An organization exists to solve some or other social problem. However, most of the time leaders miss the core of an organization they work for and confuse it with just profit making machine.
Thereafter, shareholders’ money is wasted on non-aligned activities in marketing, branding and people operations. In short term it may give good result but in long run things will no longer be favorable. For instance way people are hired and fired, way CSR initiatives are designed without active employees engagement & awareness, undue focus on deals & discounts. These are very much common practices. We need more purpose driven organizations.
Primarily businesses are made when someone sees the hole in the market and device mechanism to solve it to earn money. However, there is another perspective to look at it. When someone sees problem in society and device a mechanism to solve that problem profitably and measure success in terms of impact it has made to the lives of people.Mindset here is not to exploit economic opportunity but to create opportunity and solve the problem. This type of businesses are called Impact Businesses and they are tougher to execute than other kind of businesses.
For instance exploiting the growing trend of consumerism and create an online commerce platform is exploiting economic opportunity. Where as building a device that generates water from air so that people who are not able to access potable water can access it against minor payments. This is reform based, impact driven business. It is not only profitable but also creates deep positive impact in the lives of the people. Both types of businesses needed and there are people to build businesses who are inclined towards normal type of businesses and there are people, inclined to build.
Current generation has different types of questions for brands. People want to know about brand’s commitments on various social issues. Quality of products and services are no longer differentiating factors as other competitive brands can also provide them.
Customers want to know if brand stands for something or in the business of simply making money. They want to engage with good works of brands. Techniques to manipulate customers’ buying behavior through deals and discounts will no longer be attractive in the age of purpose economy. Deals & discounts will never build true brand loyalty.
Leaders who are still pushing these techniques are doing their best to ruin their brands Customers would love to be loyal to brand that stands for a cause that customers are passionate about. They won’t mind becoming brand advocates.
However, brands need to look at this changing trends in customers’ expectations from brands to remain relevant in coming times. Enterprise solution from Sociocharge to engage customers around causes both brands and customers are passionate about is designed to help brands stay relevant and engage customers around brand’s purpose.
We, at Sociocharge, committed to help organizations, no matter what segments, on identification and alignment of their purpose. Our Purpose Driven Customer Engagement solution helps organizations communicate purpose to customers and engage them around it.