Are you living up to your values?
When Millward Brown and Jim Stengel studied the performance of 50,000 companies over a 10-year-period, they discovered something that surprised corporate America. They discovered companies that do good do better. How much better? Results showed purpose-driven companies saw 400 percent more returns on the stock market than the S&P 500.
We’re not talking corporate citizenship that endorses a cause, but rather lives their brand beliefs out loud. It’s about bringing together the passions of the private and public sectors in a powerful way that transforms lives and adds value, business value and value to people’s lives.
“Based on 10 years of empirical research involving 50,000 companies. Known as the Stengel 50, it was found that these purpose-driven companies saw 400 percent more returns on the stock market than the S&P 500.” – Inc. 2018
In 2015, the Nielsen Global Corporate Sustainability Report found that “66% of global consumers say they’re willing to pay more for sustainable brands—up 55% from 2014.” They also found that 73% of Millennials are willing to pay extra for ethical offerings, up from 50% the previous year.
Today, Millennials account for an estimated $1 trillion in US consumer spending. They’re the fastest growing segment in the marketplace. If they care, businesses need to care. They vote with their dollars, through social platforms and reviews, and what they say is heard by global strangers, peers and parents. In fact, it’s not just Millennials, the majority of consumers are demanding more attention to causes, social and environmental concerns, and they are looking to their brands and corporations to step up. While corporations might argue they aren’t set-up for addressing social and environmental issues, in those cases where an organization lives its brand beliefs and is able to do good and brings that forward to social causes, everyone wins.
It starts with taking a hard look at your company mission, values and brand beliefs. This isn’t just the posters hanging on the office wall or captured on your website and company Facebook page. While those are starting points, it’s essential to factor in your employee’s perceptions of what your beliefs are, any consumer brand perception studies, social listening reports and finding out what the broader world thinks your beliefs and values are. In your discovery, do these beliefs align with what leaders and employees believe? By taking a deep dive and looking inward first, you can make a plan to look outward for doing good and benefiting a social concern. Perhaps you discover one of your organizational beliefs that people are healthier (mentally, emotionally and physically) when they spend time outdoors in nature. Does supporting a healthy environment make sense? If so, what specifically? Sustainability? Fighting land erosion? Protecting public lands? Clean oceans? Embed this idea and purpose into every aspect of your thoughts and business ideals. Then, if you align with an organization, embed it into what you’re doing together.
Ask yourself, “Why does the world actually need us?” Dig deep into what you truly believe you bring to the world beyond what is sold every day.
Pro-social companies often find success collaborating with other like-minded, mission-oriented pro-social organizations, causes and philanthropic contributors that share similar brand beliefs, corporate ideals, and values? Looking for collaborators is strategic decision; the decision to create synergies that mutually benefit multiple parties can be a delicate art form. But business leaders and nonprofit leaders that find ways to tackle social problems and build a bridge together often find consumers start walking over it very quickly.
To monitor how a collaboration is doing, institute a structure for metrics. There are many ways to measure a collaborative mission-oriented initiative. Structures measure specifics like financial contributions, conversions of new users/consumers, brand perception indicators, measured media value, donations, funds raised, social engagement and employee behaviors. Are there other ways to amplify the story among the collaborators? Is there a platform for telling brand stories that gain media attention?
“85 percent of employees of Fortune 100 Best companies reported that their work has "special meaning: this is not 'just a job.'" These employees were 11 times more committed to staying with their organizations and were 14 times more likely to look forward to coming to work.” – Great Place to Work Report
In complex times, when a large portion of the workforce is remains working remotely, having employees engaged, connected with company beliefs and social causes keeps the company strong and together. Threading beliefs from leader to employee, from employee to consumer and beyond creates cross-constituent loyalty and love. Yep, love.
When you hold true your brand beliefs share them, collaborate with fellow mission-driven and pro-social organizations and amplify them, you make happier employees, happier consumers, and a better world for everyone, including shareholders.
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