There’s a lot of talk (particularly in CSR circles) about societal purpose and the importance of it in adding worth and value to major brands. The idea is a simple one: you make it a key aim to define your company or brand’s core outputs as fundamentally about making a positive contribution to society, or enhancing quality of life. Well, that’s easy to say – but is it something big business wants or even values? Well, the short answer seems to be “yes”.

A new survey conducted by the Economist Intelligence Unit found that more than three quarters of the respondents (76%) believe that the value of a company should be measured by the positive contribution its core business makes to society, as well as by its profits.

What’s more, it’s a trend that means more to those born after 1981. Research among so-called Millennials showed 92% believe that the success of a business should be measured by more than just profit, suggesting that a company’s “societal purpose” is a key priority and expectation for them.

What is perhaps even more concerning is the lack of external visibility for most societal purpose: whilst 82% of business leaders said their company had a statement detailing its “societal purpose”, only 25% thought that this purpose was well-known by their customers, consumers or clients.

Whilst societal purpose is still in its infancy, it seems clear that it will become of profound importance as every year passes. Having worked on such reputational issues recently with major companies such as National Grid and British Land, it seems that now is the ideal time to ‘grasp the nettle’ (and reflect your thought leadership) by expressing your purpose with meaning and pride.