‘Pride’ & ‘Joy’

PURPOSE creates PRIDE & JOY

which leads to

CUSTOMER RETENTION

How can you put joy into a customer experience, if there is no pride in the company?

How do you instil pride into the business with your staff?

There’s many a commentary on how to do this and it’s mainly on leadership management tips.  Very useful managerial advice here’s a link to a post I did recently titled How do leaders instil pride of purpose.

But I want to chunk this up.

Simon Sinek stated that the ‘why’ (purpose) of the business must be something more that financial results.  The reason being this is more emotionally engaging to both staff and customers alike.

The statistical business benefits are compelling.  The potential benefits for society are even more compelling.

Deloitte’s published a survey in 2013 titled A Culture of Purpose – A business imperative. The results, they show, demonstrate how businesses are not fully leveraging the power of purpose in business.

EY states in their research paper ‘ that business purpose is underleveraged as well.

The EY Winning with Purpose research results show employees are 1.4x more engaged, 1.7x more satisfied and 3x more likely to stay (get and keep the best employees). 89% of customers believe a purpose led business will deliver higher quality products, 72% of customers would recommend a purpose led business and 84% of customers make a cause related purchase annually (attract, engage and retain customers).  What this means for the shareholders is increased returns.  Purpose led businesses outperformed the S&P 500 by 10 times between 1996 – 2011.  Meaningful brands connected to human well-being outperformed the stock market by 120% in 2013. (refer to the link for their source referencing).

Why do these results happen?

It happens when the leadership of the business decides to have a purpose (why) for the company.  One that’s meaningful and inspiring.  One that gives their employees pride.  One that’s for the betterment of others not just for the shareholders.

With pride, it makes coming to work each day that much more enjoyable.  The result is higher levels of performance by employees.  You could say they have more joy in their lives, consequently.

Engaged employees will more than likely deliver a memorable service that’ll delight the customer.

What chance is there of this happening if employees finds little joy in their work.  What chance is there of the customer coming back if they didn’t have a joyful experience?

Having pride & joy in a company is critical to the business regarding customer acquisition and retention.  Without pride & joy, the ‘service’ and the ‘experience’ the customer has isn’t likely to be very engaging is it?

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