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The rise of social media has given consumers unprecedented power to demand from companies alignment with their values.
Simply log-in to Facebook for example; your feed is a combination of personal, political and business thoughts. This is how we now consume information, and why customer expectations have completely shifted. Step two is to try to hire empathetic, understanding employees. If your company has a strong CSR programme, these kinds of employees will naturally be drawn to your business.
Once an employee plan is in place, organisations can find creative ways to establish and progress the same mentality business-wide. Can you purchase locally from small businesses? Can you work with a social enterprise for catering? Is it possible to include volunteering in your on-boarding process or your team off-sites?
However, the tide is turning. Increasing awareness around these issues has led to a rise in what is known as conscious consumption, a movement of people who seek out ways to make positive decisions about what to buy and look for a solution to the negative impact consumerism is having on our world. This is a growing tribe: Greenwashing and a token CSR [corporate social responsibility] marketing campaign are no longer enough.
In an increasingly open, digital world where authenticity is the buzzword of choice, businesses must keep up with growing demands for ethical behaviour and transparency in everything from employee rights and gender discrimination to the supply chain.
In studying for my PhD, I researched product supply chain transparency in depth, looking at technologies to improve information about products and the global network of people and resources that fuel them. I believe technology is the key to dealing with the challenges created by consumerism. Open data, social networks and mobile tech can change the game. And in a homegrown movement, certain brands of milk were avoided by consumers in May after it was revealed dairy processors and exporter, Murray Goulburn and Fonterra, had slashed the price it was willing to pay Australian dairy farmers for their product.
Entrepreneur Overconsumption Ethical and green living Waste Green economy blogposts. Today, brands matter a lot, and what companies we do business with also matters. Consumers are expecting more from the companies they do business with. The Temasek European Advisory Panel TEAP brings together eminent business leaders and experts to share insights and perspectives on major political, economic, social and industry trends, with a focus on Europe. The general election is a matter of weeks away and every vote is to play for. Once you begin to document how you should react, you begin to gain clarity on values and ultimately, what you stand for.
In the last quarter of , however, the issue of brand ethics was put firmly in the spotlight. Our customers are choosing to make what they perceive to be positive decisions about what they buy and where they spend their money — and offset what they feel to be the negative effects of consumerism. This type of conscious consumerism has been on the rise for a while but social media has — and continues to — act as an accelerant.
Good for Business: The Rise of the Conscious Corporation [Andrew Benett, Ann O'Reilly, Cavas Gobhai, Greg Welch] on bahana-line.com *FREE* shipping on. In Good For Business, the authors show not only why building an authentic corporate brand is critical to success, but how to do it in a way that.
Platforms such as Facebook and Twitter are making it much easier for consumer activists to share information and lobby for specific campaigns. Companies increasingly must walk the talk and address the growing demand for ethical behaviour across areas like supply chain sourcing, employee pay and gender equality.
Going forward, brands will increasingly be called upon to publicly define and prove what they stand for.
They are typically defined as companies that add meaning to a service or product to connect on an emotional level. Purpose is often tied to giving back to local communities or the environment.
Perhaps the best-known examples of brands with purpose are Dove and Chobani. In fact, Chobani is a particularly good example of a brand that has created immense value from focusing on a higher purpose.
From the humane treatment of its cows, to the fair and respected relationship with its farmers, to giving each of its employees a stake in the private company, it is a case study in authenticity. This authenticity also served Chobani well when dealing with a recall crisis on a small batch of product in This led with an apology from its founder that began: As we move through , I expect to see even more consumer pressure on brands as they are called into question issues like gender equality, employee condition, political affiliations and environmental concerns.