Connecting the dots
Purpose-driven businesses outperform othersPublished March 16, 2023
There are many successful businesses that have put purpose at the forefront of their brand, and studies have shown that these companies often perform better than their competitors. Here are some statistics to highlight the impact of purpose-driven business:
1. In a study by Deloitte, companies that prioritise purpose are more likely to achieve long-term success. The study found that purpose-driven companies had a 63% increase in customer loyalty and a 58% increase in employee engagement.
2. In a survey by Cone Communications, 87% of consumers said they would buy a product based on a company’s value, and 76% said they would boycott a company if it went against their beliefs.
3. According to a study by EY, companies that prioritise purpose are more likely to attract and retain top talent. The study found that purpose-driven companies had a 30% higher rate of employee retention and a 40% higher rate of employee productivity.
4. A study by Harvard Business Review found that companies with a strong sense of purpose outperformed the market by 5-7% per year over a 15-year period.
5. In a survey by Edelman, 64% of consumers said they would recommend a brand that has a strong sense of purpose, and 53% said they would pay more for a product from a purpose-driven company.
These statistics demonstrate the positive impact that purpose-driven businesses can have on customer loyalty, employee engagement, and financial performance. By putting purpose at the forefront of their brand, companies can create a more meaningful and fulfilling work environment, while also making a positive impact on the world.