B2B companies overwhelmingly believe it is essential to bring a sense of purpose to their organizations, but they lack the critical knowledge and capabilities necessary to activate successful purpose-oriented initiatives. That is the key finding of a new report, The B2B Purpose Paradox, a collaborative effort conducted by the ANA, Carol Cone ON PURPOSE, and the Harris Poll.

The study revealed that:

• 86 percent of B2B companies embrace purpose as important to growth, but they are still on the path to implementing purpose so that it influences business and social outcomes.
• However, only 24 percent said purpose is embedded in their business to the point of influencing innovation, operations, and their engagement with society.

This is the “B2B Purpose Paradox."

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The B2B Purpose Paradox also revealed these additional insights:

• B2B companies are increasingly embracing purpose as a driver of business growth, contrary to the commonly accepted belief that they lag well behind their B2C counterparts.

• The C-suite drives purpose strategy within respondent organizations, while HR, corporate strategy, and planning lead implementation.

• Hybrid B2B/B2C companies (serving both consumers and other businesses) are more effectively integrating purpose than companies that are solely B2B.

• The financial services, insurance, and professional services sectors lead in purpose, while manufacturing and telecommunications lag, among the eight industries surveyed.

• B2B companies admire and do business with other companies that are purpose-centric: The majority of B2B purchasing decision-makers choose companies with purpose and are willing to pay more for their products and services.