In the Age of Fierce Competition, Only Socially Responsible Companies Will Survive

Daniela McVicker November 5, 2019

According to the surveys, 76 percent of consumers decline to buy products from companies that held views that conflicted with their beliefs. And 87 percent of those surveyed said that the availability of social responsibility policies positively influences their buying decisions.

If you still doubt that you should incorporate social responsibility into your business model, read this article. Here are six reasons and ways to improve your corporate strategy right now.

1. Raise brand awareness.

Do you want to boost brand exposure? Start practicing social responsibility instead of spending money on expensive marketing campaigns, and you will hit your goal.

Once you start participating in events held by local communities and environmental organizations, you will get your brand noticed. People will remember your brand name and will want to learn more about your products.

2. Get your brand name associated with something positive.

If you want to achieve success in the long run, you should not only get your brand noticed but also get it associated with something positive. Whether you join the zero waste movement or sponsor a local charity organization, it will significantly benefit your company.

According to statistics, 92 percent of buyers have a more positive image of businesses that takes part in resolving social and environmental issues. So if you have a goal to form positive attitudes towards your brand, go ahead and incorporate social responsibility. It will allow you to boost your marketing efforts and take your sales to the new level.

3. Show that you really care.

Socially responsible customers prefer to choose products produced by socially responsible companies. People tend to believe that businesses that care about the environment and the local communities, also care about their customers.

Tiffany McGregor, a marketer for Top Writers Review, states: “Modern customers desperately want to feel valued and cared for. They demand to be treated in a special way. And if you start practicing social responsibility, it will be easier for you to meet the high expectations of your target audience.”

4. Keep your company afloat.

Society’s expectations regarding the performance of businesses have been growing for a few past years. And numerous studies have proved that modern people are ready to pay a higher price for the products produced by socially responsible companies.

Some business owners do not want to incorporate social responsibility because they wrongly believe that high prices will scare their customers away. But the truth is that the cost and quality are not the only things that matter for modern buyers. Even if you set higher prices, you will be able to keep the profitability at the same level or even take it higher.

5. Hire the best marketing experts.

Results of the recent studies show that 40 percent of Millennials and Gen X prefer to work for socially responsible companies. Young people would take a pay cut to support the companies that care about the environment. So if you want to grab the attention of the best marketing professionals, you should change the way you do business.

If you start helping local communities and participating in environment and natural resource management activities, marketing gurus will agree to join your team. They will help you to design advanced marketing campaigns and skyrocket your sales.

6. Make your company stand out.

How many companies in your niche have already incorporated social responsibility into their business models? If most of your rivals are socially responsible companies, you should make the first step toward social responsibility as soon as possible. Otherwise, you will have no chances to win the competition and keep your company afloat.

If your competitors have not integrated sustainability into core operations yet, then the situation is different. You should take an opportunity to become the first socially responsible company in your niche and increase market share.

In conclusion

In 2019, social responsibility is not an option; it’s a necessity. So don’t waste your precious time and join a global movement for profit and social good right now. Start using social responsibility as your marketing advantage and see your business growing.

Stakeholder Capitalism
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