Approximately two-thirds share of the world’s population are the people of generation Y and Z. Having such a huge share in the digital market, their spending power and influence simply can’t be ignored since their demands, expectations, and preferences are going to dominate the market in the times ahead. Unlike the earlier generations, consumers from generation Y and Z are a lot different and advanced who emphasize on company’s purpose and vocalize their opinions.
Businesses Need to Elevate their ‘PURPOSE GAME’
Generations Y and Z have eventually taken a step towards the Generation Purpose which indicates that enterprises need to step up their purpose game. Businesses having a purpose is just not sufficient for the Generation Purpose users since they expect modern businesses to introduce purpose across their enterprise through every touchpoint- actions, words, products, offerings, and methods of doing business.
To reach this level, businesses will need to bring more clarity to their thoughts, beliefs, and what they value. In today's digital landscape, it will not be enough for businesses to attract the audience simply by showcasing the strengths of their enterprise, rather they’ll need to prove the strength and fidelity of their actions. This is the only way out to convince and grab the attention of the Generation Purpose crowd. Implementing a purpose-led mindset for bringing innovation throughout every phase of a business even assists in attaining sustained competitiveness in the long run.
Why do you need to get the purpose right?
The majority of the consumer segments tend to be more affected by the influence of purpose and since generation Y and Z account for nearly two-thirds of the world’s population, understanding the business purpose correctly becomes important than ever before. These generations have a clear knowledge of authenticity and the significance of purpose, unlike all other generations. This is why this generation is Generation Purpose and there seems no existence of businesses who don’t have their purpose clear yet.
What businesses brag about their offerings will not convince the consumers anymore to invest unless you stand for issues they care about and evidently express core values that align with their own. Since consumers are becoming more demanding and informed than before, they are no more going to be influenced by your words or what you boast about your brand.
Innovation is the Key for Purpose-Led Innovation!
In this competitive era, proving the authenticity of your business can only be done with purpose-led innovation. There is a misconception amongst the majority of business owners that innovation is only about introducing new services and products or carrying out more R&D initiatives. Well, the fact is, innovation needs to be implemented in multiple ways to portray an organization’s commitment to a purpose which is with purpose-led innovation. For this, businesses need to be open to ideas that originate from both inside and outside the organization as this will assist enterprises to promote the value that keeps your business going in the long run.
Consumers of generation Y and Z usually are drawn to businesses that put purpose before profits and are willing to take intentional risks. All in all, it is the purpose that can enable a business to innovate and improve the parameters on which the brand is judged by the end customers. The lens of purpose will comprise numerous factors such as products, offerings, processes, supply chain, customer experience, employee experience, and organizational models as well.