Why a Purpose-Driven Brand is Good for Business
The idea of a purpose-driven brand is nothing new. But over the past few years the idea of creating a culture that gives back has enjoyed a strong resurgence. And for good reason: A company’s commitment to doing well by doing good is a defining advantage in today’s competitive marketplace. Blending for-profit motives with nonprofit values is essential for:
- Employee recruitment, motivation and retention
- Supplier and investor relations
- Market differentiation
- Customer engagement and retention
Studies show 90% of U.S. shoppers would switch to a cause branded product. When it comes to contemplating where to work, 64% of millennials consider a company’s social and environmental commitments. Simply put, people want to support brands that have a purpose.
Just like having a mission and values, possessing a purpose is a vital component of any business. That’s why Prosper for Purpose was established around the idea of using our time, talents and profits to help address social issues and make a difference in the world.
Since our inception, Team Prosper has been committed to giving back to our clients and local community. In 2015, we began The Prosper Project to provide pro bono work to a cause or nonprofit each year. In 2016, we became a Certified B Corporation, joined One Percent for the Planet, and rolled out our 12 Months of Giving program as another way to provide our services to local nonprofits.
We’re proud of our commitments to being both socially responsible and environmentally sustainable. Our efforts connect and bond us to communities of like-minded people, raise awareness for worthy causes, increase team morale, and make a positive impact on people and the planet.
If giving back isn’t ingrained in your company’s DNA, don’t worry—it’s still possible to make a difference. The first step is to choose a worthy cause that supports your mission and values. Then make a long-term commitment to that cause, not just a fleeting sponsorship. Keeping your mission front and center for employees, partners and customers to see will help your efforts feel more authentic and allow you to make a significant impact.
By making your mission matter and creating a culture of purpose, you’ll be on your way to doing well by doing good.