How to effectively implement CSR into your brand: Reciprocating with customers
Purpose pays:
In an era of converging crises, purpose is king. Companies that focus on more than just profit are rewarded handsomely: customers are 4x more likely to buy from them, 6x more likely to protect their reputation, 4.5x more likely to be proudly championed, and are 4.1x more trusted.1
Why is purpose so valuable?
Repetitive failures to respond to crises have punctuated the 21st century with an atmosphere of institutional distrust and social isolation.2 Now more than ever, people are looking for something to trust, connect with, and find meaning in.
While trust levels have collapsed for many institutions, the public still believes that purpose-driven businesses can fill the vacuum.2 In exchange for their business, consumers are demanding that corporations reveal their north star, write manifestos, and stand up for causes. To be a viable brand, you must stand for something and take action on it.
References
- Zeno. (2020). 2020 Zeno Strength of Purpose Study. Zeno. Retrieved July 21, 2022, from https://www.zenogroup.com/insights/2020-zeno-strength-purpose
- Ries, T. E. (2021). 2021 Edelman Trust Barometer. Edelman. Retrieved July 21, 2022, from https://www.edelman.com/trust/2021-trust-barometer
- de Jong, M. D., Huluba, G., & Beldad, A. D. (2019). Different shades of greenwashing: Consumers’ reactions to environmental lies, half-lies, and organizations taking credit for following legal obligations. Journal of Business and Technical Communication, 34(1), 38–76. https://doi.org/10.1177/1050651919874105
- PwC. (2021). 2021 consumer intelligence series survey on ESG. PwC. Retrieved July 21, 2022, from https://www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/consumer-and-employee-esg-expectations.html
- Tappin, B. M., & McKay, R. T. (2016). The illusion of moral superiority. Social Psychological and Personality Science, 8(6), 623–631. https://doi.org/10.1177/1948550616673878
- Cătălin, M. C., & Andreea, P. (2014). Brands as a mean of consumer self-expression and desired personal lifestyle. Procedia - Social and Behavioral Sciences, 109, 103–107. https://doi.org/10.1016/j.sbspro.2013.12.427
- Szekely, F., & Dossa, Z. (2019, February 8). Patagonia Sustainability Strategy: Don't buy our products: Case study. IMD business school. Retrieved July 21, 2022, from https://www.imd.org/research-knowledge/case-studies/case-studies/patagonia-s-sustainability-strategy-dont-buy-our-products/
- Nosowitz, D. (2019, July 17). Disruption has come for toilet paper. Vox. Retrieved July 21, 2022, from https://www.vox.com/the-goods/2019/7/17/20688093/toilet-paper-no-2-tushy-who-gives-a-crap-charmin
About the Authors
Triumph Kerins
Triumph is passionate about understanding how human behavior influences our world. Whether it be global macroeconomics or neural networks, he is fascinated by how complex systems work, as well as how our own behavior can help create, sustain, and break these systems. He is currently pursuing a Bachelor’s degree in Economics and Psychology at McGill University, attempting to design an interdisciplinary approach to better understand all the quirks that make us human. He has experience in non-profit consulting, journalism, and research. Outside of work, you can find Triumph playing bass guitar, gardening, or down at a local basketball court.
Dr. Sekoul Krastev
Sekoul is a Co-Founder and Managing Director at The Decision Lab. He is a bestselling author of Intention - a book he wrote with Wiley on the mindful application of behavioral science in organizations. A decision scientist with a PhD in Decision Neuroscience from McGill University, Sekoul's work has been featured in peer-reviewed journals and has been presented at conferences around the world. Sekoul previously advised management on innovation and engagement strategy at The Boston Consulting Group as well as on online media strategy at Google. He has a deep interest in the applications of behavioral science to new technology and has published on these topics in places such as the Huffington Post and Strategy & Business.
Sarah Chudleigh
Sarah Chudleigh is passionate about the accessible distribution of academic research. She has had the opportunity to practice this as an organizer of TEDx conferences, editor-in-chief of her undergraduate academic journal, and lead editor at the LSE Social Policy Blog. Sarah gained a deep appreciation for interdisciplinary research during her liberal arts degree at Quest University Canada, where she specialized in political decision-making. Her current graduate research at the London School of Economics and Political Science examines the impact of national values on motivations to privately sponsor refugees, a continuation of her interest in political analysis, identity, and migration policy. On weekends, you can find Sarah gardening at her local urban farm.
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