Purpose in Business is at a Crossroads
With the current segmentation of markets worldwide, the architecture of purpose has never been more relevant. In fact, purpose in business is at a crossroads between doing it right or risking ‘purpose washing.’ How can brands take the steps to operationalize purpose from the inside out to impact people, planet and profit (while leveraging the $12 trillion opportunity of aligning with the UN’s SDG goals)?
Carol Cone, Founder of Carol Cone on Purpose
In episode 29, we tour the evolution of purpose with Carol Cone, internationally recognized “purpose queen” (by the BBC) who has dedicated 35+ years to steering the purpose movement, 250 purpose programs and more than 30 research studies with major brands like Unilever and Microsoft to name a few -- ranging from social purpose, ESG strategies and communications, cause branding, nonprofit positioning, fundraising and stakeholder engagement. Her innovation (“My Special Aflac Duck”) to have Aflac sponsor the build of a social robot and comfort pediatric cancer patients during their first 1000 days of treatments was named one of Time Magazine’s Best Inventions, Best in Show at CES and winner of 2 Cannes Lions. She is the founder of Carol Cone On Purpose.
Presently, the purpose conversation is at a crossroads -- as a brand, are you on the side of operationalizing purpose authentically or riding the trend at the expense of ‘purpose washing’ (intent externally without real impact internally)? With impact front and center, brands have the power to tap into the $12 trillion opportunity should they walk their talk and align with one of the UN’s seventeen SDG goals. Carol highlights a core insight of purpose -- that as a market segments, it also matures (think: how brands unite purpose across storydoing and storytelling matters even more). Helping us unpack the 4 C’s of purpose driven leadership (commitment, culture, colleagues and collaboration), she makes the case that purpose architecture touches all stakeholders and isn’t just good for business, but also people and planet. To reaffirm what we already know to be true in line with Paul Krugman’s wisdom, “every social and environmental issue is an economic opportunity in disguise.”
In looking ahead, what we need is to actually move towards justice and liberation, which if considered as an add-on to DEIA, can more precisely target the points of privilege and oppression we exist in. From there, we can begin to delve into questions around who holds power within an organization, and how to implement capacities for growth (such as antiracism) within the systems that hold sway to create real change internally.
“Every social and environmental issue is an economic opportunity in disguise.”
Discerning between authentic purpose vs. purpose washing with brands like Avon, Audi, P&G, PNC Bank and Aflac
The evolution of purpose from cause marketing to stakeholder capitalism
How George’s Floyd’s murder and the subsequent BLM resurgence accelerated the purpose conversation in business
The gold standard of purpose and how the B Corp certification fits into the picture
Why operationalizing purpose is a present challenge for B2B companies
How the marketing, advertising and comms industries will need to shift to do purpose right
The brilliant impact of “My Special Aflac Duck” in connecting business + innovation + pediatric cancer patients
