A Socially Conscious Brand business model is the future
Having a socially conscious brand is indeed the future and not simply because the way we do things needs to change on a global scale!
If the aftermath of Covid-19 teaches us anything it should be to become more globally conscious, environmentally friendly and less wasteful of resources.
But as a businessperson if none of the above are of immediate concern to you then simply consider this…
A socially conscious brand means brand advocacy.
A socially conscious brand means customer affinity.
A socially conscious brand means reaching more people.
A socially conscious brand could be the difference between long term survival or obsoleteness!
These are all strong statements but the marketing landscape has changed significantly over the last 20 years.
Many older notions of how to reach customers are becoming less and less effective, even in the digital marketing space!
The Digital Challenge
With the rise in digital marketing and decline of broadcast and print media it would be easy to assume that every brand or business could now tap directly into their target markets with less reliance on third parties.
However, brand marketing has become more difficult.
Today, consumers are more demanding and hold more power than ever before.
This is largely thanks to social media whereby tech-savvy millennials and Gen-Zs can talk back to brands in a public domain and can ultimately affect brands positively or negatively.
Despite sophisticated ad targeting technologies, many of this generation simply tune out from direct marketing and the rise in use of ad blockers has not helped either.
Gen Z and millennials value convenience, experience and access.
Technology has made access easier than ever.
There is an upswing in the use of AI technology to make buying decisions too.
E.g. “Alexa, find me the cheapest deodorant.” Or “Hey Siri, who makes the best pizza in the area?”
Recent statistics state that consumers wouldn’t care if almost three quarters of the brands they use just disappeared.
Socially conscious brands
“Humans think in stories, and we try to make sense of the world by telling stories.” – Yuval Noah Harari, author.
Consumers are humans and therefore want to be heard, appreciated and advocated for.
They want to trust brands and organisations they perceive to be doing their best to make their lives better.
Sadly, as documented in this provocative article by The Guardian, with the rise in fake news, alternative facts, and conspiracy theories, the default for this generation is ‘not trusting.’
Trust in governments has fallen dramatically and NGOs and businesses are the only two sectors that hover just over the 50% approval rating level.
The Edelman Trust Barometer has surveyed tens of thousands of people across dozens of countries about their level of trust in business, media, government, and NGOs for the past 19 years.
Some interesting take-outs from their most recent survey reveals that 50% of buyers make their buying decision based on their belief systems.
A staggering 81% believe that a business or brand can both turn a profit and do good work for society.
Only one in five people surveyed believe the current system is working for them!
Significantly, one of the biggest rises is in news engagement and the amplification thereof.
76% say that that CEOs should take the lead on change rather than waiting for governments.
All this point toward one thing – a socially conscious brand business model is the future!
Look out for next week’s blog when we dig deeper into socially conscious brands and how they can so easily get it right or wrong.
Please do not hesitate to contact us for a further information on our services.
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- Coronavirus spotlights the need for businesses to go digital
- The Power of a Good Story