Today’s consumers are increasingly tech savvy, socially and environmentally conscious, and willing to make buying decisions based on priorities over price and product. Technology has given increased transparency into business activities and the impact of those activities on our lives, communities and global well-being.
Businesses are exposed to a new kind of socio-political risk, forcing them to be more conscientious about their actions and priorities. Profit-centric business models are giving way to a more socially responsible approach to delivering value that serves a greater purpose.
“Millennials research brands in advance, looking for their contribution to the community and their social responsibility efforts. They seek brands who give back and do more” (2019, The Point Group).
Consumers are more likely choose to a company that appeals to their values and boosts their social status. When they love the product/service they can tell not only their friends, but the whole world. Brands essentially become a reflection of the consumer. What your business does beyond its core business is becoming as important as was what it sells. “Successful marketers are facing the reality of having to adjust their strategies to better target and more effectively communicate with this powerful, younger, non-traditional buyer, who has grown up” (2019, The Point Group).
Moving into 2020 and beyond, taking a visible stance on social, racial and economic issues is non-negotiable. Whether through giving back to the community, promoting inclusivity and equality, or managing the consumption of resources, companies are differentiating themselves by speaking up about their beliefs.