Good Is the New Cool Guide to Conscious Business (eBook)

How Companies Can Drive Growth Through Positive Impact

Afdhel Aziz, Bobby Jones (Autoren)

eBook Download: EPUB

2025
281 Seiten
Wiley (Verlag)
978-1-394-28284-5 (ISBN)

Infos

How brands can evolve to win with conscious consumers

In the Good is the New Cool Guide to Conscious Business: How Companies Can Drive Growth Through Positive Impact, conscious capitalism experts Afdhel Aziz and Bobby Jones deliver all of the knowledge and tools needed to discover, design, and deploy sustainable and inclusive growth within any organization.

This book draws on stories, insights, and case studies from leaders at successful purpose-driven corporations around the world, from Fortune 500 giants like Unilever and Procter to tech disruptors like Tesla, Microsoft, and Airbnb, as well as beloved brands like Lego, Adidas, and Patagonia.

In the last decade, corporations were required to meet the digital age's challenges and opportunities. Today, corporations must meet the purpose-based demands of consumers, employees, and investors-or get left behind. In this book, readers will learn about:

• The seven qualities of an inspiring and motivating purpose statement
• Harnessing nine principles of purpose, including 'Purpose doesn't have to be political,' 'Purpose is about putting your money where your mission is,' and 'Purpose is about measuring what you treasure'
• Understanding the rise of impact investors and measuring the ROI of purpose-based corporate initiatives

Thought-provoking, accessible, and inspiring, the Good Is the New Cool Guide to Conscious Business earns a well-deserved spot on the bookshelves of all C-suite business leaders seeking a new vision to transform their organizations, and the world, for the better.

AFDHEL AZIZ is the Chief Purpose Officer of Conspiracy of Love, a global purpose consultancy (and certified B Corp) with Fortune 500 clients like Adidas, PepsiCo, Mondel?z, Microsoft, and more. He is also the Co-Founder of Good Is the New Cool, a creative studio and incubator.

BOBBY JONES is a visionary entrepreneur and inspiring storyteller whose work has helped leaders in over 140 countries drive meaningful innovation and growth. He is a Co-Founder of Conspiracy of Love, Good Is the New Cool, and RIVET, and inspires audiences through keynotes and workshops to find fulfillment in their work.

Textauszug

CHAPTER 1
THE RISE OF THE CONSCIOUS CONSUMER: PEOPLE WANT TO BUY FROM BRANDS THAT GIVE A DAMN

In our first book, Good Is the New Cool: Guide to Meaningful Marketing, we called for brand marketers to think of people as citizens, not just as consumers. It is clear that people want to be seen as more than just buyers of clothes, cars, and cosmetics; they are members of families, communities, and societies who care about the well-being of people and the planet.

Over the past several years, we have seen an unprecedented increase in civic engagement and activism. Of the top five largest protests in American history, four have taken place since 2017—the two Women's Marches, the March for Our Lives, and the March for Science. However, this groundswell of activism is not limited to the United States. Around the world, we are seeing coordinated mobilizations of global citizens to address our most pressing issues. Examples of this phenomenon include the Youth Climate Strikes, inspired by Swedish climate activist Greta Thunberg (age 16 at the time), which became the largest mass protest for action on global warming in history, with over 2,500 events in more than 163 countries on all seven continents.

In words and deeds, people are showing they are ready to create a more just and equitable world. As citizens, they are using the vigor of their voices to speak truth to power and their passionate presence to demonstrate their frustration and desire for change. Yet, it is as consumers that their influence is perhaps becoming most evident. The message they are delivering as buyers is loud and clear—brands who want their dollars must align with their values, have a clear Purpose, and involve them in social change.

By pretty much every measure of brand health, consumers are more likely to try, stay loyal to, pay more for, and advocate for brands that genuinely do good. When it comes to Gen Z (born 1995–2015), the upcoming wave of consumers entering the market after millennials, the trends are even more impossible to ignore. Gen Z's buying power is expected to exceed $2.5 trillion over the next decade, representing a third of consumers worldwide. According to Fuse Marketing, after learning a brand supports a social cause or is socially responsible, Gen Z consumers are 85% more likely to trust a brand, 84% more likely to buy their products, and 82% more likely to recommend that brand to their friends and family.

Simply put, today's consumers want to buy from brands that share their values and vision for the world.

That is not to say that E. Jerome McCarthy's marketing mix of the four Ps—product, price, place, promotion—are no longer consumer considerations. It is still very important to offer a quality product at a fair price. You need to be available in places—online and retail—that are easy to access and delightful experiences to boot. And your promotion needs to be fresh, relevant, and engaging (lead with the cool). However, when all products are in danger of being commoditized, we believe there is a fifth P—Purpose—that may be a business's most valuable differentiator and serve to provide an additional reason for consideration. And on a more fundamental level, without knowing why you exist and how you serve the world, how can you decide what product to make and what price to sell it at?

Let's look at the ways Purpose is driving the key metrics for consumer behavior.

TRIAL

The most critical step in initiating a new relationship between your offering and a new customer is trial. This is where your targets get to experience for themselves how awesome your product or service is. But how do you get people to switch from what they already know to give you a chance?

It turns out Purpose is a key driver. According to a Cone/Porter Novelli survey, researchers found that 66% would switch from a product they typically buy to a new product from a Purpose-driven company. This figure goes up to 91% when millennials (born 1980–1994) are polled.

Simply having a clear Purpose gives people more of a compelling reason to make a change in their purchasing habits.

LOYALTY AND ADVOCACY

Once you have gained customers, the goal is to earn their loyalty. Customer loyalty is the act of choosing one company's offerings consistently over its competitors’. When you are able to achieve loyalty, your customers are not easily swayed by price or availability. They will spend more because they know they will get the same quality service and product they know and love. Loyal customers are the lifeline of businesses and the holy grail of customer relationships.

Patagonia is a brand that has cultivated a loyal community of fans. It is revered by its customers not only for its products but also for its Purpose-driven environmental practices. They have built a cult following among conscious buyers for their tireless commitment to “saving our home planet,” a phrase that is echoed throughout the walls of their stores.

Their customers’ love for the brand is so strong that even when they tell people not to buy their products—as they did in their famous “Don't buy this jacket!” campaign—their customers rush to the store to buy products anyway.

So, how did they amass this level of loyalty? Michael Crooke, former Patagonia CEO, explains, “Customers become advocates of brands because they develop an emotional connection with their core Purpose. Brands that elicit advocacy provide a value beyond just product quality and experience. This connection is something that deserves analysis, as it is the foundation of true loyalty” (Moore 2015).

As Russ Stoddard, founder of Oliver Russell—one of the most progressive Purpose consultancies—says, “Today the goal of a Purpose-driven company is not to tell a story but to become the story.”

Patagonia embodies this idea magnificently.

Purpose communicates your values as a business as much as the value of your product or services. In this new business landscape, what you stand for can deepen or destroy your relationships with your customers. For example, the 2018 Edelman Earned Brand study found that “nearly two-thirds (64%) of consumers around the world will buy or boycott a brand solely because of its position on a social or political issue.”

We have also found that customers who choose to buy based on your Purpose will not only give you their money but will spend their social currency with you as well. The Cone/Porter Novelli survey found that 78% of consumers would tell others to buy from a Purpose-driven company and that 68% are more willing to share content from these companies with their social networks over that of traditional companies.

Perhaps the most telling sign of the extent to which Purpose builds loyalty, the same survey revealed that customers are also becoming brands’ fiercest defenders in the face of criticism. According to the data, 73% of consumers are also willing to stand up for a Purpose-driven brand if it is spoken badly of.

Truly Purpose-led brands optimize life for their customers and the communities they are part of. Those that deliver on their Purpose consistently are rewarded royally. Sustainable Brands and Harris Poll found that “80% of people say they are loyal to businesses that help them achieve the Good Life” (defined by balance and simplicity, meaningful connections, money and status, personal achievement, and making a difference in the lives of others).

Building loyalty should be the goal of every business. Without customers who feel connected to your brand and continue to buy from you, the business won't survive. New customers are more expensive to acquire and don't spend as much money as loyal, repeat customers. Therefore, keeping customers coming back for more is critical to business longevity and prosperity. It is why short-term profit thinking doesn't work in the long run. Loyal customers are just better for business: they help you thrive, and they keep profits high.

For business leaders looking to drive loyalty through Purpose, Patagonia's former czar of e-commerce, Craig Wilson, offers some sage advice: “Share your beliefs. Demonstrate how they integrate into your product, design, and presentation. Communicate what inspires your particular esthetic. Those that believe what you believe will become part of your tribe.”

PRICE PREMIUM

In addition to loyalty and advocacy, customers are also willing to pay more for Purpose-led brands. In a recent survey, Nielsen found that two in three consumers will pay more for products and services from brands that are committed to making a positive social impact.

As citizens become more aware of the urgent threats to people and our planet, they are showing a willingness to use their buying power to help solve these issues. As an example, a 2018 Pew Research Center survey asked people to evaluate eight potential threats to their nation. Most surveyed countries said global climate change is a major threat to their nation. In fact, it's seen as the top threat in 13 of 26 surveyed countries, more than any other issue the survey asked about.

With this heightened level of awareness of climate change and our environment, it was no surprise that when IBM Research and the National Retail Federation (NRF) polled nearly 19,000 consumers (ages 18 to 73) from 28 countries, they found that “on...

Produkt-Details

• Erscheint lt. Verlag: 4.2.2025
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Schlagworte: Business Ethics • Business Innovation • Business Transformation • circular economy • Conscious Capitalism • conscious consumerism • employee demands • ethical supply chains • Executive Leadership • impact investors • sustainability
• ISBN-10: 1-394-28284-2 / 1394282842
• ISBN-13: 978-1-394-28284-5 / 9781394282845