Marketers Utilizing Bravery, Not Apprehension, to Bring About Practical Transformation
Let's Talk Brands and Social Change:
We're living in a world where every day brings new social, political, and economic hot topics that ignite differing opinions and concerns. And it's not just the world at large feeling the tremors—businesses are experiencing it too. About 64% of people would either back a brand or shun it, depending on its stance on a social issue.
But instead of viewing this as a threat, smart brands see it as an opportunity. When they tackle social issues smartly and meaningfully, they can become catalysts of change, positioning themselves as strong, influential players in society.
So, instead of fearing the backlash, brands should embrace the power they wield. Here's how they can make a real impact:
- Aligning Values:Brands should stand firm on their social values and ensure they mirror the company's core mission. This bolsters authenticity and boosts stakeholder trust.
- Strategic Goals:Integrate social responsibility into the overall corporate strategy, reaching beyond the PR department. Make it an essential component of every department, fostering a work culture driven by social values.
- Tangible Objectives:Define clear, quantifiable goals related to social issues, like diversity, sustainability, or community welfare. Tie these goals to internationally recognized frameworks like the UN Sustainable Development Goals (SDGs) to show commitment and seriousness.
- Stakeholder Engagement:Engage employees, customers, suppliers, and community members in your social responsibility initiatives to build a broad base of support and participation.
- Transparency:Keep stakeholders informed of your social impact efforts through regular communication, whether it's through reports, blogs, or social media. Honesty fosters trust and accountability.
- Partnerships:Collaborate with purpose-driven organizations to amplify impact and credibility. Such collaborations bring new perspectives, endorsements, and access to underserved communities.
- Risk Mitigation:Address social issues like systemic racism, environmental sustainability, and supply chain ethics proactively to minimize operational, legal, and reputational risks.
By thoughtfully integrating social issues into their core practices through measurable goals, transparent communication, stakeholder engagement, and strategic partnerships, brands can truly drive meaningful societal change while minimizing risks and solidifying their influence in the marketplace. This comprehensive approach to social responsibility elevates brand relevance and resilience in today's socially conscious environment.
References:[1] COVID-19: How Brands Are Responding (2020) | Boston Research Group [2] Connecting Social Purpose to Business Strategy (2016) | Deloitte [3] Values Alignment Is Key to Sustaining Employee Engagement (2018) | Harvard Business Review [4] Employee Engagement and the Role of Workplace Culture (2016) | Cornell University [5] The CR Reporting Awards Guide 2020: Key Sustainability Reporting Trends (2020) | Ethical Corporation
- By establishing a strategic position in the finance sector that prioritizes social responsibilities, brands can mitigate potential risks associated with public scrutiny and public relations incidents.
- Embracing the decentralized finance (DeFi) landscape, a burgeoning sector in the financial industry, can provide brands with opportunities to showcase their commitment to transparency and innovation, appealing to a younger, tech-savvy demographic.
- Aligning their lifestyle focus with social issues can not only enhance brand reputation among the target audience but also contribute to the advancement of sustainable business practices, subsequently improving overall financial health.
