We are all humans first, and customers second. And there is ample empirical evidence on Brand Purpose driving real top-line revenue and results coming from innovation. Allow us to use P&G as an example.
For example, as HBR reported; “Innovation has long been the backbone of P&G’s growth. As chairman, president, and CEO Bob McDonald notes, “We know from our history that while promotions may win quarters, innovation wins decades.”
Further: “These investments are necessary but not sufficient to achieve P&G’s innovation goals. “People will innovate for financial gain or for competitive advantage, but this can be self-limiting,” McDonald says. “There needs to be an emotional component as well—a source of inspiration that motivates people.” At P&G that inspiration lies in a sense of purpose driven from the top down—the message that each innovation improves people’s lives”.
The rest is history. And we would encourage you to dig deeper.
P&G came up with six key best practices:
1. Closely coordinate the factory and the core business.
2. Promote a portfolio mind-set.
3. Start small and grow carefully.
4. Create new tools for gauging new businesses.
5. Make sure you have the right people doing the right work.
6. Encourage intersections.