Summary of On Purpose

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Rating

7

Qualities

  • Applicable

Recommendation

Consumers want the companies they patronize to be worthy corporate citizens that make positive contributions to society. Customers also expect and demand top-quality products, services and buying experiences. Strategy consultants Shaun Smith and Andy Milligan explain how your company can meet these daunting dual requirements. The authors provide detailed case histories of companies that operate “on purpose” while delivering top “customer experiences.” getAbstract recommends this dynamic guidebook to purposeful leaders who realize the rules have changed and understand the value of transforming their organizations.

About the Authors

Shaun Smith is a founder and partner in Smith+co, a customer-experience consultancy. Andy Milligan is a founder and partner in The Caffeine Partnership, a strategic consultancy.

 

Summary

“Purpose”

Ashok Vaswani, CEO of retail and business banking at Barclays Bank, warns, “Every business must serve a social purpose.” Banks normally focus on money, so why does Vaswani speak of purpose? The answer is clear: Consumers demand meaningful intent from the companies they support. Today, organizations of all types must vest in a purpose beyond profit.

Purpose emerges from the temper of the times as a moral and commercial imperative. Customers will abandon companies that lack purpose. Purposeless firms will have difficulty recruiting, earning profits, maintaining value and remaining sustainable over the long term.

Edelman chief creative officer Mitch Markson explains that, “Purpose is now the ‘fifth P’ of marketing. It is a vital addition to the age-old marketing mix of product, price, place and promotion.”

The essential question for any enterprise no longer focuses on how much profit it can make, but rather on why it is in business. What is its ultimate significance and societal contribution?

In a popular TedX talk, leadership consultant Simon Sinek explains that “people don’t buy what you do; they buy why you do it.” He...


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