184 week ago — 6 min read
“The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger, the other for opportunity. In a crisis, be aware of the danger — but recognise the opportunity.”
All organisations experienced danger on many fronts during 2020 – the pandemic, spreading wildfire outbreaks, social instability, and economic fallout, translating into financial, employee, customer, distributor, supply chain, and other impacts. As I write this article the news coming out of Texas as a result of the extreme weather conditions is today’s reminder that “disruption” is not a concept, and it’s not limited to technology. It’s pervasive and real.
Directing efforts to recovery – to reverting to the way things were – is not a strategy.
The fundamental question facing leaders to ensure alignment of strategy, people, capital, and other resources to move forward and thrive under these circumstances is: “What is your purpose?” Said differently, “How will people in your organisation make a difference and derive meaning from their work given the world we have entered?”
Evidence suggests that purpose-led brands:
This is a practical list of today’s realities.
Here are seven top-line “how’s” for leadership to create the framework for a meaningful purpose that will strengthen your focus on the opportunity in crisis:
Patagonia was well ahead of the times on being purpose-driven. The brand’s purpose: “To build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”
On Black Friday 2011 Patagonia placed this now-famous ad in the New York Times
This ad is one example of what being authentic to purpose means. Business priorities supported by the purpose: reinforcing the brand values, product durability, premium pricing, and differentiation in a busy category.
Consider CVS’s commitment to purpose, beginning with their name change, from CVS Caremark to CVS Health in 2014. The change aligns with the company’s purpose: “Helping people on their path to better health. Whether in our pharmacies or through our health services and plans, we are pioneering a bold new approach to total health. Making quality care more affordable, accessible, simple, and seamless.”
CVS decided to halt selling any tobacco products as part of a deliberate realignment, including establishing new health partnerships and in-store services and merging with Aetna. CVS gave up a reported $2BB in tobacco sales and then saw overall growth. A further stakeholder impact has been that the move out of tobacco created public health benefits as studies have linked overall declines in tobacco purchasing with CVS’s decision – and the decline also includes other tobacco sellers.
Look to these execution indicators as a starting point:
Finding brand purpose and operating towards the North Star it establishes is a journey, one that is worth taking given the evidence of its impact, and the extraordinary opportunity these times offer to redefine where your organization is heading.
Also read: Strategy: Now is not the time, but now is always the time
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
Article source: www.amyradin.com/finding-opportunity-in-crisis/
Image source: shutterstock.com
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
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