The Harvard Business Review conducted an eight-year study examining three key strategies known to drive corporate growth: creating new markets, addressing a wider swath of stakeholder needs and changing the rules of the game.
It helps build trust as the cannabis industry emerges from 70 years of misinformation and misunderstanding.
Consumers buy products from companies like Apple, Harley Davidson and Whole Foods because those companies stand for what those consumers believe in.
If the consumer sees their life purpose reflected in a company’s mission, they are more likely to see this brand as a way to establish or support their own story.
The degree to which a consumer aligns with why a company exists factors into that consumer’s valuation of the company’s products.
• Brand Loyalty: The cannabis industry is a challenging market to stand out in, and purpose helps brands articulate what problems they’re aiming to solve.
Recruiting And Retention: Employees like to be proud of what they do and what their organization stands for; it keeps employees engaged.
Goal-Setting: When people understand how purpose fits in the big picture, it makes them feel that they’re part of something greater than their job or even the product they are selling.
For cannabis companies, a well-defined, resonating purpose can rewire perceptions, inspire stories, create brand loyalty and help attract and retain top-flight talent.
Cannabis companies that want to stand apart from the pack need to emphatically and enthusiastically be able to answer the question, “How do we keep score other than money?” The answer to that question will help bond people across siloed parts of the organization, identify your strategies for customer engagement, cultivate a diverse culture, and define and refine who you are in the world.
In short, put humans at the heart of the decisions at your cannabis company.