(MENAFN- PRovoke)
WASHINGTON, DC - PR agencies don't have to choose between profit and purpose in a difficult economy, heard delegates at PRovokeGlobal today, but they must be willing to commit to their values for the long-term.
That was one of the key takeaways from a panel session at the 2023 Entrepreneurs' Forum, which kicked off the PRovokeGlobal Summit in Washington DC today.
Julie Colehour, partner and co-founder of behaviour change agency C+C, said: "If you do purpose well, and have that as your focus, you drive profit. I don't buy into an either/or model."
Additionally having a purpose-driven approach helps with staff retention, Colehour said, adding that C+C had kept its workforce through the 'Great Resignation'.
"We've had years where we kept the firm too people-heavy, but we loved all our people, believed in ourselves and backed ourselves to go through to a better year," added
Rebecca Mayo, joint MD of UK-based Lansons.
A purpose-driven approach brings challenges, the panel agreed, particularly in difficult economic times. "It's difficult when you have extra benefits for employees, we're happy with it but of course there is more cost," said Matias Cartajena, founder and CEO of US and LatAm agency Simplicity. "On the other hand, we decide sometimes not to work with a client so we have more cost and less revenue. We're still a company – but we've decided that's a good challenge."
Mayo advised implementing values and cascading them from the top down through an organisation to ensure a value-driven approach through growth. "As leaders and owners, this can't be a one or two person job," she said. "Values are often set by founders but you need to find a way to cascade them organically."
And Colehour said even if an agency isn't focused on purpose, bringing the conversation to clients and helping guide them into making decisions to support people, communities and the environment will help them achieve more. "If they can support their customers, whoever they are, in a purposeful way that's a deeper connection that will last over time."
Cartajena, who shared his personal journey of setting up Simplicity after a race to the top of an international PR firm had left him 'empty', added: "We've built this company to be happy. We aren't afraid to lose a client we don't like. We're now going to export this purpose to Miami and wherever we open an office in other cities. It's a challenge because this is so soft, but so important at the same time."
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