In recent years, corporate voices have become more vocal in their commitment to conducting business differently. Blackrock CEO Larry Fink, for example, titled his 2018 Investor Letter "A Sense of Purpose," establishing an argument as to why business-as-usual would no longer be possible.
Both Fink's letter and the new direction out of the Business Roundtable matter because they are shifting the conversation as to what type of society is possible. Ironically, perhaps, those best positioned not only to prosper, but also to play a leading role in a purpose-dominant future are influencers.
The shareholder value obsession has been the dominant operating system since the Friedman school days out of the University of Chicago. In a rush to keep shareholders happy, corporations have been trapped in a cycle dominated by short-term thinking and decision-making. Marketers tasked with delivering ever-increasing sales targets and fighting for customer attention have been particularly stretched, with the average chief marketing officer lasting just about four years. This is a period too insufficient to create and steward a strategic vision.
The growth of influencer marketing seemed like a panacea to demands for more and more engagement. And, for a while, the budgets and clicks seem to affirm the allocation of those resources. However, as the efficacy of traditional influencer marketing is debated amidst a downturn, marketers are now seeking new options. As I noted in "Purpose, Power, and the New Influence," those influencers who stand for something meaningful and whose work is purpose-driven are the future.
The Three Horizons model provides a useful template for how purpose-driven influencer leadership can solidify and grow a new agenda.
The dominant force of shareholder value is on the decline. Business leaders have pushed back because they recognize that their businesses, and society as a whole, can't continue to function under this model.
The emerging change curve represents the willingness to change, mostly in the form of discussion within traditional circles — but it is still mostly lip service. There have been no transformational business models to accompany the rhetoric. The emerging change curve, when confronted with an uncertain environment, can slow a decline and maybe even create a temporary bump in growth. However, extended along a significant time horizon, inevitable decline sets in.
The third alternative, the weak signal curve, is where purpose-centered influencers can flourish in a leadership role. Unlike corporate leaders, influencers are grassroots-based and naturally embedded within communities through strong network relationships. These are the "engaged consumers">