New businesses are cropping up daily in the age of technology as it becomes easier and more viable to replicate already established organizations. This is great for consumers who want more options. But it’s not so great for businesses, who have to remain competitive and set themselves apart among a constant onslaught of competitors.
And this is here mission makes the difference.
(By the way, if you want to learn about the other five pillars you need to master to remain competitive in the digital age, you can download our eBook.)
The Benefits of Mission-Driven Business
Your People
People love a good mission, including your people. Employees that align with an organization’s mission are 54% more likely to stay at a company for more than five years. What’s more, mission-driven employees are 30% more likely to be high performers within the organization. When your workforce is more engaged, they are also more likely to be adaptable and resilient when faced with unexpected crises, like a pandemic.
And being a mission-driven business may actually help you get people into your ranks. Millennials and Gen Z consider “deeper purpose” the second-most important aspect of a company when considering a new position. As job seekers continue to have more options when choosing positions, your mission may be the thing that gets your organization the best employees.
Business Success
Mission-driven businesses show staggeringly increased growth compared to their non-mission-driven counterparts.
A study showed that mission-driven businesses experienced 46% greater market share gains and grew 3x faster than their competition.
Maybe’s that’s because consumers are four to six times more likely to trust and defend companies with a strongly defined mission.
Maybe it’s because consumers are four times more likely to purchase from the brand, leading to increased market share and explosive growth.
Yes, price and quality remain the primary factors consumers consider when making a purchase. But an ever-increasing portion of consumers believes that businesses today have a greater responsibility to act on purpose-driven issues.
The Hallmark of a Mission-Driven Business
Having a mission is great. In theory. But companies also need to execute in line with that vision.
In a recent survey, only 42% of employees reported that their company’s stated mission had much impact. A clearly defined mission and concrete goals presented in a way that your workforce will understand are key. Employees need to see how their work connects to the success of the mission statement to really believe in the mission.
Remember: at the core of any business functioning well is its people, from leaders to employees and customers. Ensuring that these individuals are taken into consideration when making business decisions is key to the success of your mission.
Remember to read our new eBook, the Six Strategies to Evolve your Workforce in the Age of Automation and AI, to learn more about creating a robust, thriving, and mission-based company.
