Consumers no longer expect brands to merely market their products, but to provide reliable and accurate information, take a stance on social issues, and make a positive contribution to society and the community. At the same time, people are increasingly concerned about the spread of fake news, which impacts their perception of media channels, social media platforms, and brands.
Having a higher purpose connects your mission to your vision, serves collective well-being, and goes beyond just making money. It’s a reason for being that inspires and motivates employees, customers, and all stakeholders to invest in you. A higher purpose provides a competitive advantage and helps you create passionate brand believers. Most importantly, when implemented correctly, a higher purpose connects your incredible work to measurable social and environmental impact.
The status quo is always being challenged. Whatever dominates is always being criticized and derogated. The mainstream is never the only thing. Trends invite counter-trends.
A story late last year in The New York Times about the proliferation of classes at elite business schools teaching “corporate social obligations and how to rethink capitalism” is emblematic of what has taken place with corporate social purpose over the past decade. Purpose has gone from an insurgent idea challenging capitalism to a mainstream part of 21st century capitalistic thinking. Purpose has gone mainstream.
In its latest earnings call, Beyond Meat articulated a three-step turnaround plan.
