The role of business in social change
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Some consumers have begun to follow companies who take a stand on certain issues. Is your business passionate about anything?
Have you noticed how some big-name companies now take a stand on social and political issues? The norm used to be that most businesses remained neutral on hot-button issues. These days, companies are speaking up on everything from sustainability to the DACA program.
Increasingly, consumers are paying attention to how brands help solve problems. Millennials especially want to know that the brands they support are playing a role in societal and environmental issues. Here are some questions to consider if your business is ready to support something you may be passionate about.
Identify relevant issues
Are there any organizational issues, local school causes or charities that you can get behind whole-heartedly, and if needed, for the long-term. Ask what issues are most important to us? How, when and where can we make an impact?
It makes sense that outdoor outfitter Patagonia is vocal on environmental issues. After all, their customers spend a lot of time outdoors. A less obvious, but still relevant issue, Patagonia gets behind is voting.
Partner with other organizations
Patagonia didn’t just give their employees time off to vote; they persuaded more than 400 other companies to do the same. By partnering, they raised more awareness than by speaking alone.
Partners can be other companies, government agencies, and non-profit organizations. Harvard Business Review outlines the five things you need for an effective partnership (process, people, place, portfolio and performance) in this detailed report. Do you have any partner companies that you’d consider teaming up with to make a difference?
Have the courage
Taking a stand can require courage. Activist companies may not always please everyone, but likewise there will be those who share your values who could prove to be very valuable to your bottom line. According to a Cone and Porter Novelli study, 8 in 10 consumers are more loyal to purpose-driven brands.
Is it time to show others what your business is passionate about? Start a conversation today about the causes that are important to your business.
Do you have business banking questions? Contact our knowledgeable business development managers or call 800-991-2221. We’re here to help grow your business!
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