How to Prosper by Putting Love to Work
The business world is missing love. Moshe Engelberg PhD., a leading business consultant, explains why brands need to prioritize compassion and connection to remain competitive.
In a number of previous articles we’ve discussed the concept of Purpose and the role that it has in molding your business. Purpose should be at the heart of everything your business does, but there are a lot of purposes in the world. To “Improve humanity’s dental hygiene to drive better teeth and personal well being.” as Mario Debout mentioned is a great purpose for a company producing tooth brushes, but where does this fit from a macro-perspective.
In this article we’ll be looking at how companies can communicate their purpose more effectively by coupling it with game theory and the social and environmental values that are shared by nearly everyone around the globe.
Anyone familiar with business will know that companies offering similar products and services will often engage in price wars which can result in long term losses for the weaker side. Game theory in business would call this a zero sum game. We think that purpose driven companies are better served by making the strategic decision to avoid these types of practices. Instead, economic growth can be achieved by playing a cooperative game, working towards the result that is not only best for them but for the world as a whole.
A real world application of this would be basing your company’s purpose around the U.N. sustainable development goals. By focusing on one or more of the 17 sustainable development goals, not only are businesses able to promote their corporate social responsibility (CSR) to the general public, they are also able to reach a larger audience that cares deeply about these causes.
The breadth and depth of the SDGs make it possible for nearly any business to become active in achieving global goals. Businesses also don’t have to feel that they are limited to just one of the goals. There are many examples of products/services that combine elements of multiple goals.
One example of this would be the increase in free online learning platforms, which not only works towards providing quality education to those in need (SDG 4), but also as it is gender neutral can be seen as working towards creating gender equality (SDG 5). At RDB, the work that we’re doing for many of our clients is centered 7 SDGs, but the biggest impact will be created within the SDG #17 (Partnerships for the goals) to enable others, such as #13 (Climate Action), 14 (Life below water) and 15 (Life on land).
Additionally, capital investment is expected to play a crucial part in the progressive advancement of the SDGs. Estimates on the costs to achieving the SDGs vary greatly with the UNCTAD predicting that $2.5 trillion would need to be invested annually to for all 17, while others have said that the SDG 16 alone will require over $1.8 trillion per year.
As they affect both the private and public sectors, influxes of investment can be garnered from sources that wouldn’t generally be available on such a large scale.
The drive for innovation, not only to achieve an individual goal, but also to bring down the total costs for all the goals means that companies, investment funds as well as governments are all looking for investment opportunities.
As we’ve mentioned before, the SDGs are not independent from each other and businesses that can find a way to step up and work towards more than one goal at the same time will become even more appealing as the 2030 deadline approaches. Any new business or company looking to rebrand themselves for the long term should look to the SDGs as a starting point for developing their purpose. Not only will this help you in establishing the core of your business, but also help to develop shared values with potential customers and investors.
The priorities of the world are changing, and making sure your message is heard is more important than ever.
Let us show you how a purpose-led communication strategy can make a difference!
Read other articles connected to purpose-driven branding
We’ve only just begun: Moving toward creating shared values
Business is often a cutthroat world, but what if it didn’t have to be.
How can adapting your business strategy towards the greater good make your business more viable.
Leading a Business Through Crisis
This is the brave new world of social entrepreneurship. Purpose isn‘t just the new way to operate, it‘s the way forward for businesses. Mario Alonzo-Debout, CEO and Founder of RDB Agency, and Global Marketing Expert Karen O‘Brien decode this new world, and how you can become a part of it.
