Innovate for purpose, with purpose A majority of consumers—and especially those in the Gen Y and Z cohort—expect brands to be rooted in a greater purpose and companies to make their commitments known in multiple ways. As companies look to build fidelity, three innovation actions are worth considering. Innovate products and services. Innovate supply chains. Innovate employee experiences. More than half (51%) of Gen Y and Z consumers are Nearly two-thirds (63%) of Gen Y and Z consumers Sixty-four percent of Gen Y and Z consumers are attracted attracted to brands that translate their values into new are more attracted to brands that source services to buy from companies that treat their employees well, and innovative products and services. Moving forward, and materials in highly ethical ways. Innovations in accordance with the values they promote. There are every new product or service innovation must be firmly to create ethical supply chains (and bolster purpose’s a lot of innovative things companies can do to ensure and clearly aligned to purpose. Companies that have fidelity) may not change the end product at all— their purpose is reflected in employee experiences— purpose might consider acquiring brands that are aligned just the manner in which its contents are sourced. from ensuring pay parity to creating policies that enable to their—and their customers’—values. An acquired brand all workers to achieve a healthy work-life balance. that excels at purpose-led innovation can help strengthen Blockchain and digital mapping technologies have the fidelity of purpose that already exists. emerged as crucial tools for proving that supply chains Grocery chain Wegmans attributes the passion and are sustainable and use materials from reputable, devotion of its customers to its exceptional investment But what about existing brands in the portfolio? 13 in the training, development and happiness of its ethical sources. Food companies One Degree Organic 16 Companies have several options. They can, for example, and Mondelez14 employees. For example, it sends its deli workers take advantage of emerging technologies. Coca-Cola enable consumers to trace their product to France to learn about cheese and its butchers to ingredients back to their origins. Intel has established 17 and AB InBev are doing that with KeelClip, a recyclable a responsible minerals sourcing program and also Argentina to learn about beef. For companies in which paperboard product that replaces traditional shrink- works with 50 strategic suppliers to combat forced purpose-led innovation is aligned to respect for the 12 wrapped plastic. Companies might also consider 15 individual, the returns on investment can be huge— co-sourcing innovation to achieve fidelity of purpose and bonded labor. not only in terms of more engaged workers, but also —either with other companies or even their consumers. consumers who appreciate and reward the companies that treat their employees the way they deserve. 9 | GENERATION P(URPOSE)