Social Change, Sustainability and Purpose – What does it mean to your business?
Customers are becoming more socially conscious. New and traditional businesses are discovering the need to provide more value, both socially and financially. Furthermore, companies like Patagonia and Green Beaver are demonstrating how delivering to all stakeholders, including suppliers, customers and local communities, can improve the world we live in, while producing a healthy financial performance.
Thinking clearly about your company’s purpose
Recently, we’ve seen businesses of all sizes taking positive action in order to make a difference. In other words, businesses are no longer simply focusing on profit. It seems they are concentrating more on their responsibility to protect the environment, ensure equality and advocate for social issues.
Especially now, with Covid-19 and our current climate, where turning a profit is harder than ever. Many businesses are pivoting to help in different spaces from food donations and transportation for front line workers to free education and online courses.
Many startups and large organizations have pursued double and triple bottom-line results. However, there is a shift occurring where more traditional businesses are seeking out their purpose beyond just making a profit.
One major but simple way to focus on your business’ purpose is to make sure it is stated as clear as possible. That could mean through blogging, content creation, social media and branding. It could even be in small ways like coworkers having a plaque on their desk with your company’s core values on it.
Sustainability is the New Normal
Sustainability and transparency are focused social changes for many businesses. Buyers want their purchases to reflect their values. As more consumers are going green, an increasing number are also willing to pay more to do so. Going forward in 2020, businesses who display a purpose beyond profitability may find themselves more and more rewarded for that position.
Consequently, it doesn’t have to be a drastic overnight change. Businesses can make small incremental changes over time. For instance, engaging with local, sustainable vendors and reducing packaging where possible are simple ways to start. When it comes to tapping new consumers in a growing eco market, supplying customers with details and authenticity may be the answer. It’s not enough to just be green anymore, it’s important to help the consumer understand what these sustainable choices mean for you and them.
What should you do with this information?
It depends on your circumstances. If you have a business, start to consider how these trends will help or hinder you. If you are looking to start a business, consider how these trends will create new consumer needs, desires and requirements. Keep an eye on the future, consider all the options and you’ll have a better chance for success!