Sometimes it can make good business sense in order to take a stand about sensitive topics.
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Might 29, 2021 2 min browse
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In the days of the past, crisis communications pros plus marketers wouldn’t touch divisive issues like racial equal rights. Today, Coca-Cola proudly displays the ways it can be tackling racial equity upon its homepage since the prospect item. Its website features menu headings entitled “Sustainable Business ” and “Better Propagated Future. ”
So what’s changed through the days when companies were silent on almost everything, to a time exactly where big business is stumbling over itself to possess an opinion?
We have. And advanced institutions have been viewing and learning.
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As millennials plus Gen Zers grow older and have a growing talk about from the purchasing power, these individuals are increasingly evaluating brands . Buying and using a product says something about all of us as consumers and human being beings. And we don’t desire to be on the wrongly recognized side of issues.
Today's consumers are looking to do business with brands they believe in or share their same values. There was clearly research published by Kantar Consulting Group that showed that brands with “a high sense of purpose have brand valuation increase of 175 percent over the past 12 years, compared to the media growth rate of 86 percent and 70 percent for brands with low sense of purpose. ” In short, it makes better financial sense for brands to have a side. You’ll win with some, but lose with others. The calculus is the fact that those who you win will remain more loyal clients. Those you lose, however, may never become converts.
Once i counsel clients about issuing statements or messages towards the public, we often discuss these messages as reflections of corporate ethos or values. Brands like the aforementioned Coca-Cola need to show consumers today where they stand. That’s because consumers in this generation want to know if they happen to be “for you” or “against you. ” They want to know their dollars are going to support something bigger.
This is a good thing for society. For the time being, organizations are taking stands on hot button issues — and these messages will only proliferate for months and years to come.