Partner Article

Why every business needs PIE

Every business needs to have PIE – a clear understanding and articulation and plan to deliver its Purpose, Identity and Engagement.

“Make your work to be in keeping with your purpose“ Leonardo da Vinci

1. Purpose. This is a crisp, clear, compelling, confident statement that answers the question, “Why do you exist?” Why do you and your people get out of bed in the morning? Why would your market and the world be a poorer place if you simply ceased to exist? What do you generate beyond profit and what impact do your activities have on your people, your communities and the larger world?

2. Identity. How will you express what makes you special and unique to your marketplace? Is it relevant? Is it authentic? Does that matter?

3. Engagement. How do you connect your Purpose and your Identity to people inside your business – so they can help you get there; and outside your business – so you create, develop and defend a powerful reputation?

What is a Purpose-driven brand?

A Purpose-driven brand is one where the organisation has consciously placed its “Why” front and centre – in how it communicates, but more importantly, in how it actually behaves in its business conduct. Some examples:

Amazon. “To enable freedom of choice.”
IBM. “Solutions for a smarter planet.”
EY. “Building a better working world.”
SAP. “Helping the world run better.”
McKinsey & Company. “World-changing client impact.”
Unilever. “Create a better future every day.”
P&G. “Purpose driven innovation.”
The Coca-Cola System. “To inspire moments of happiness.”

Forbes magazine published figures:

87% of global consumers believe that business needs to place at least equal weight
20% of brands worldwide are seen to meaningfully positively impact people’s lives.
Only 6% of people believe the singular purpose of business is to make money for that support this thinking: on society’s interests as on business’ interests shareholders.

Jim Stengel identified ‘The Stengel 50’ – the world’s most purpose-driven brands. And guess what? Investment in these companies over the past decade would have been 400% more profitable than an investment in the S&P 5003

So if you understand your PIE, it provides a clear compass that should guide your business in: