Increasing Demand for Corporate Responsibility
Who holds the real power in the business environment? We often hear the saying that the ‘customer is king’ yet we usually just accept a certain reality that businesses will always have a degree of corruption and a hawkish profit-pursuing mindset. Nevertheless, demand is where the power rests, and if we, the people, collectively demand change, the supply will match the demand. Even the biggest companies, such as Apple, Facebook, and Netflix, can function and innovate their offerings based on this demand from consumers. With mounting environmental and social issues arising and the constant flow of information through social media, we have begun to see a change in the behavior of ‘the customer’. Our demand for their products is consequently tied to our increasingly higher demands of environmental, social, and governmental responsibilities from businesses, organizations, and governments. Customers crave a personal connection with the company and demand a more purposeful role of the companies they interact with. Such a role is defined by how a business engages with its stakeholders such as employees, affected communities, and the environment.
Rather than wanting a brand to appeal to your interests by collaborating with your favorite athletes or actors, signs of both good behavior and intent will become key to winning your attention and, more importantly, your money. We already see businesses race to become ‘sustainable,’ promote gender equality, and battle economic inequalities. Recently, this year’s Super Bowl LIV -a championship game known for the yearly presence of witty and funny commercials throughout- was full of advertisements focused on social and environmental issues rather than the countless witty jokes that merely leave a crackle. Customers do not want to be merely entertained; they want to be convinced they are helping issues they care about when they spend their money.
All in all, this is excellent news for the longtime activists spending years of their lives fighting for even a simple plastic straw replacement. Now, businesses are more conscious of their social roles and responsibilities. Mainly, their responsibility to impact will become crucial and become a core reason for why they can operate. Not only because everyone needs to play their part in the world’s issues, but also because they will be held accountable by their customers.
Currently, many current solutions for businesses to be sustainable do not provide visible and measurable impact. While advocating is a big part of changing the business environment, starring more women in car commercials during the Super bowl might raise awareness but does not battle stereotypes and change valid fundamental gender inequalities in organizations and societies. Moreover, supporting Greta Thunberg on your website, and social media does not decrease carbon emissions or improve a company’s unsustainable practices.
Therefore, Global Impact decided to create a social media platform where real tangible and verified impact is highlighted and showcased. Businesses need to start showing and proving they are serious about social, environmental, and governmental change. Otherwise, we are all able to preach, but nobody will practice, and the customer of tomorrow will only care and judge you for the latter.
