brand success numbers to rise.
PURPOSEFUL ACTION IS NEEDED
As more and more brands become aware of the benefits of purpose, leaders are recognizing this as a crucial part of business success. Today, 98% of companies have purpose of some level as a part of their strategy, with 30% centering purpose as a key factor of their business. Action is a critical component of this success. Many say purpose is important, but if they do not fully incorporate purpose as a real pillar of everything they do, there are few results.
Brands have the opportunity to make this shift, as more brands provide examples of how to do so, and experts in the field offer advice and guidance. With the statistics as a proof point, brands who incorporate purpose are getting and staying ahead of the game.
Ready to incorporate purpose into your business? Download the Purpose and Sport Report to learn more about the impact purpose can have for your business strategy.
ABOUT 17 SPORT
17 Sport is the world’s first sports impact company operating at the intersection of sports, business, and purpose. We provide strategy, partnership, and implementation services to transformational leaders in sports and business committed to forging a better tomorrow for people and the planet.
If you would like more information or are ready to start activating your purpose through sports, please contact: [email protected]