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What today’s business reality makes clear is that brands cannot survive in a society that is failing economically, socially, ethically, and morally.
If capitalism is to remain a healthy, vibrant economic system, corporations must participate in taking care of the society and the environment in which they live.
We need to develop and disseminate an entirely new paradigm and practice of collaboration that supersedes the traditional silos that have divided governments, philanthropies and private enterprises for decades and replace it with networks of partnerships working together to create a globally prosperous society.
It is time for corporate America to become ‘the third pillar’ of social change in our society, complementing the first two pillars of government and philanthropy. We need the entire private sector to begin committing itself not just to making profits, but to fulfilling higher and larger purposes by contributing to building a better world.
Through their own actions, customers can hold companies responsible to higher standards of social responsibility. Through collective action, they can leverage their dollars to combat the force of those investors who myopically pursue profits at the expense of the rest of society.
Today’s consumers are eager to become loyal fans of companies that respect purposeful capitalism. They are not opposed to companies making a profit indeed, they may even be investors in these companies – but at the core, they want more empathic, enlightened corporations that seek a balance between profit and purpose.
More than ever before, consumers have the ability to unify their voices and coalesce their buying power to influence corporate behaviors.
The most impactful way consumers can assert their power is to become mindful shoppers, giving their dollars only to socially responsible companies. In today’s world of social media and smart phones, this is easy to do.
When a positive exchange between a brand and customers becomes quantifiable metrics, it encourages brand to provide better service, customer service to do a better job, and consumers to actively show their gratitude.
How much do you as a consumer value a positive experience with a brand or its customer service department? How willing are you to share that with your friends? How inclined are you to let that person know that you’re interaction with them was positive?