1 Mar 2021, 12:14 — 6 min read
All organisations experienced danger on many fronts during 2020 – the pandemic, spreading wildfire outbreaks, social instability, and economic fallout, translating into financial, employee, customer, distributor, supply chain, and other impacts. As I write this article the news coming out of Texas as a result of the extreme weather conditions is today’s reminder that “disruption” is not a concept, and it’s not limited to technology. It’s pervasive and real.
Directing efforts to recovery – to reverting to the way things were – is not a strategy.
The fundamental question facing leaders to ensure alignment of strategy, people, capital, and other resources to move forward and thrive under these circumstances is: “What is your purpose?” Said differently, “How will people in your organisation make a difference and derive meaning from their work given the world we have entered?”
Evidence suggests that purpose-led brands:
This is a practical list of today’s realities.
Here are seven top-line “how’s” for leadership to create the framework for a meaningful purpose that will strengthen your focus on the opportunity in crisis:
Patagonia was well ahead of the times on being purpose-driven. The brand’s purpose: “To build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”
On Black Friday 2011 Patagonia placed this now-famous ad in the New York Times
This ad is one example of what being authentic to purpose means. Business priorities supported by the purpose: reinforcing the brand values, product durability, premium pricing, and differentiation in a busy category.
Consider CVS’s commitment to purpose, beginning with their name change, from CVS Caremark to CVS Health in 2014. The change aligns with the company’s purpose: “Helping people on their path to better health. Whether in our pharmacies or through our health services and plans, we are pioneering a bold new approach to total health. Making quality care more affordable, accessible, simple, and seamless.”
CVS decided to halt selling any tobacco products as part of a deliberate realignment, including establishing new health partnerships and in-store services and merging with Aetna. CVS gave up a reported $2BB in tobacco sales and then saw overall growth. A further stakeholder impact has been that the move out of tobacco created public health benefits as studies have linked overall declines in tobacco purchasing with CVS’s decision – and the decline also includes other tobacco sellers.
Look to these execution indicators as a starting point:
Finding brand purpose and operating towards the North Star it establishes is a journey, one that is worth taking given the evidence of its impact, and the extraordinary opportunity these times offer to redefine where your organization is heading.
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
Article source: www.amyradin.com/finding-opportunity-in-crisis/
Image source: shutterstock.com
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byAmy J. Radin
Business Builder | Portable Expert | Marketing, Digital, Innovation | Speaker | Advisory Boards
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