Businesses should make a conscious effort to be socially responsible. Note that this doesn’t mean they should start out as a non-profit — simply being aware of what’s happening globally and supporting the causes that matter to serve customers better. Furthermore, according to studies, this support is rewarded by customers: 13% of consumers are willing to spend 31% -50% more if they feel that the brand they’re supporting promotes positive social values.
In today’s marketplace, thriving businesses, like Nike, focus on building relationships and using products and services to drive social good. What are some of the benefits that purpose driven brands receive? Read further to learn more about this.
Hustle free positive reviews
As a consequence of focusing on helping others, you are more likely to develop a devoted following. Your Brand should be more significant than just your products or services so that you can attract others who share your values. Also, you’ll pick up clients who appreciate what you have to offer. Still, you can also expect positive reviews and referrals (even from competitors) because people oftentimes want to help those who are making an effort to help their community.
The definition of innovation is changing. It’s no longer enough to try new things and experiment with projects. Now, the innovation challenge is to find more straightforward, more efficient ways to run a business. For example, by thinking about different ways to engage customers on social media, companies can simultaneously increase customer satisfaction and reduce costs.
Boosts overall business performance
Everyone at your business must be on the same page, but everyone must understand what page. Employees who have a clear picture of their goals and have the required motivation to attain them will create cohesiveness in the workplace that directly influences productivity.
This cohesiveness leads to an increased likelihood of finding innovative solutions to problems that might be difficult to solve without employees who feel they’re all working together.
Increased staff productivity
Providing a positive and productive work environment gives your employees the tools they need to do their best work. With reviews and on-the-spot messaging, you’re always able to keep in touch with them, helping them feel more engaged when working for you. As a result, this increases productivity and makes your staff feel more satisfied — leading to higher retention rates.
Less susceptible to economic crises and price fluctuations.
Whether it’s a seasonal product or simply a time of year that your business sees sales fall off, bad times are inevitable as a business owner. However, when you understand your reason for being, it’s easier to create a growth plan — a plan that can keep you afloat even when everything else around you is changing. You’re in control of your company’s destiny, and that’s the difference between success and failure.
By creating a purposeful business and helping your customers live their best lives, you’ll naturally build a reputation of trust with potential new customers. If people see that you’re living your ideals, they’re more likely to follow suit — and walk through your Brand.