Purpose-driven brands are winning hearts and minds across generational divides. Why? Because their work is tangible, meaningful, and real – it matters at the everyday, human level – especially now when times feel uncertain.
In today’s social, political and economic climate, consumers are wary. They are more discerning than ever about what their dollars are supporting. Their instincts are to spend less and tighten belts. Research and experience is showing us that consumers are choosing to do business with brands who are constant in their brand values, stand for them, day in, day out, – steadfast in their transparency, empathy, and corporate character.
Erin Reilly, chief social impact officer at Twilio.org shared with Fast Company, “The need for social good and corporate social responsibility (or CSR) programs actually skyrockets when belts tighten. Those programs often serve the people most impacted by tough economic times, who could use even more support. So how can social impact leaders preserve their programs through thick and thin? By aligning what they do with the core business activity. In other words, by generating revenue—and even profit—that contributes to the bottom line.”
A great example of a company with multiple bottom lines is Patagonia, which recently won the 2022 Fabric of Life Award for its nearly 50 years of “breaking barriers” in both products and responsibility. A long standing Certified B Corporation, Patagonia has been steadfast in communicating its values to the world through its actions, its partnerships and how it ultimately impacts the planet -- and they’ve been doing this for nearly 50 years.
On a much, much different level, Grady Britton client First Interstate Bank’s service to the community has also been at the core of its business for over 50 years. In partnership with the First Interstate BancSystem Foundation, First Interstate awarded $1 million in grants as part of its Believe in Local campaign. An impressive display of their values, and proof that good comes in all shapes, sizes, and amounts.
These mission-driven companies and countless others have created a movement and are becoming the rule -- not the exception. They are affecting real business change and are highly successful - by capitalism standards - yet doing work that has both human and environmental impacts with less standardized metrics to them. This is work that cannot be faked, but it can certainly be felt. Let’s call it “work with lasting worth.”
The IPSOS 2022 Reputation Council found that many brands and organizations are struggling with a lack of standardization when it comes to increasingly important (and visible) environment, social and corporate governance (ESG) markers guiding their companies’ behaviors.
The question is: can those standards become less “subjective” – more real and equally valued as traditionally accepted sales and marketing principles are? Can this growing movement create an accepted metric or margin? Will established companies adopt them? Will new companies simply start with them as their norm? I think that many are well on their way.
Company and brand leaders are invited to self-reflect on your missions - your “Why” - how you partner, how you measure success and create impact. Is your brand mission in use? Is it tangible to the people who need to feel it, live it, engage with it in good times and in bad? And can you measure your impact?
If you’re struggling with this existential question - believe it or not - you’re already doing the work by asking yourself these questions in the first place. But don’t stop there - there is a network of B Corporations, and like-minded brands looking to spread their goodness, and help create a new standard of doing business with you. You don’t have to go it alone.