More and more people have displayed a strong disdain for corporate acts done with the sole interest of revenue and profitability. Whether it is unjust labor acts, environmental flaws, or unacceptable political positions, individuals are holding companies accountable for their operations. People want to stand by a company that shows concern for issues beyond its financial well being.
On the flipside, many consumers are seeking information and supporting companies that show strong support for communities, needy groups, and the earth preservation.
While I am not the first to use the term human economy, I will define it as a business condition where individuals are loyal to brands that demonstrate commitment to causes of interest and importance to them. Conversely the individuals may propagate and disseminate information on brands that take inappropriate actions against people and causes that they support.
Digital technologies have literally changed our society. We now seek and have access to an abundance of information that includes corporate activities and behavior of business leaders. It is virtually impossible to hide as more and more companies become (willingly or unwillingly) transparent.
I find it ironic that while many blame social media for the degradation of human communication and relationship building, that the exact opposite is prevalent for brand-audience relationships. People want and look for a deeper connection with the brands they purchase. They take the stand that if they are going to give companies their money and support, they want to know the brand is worthy of their contributions. The degree of (positive and negative) emotional bonding has increased as a result of digital and social media.
Shrewd companies recognize this cultural change and have incorporated relevant programs to their corporate or marketing agenda. Take the Dove “beauty from within” campaign. Think of Paul Newman’s corporate philanthropic commitment and activities. Whether these are true heart felt endeavors or not really does not matter, but rather the perception of the audience is what matters.
And now that digital and social use is the norm, corporations would be wise to demonstrate corporate social responsibility and/or adopt a social movement and utilize a social strategy to proliferate information and gain recognition.
While I would like to think that all on earth look beyond their own well-being and show a strong regard for all inhabitants of the earth, I am not quite so naive to believe this is the case. But independent of your personal convictions or not, I will tell you that corporate development of social cause is a business imperative. Our world has moved to the human economy. The people of the world are demanding more from corporate leaders. If businesses are to attract a target audience that cares way beyond corporate profits, business leaders need to change their image. And while companies work to market the new image, they need to consider how digital and social platforms will be used to listen, engage, communicate, and unleash their audience to share the brand in a most positive light.
I remember the early days of social media where most corporations were afraid to use social media because they were afraid what people would say. Well we are well past that day. Business leaders recognize that people can say what ever they want independent of the companies’ participation or not in social media. Executives must recognize the power of the human economy and adapt appropriately. Even if it is for their own selfish reason.
Make It Happen,