Establishing and operating from an anchor of a “living purpose” creates a distinct competitive advantage for companies and a mechanism to engage your stakeholders. For example, customers who are aligned with a company’s brand values deliver twice the share of wallet (47%) as customers who aren’t aligned with that same brand (23%) .
Articulating an inspiring, overarching purpose statement is an important first step in helping your purpose take hold. While it’s not enough on its own, it can be the connective tissue or jumping off point to clarify and integrate your organization’s values, cultural norms, and long-term strategy.
I am excited to share this article with you from strategy + business. Together with my co-authors, we outline the dramatic transformation of NYU Langone Medical Center during the past 10 years. Learn how Dean and CEO Robert Grossman, M.D., drove the organization's strategy forward, while also increasing employee engagement and ensuring excellent patient care. Any organization can take away lessons from this case study: how to create and go after a vision; how to use data to inform actions and create engagement; and how to upgrade and support talent during a transformation effort.