Want to make money, attract and retrain top talent, and drive customers to you in droves? The solution is quite simple and it feels good too. It is the integration of cause or social purpose into the way you do and sell your business offering.
Cause is the key differentiator that is winning over our more socially minded society (and consumer). The phenomenal growth of companies with social impact at their core is testament of this:
- Since its inception in 2006, TOMS has donated 35 million shoes to people in need and turned an impressive profit – in 2014, private equity giant Bain Capital bought a 50% share in the company at a value of $625 million.
- In 2012, Patagonia launched a new “buy less” marketing strategy (reflecting the company’s deep commitment to sustainability). The message clearly resonated with more than just eco-consumers: nine months in, sales increased almost one-third.
- Warby Parker’s offering of affordable “buy one, give one” glasses has clearly resonated with consumers: the business saw 500% growth in its first year (2010).
Enjoy the slideshow from a recent presentation where I shed light on how operating in a shared value economy is no longer a nice to do for your business but a need to do.
To read more articles by Phil Haid please click below.
>> At Patagonia a view towards social outcomes, rather than charitable giving, drives bottom line results
Phillip Haid is co-founder and chief executive of PUBLIC, a social purpose marketing agency and innovation lab that designs social impact campaigns and businesses through the merger of profit and purpose.