B2B brands must look beyond product innovation and focus on societal change

New Ideas in MarketingEssential news for marketers, summarised by YouGov
August 23, 2021, 2:46 PM UTC

Shareholders, customers and employees nowadays expect brands to demonstrate action towards improving society.

Consumers, especially millennials and Gen Zs, expect companies to take a stand on pressing issues like climate change, human rights and income inequality. Moreover, how brands use their position and economic power to build a more equitable society can influence factors like customer loyalty, investor support and talent retention.

Companies can no longer afford to treat Corporate Social Responsibility (CSR) as a distant aspect of the brand. A self-defining principle in itself, CSR activities help brands develop a vision for the future and show stakeholders how the business is influencing change in practical ways.

Expand responsible action to incorporate decisions like hiring diverse teams, fixing broken compensation systems and treating employees fairly. Similarly, creating a purposeful approach to stakeholder communication can further help strengthen the brand reputation.

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