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New report finds 86% of B2B organizations recognizing business case for purpose; but not yet realizing significant impacts for growth via culture, operations, societal engagement.
A new report finds that B2B companies overwhelmingly believe it is essential
to bring a sense of purpose to their organizations, but most lack the critical
knowledge and capabilities necessary to activate successful purpose-oriented
Building on a recent trend exemplified by the Business Roundtable’s
redefinition of the purpose of a
in 2019, Larry Fink’s most recent CEO
and the 2020 Davos Manifesto on the Universal Purpose of a
The B2B Purpose
— a collaboration by
the ANA, Carol
and the Harris
— reveals that 86 percent of B2B companies recognize purpose as important to
growth, but they are still working out how to implement their purpose so that it
influences business and social outcomes. Only 24 percent said purpose is
embedded into their business to the point of influencing innovation, operations
and their engagement with society — hence, the "B2B Purpose Paradox."
"B2B companies are far more advanced in their purpose journeys than we
expected,” said Carol Cone, CEO of Carol Cone ON PURPOSE. “Yet there is a significant gap between
companies with a Stated Purpose — their reason for being, beyond profits; and
their Activated Purpose — one that is fully embedded in the organization to
influence culture, innovation, operations, and engagement in society."
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The report, which defines purpose as "a company's reason for being beyond
profits that guides its business growth and impact on society," examines several
examples of B2B companies putting their Purpose into practice. For example,
GAF — North America’s largest
roofing manufacturer — understands the importance of strong communities for its
sustained success; and seeks to make grassroots, community-driven impact in the
areas where its employees live and work. To this end, GAF has created a new
and has established strategic partnerships with several nonprofits to maximize
its impact. The company’s brand purpose, “We protect what matters most,” guides
engagement with all of its stakeholders — GAF engages with the communities
through donation of its products, time and expertise; and cash grants focused on
three core objectives: helping neighbors in need, creating disaster resilience
and building community.
from the B2B Purpose Paradox and download the report
Published Feb 11, 2020 7am EST / 4am PST / 12pm GMT / 1pm CET