Innovation and ethical business practices are two of the biggest contributors to positive brand perceptions. But how many businesses can claim that they combine the two? Not many.
Those that do are consciously driving brand value through their corporate social responsibility strategies. We’re in a world where consumers are way more in touch with what they consume and business’ contribution to the world in which we live. In fact, it’s reported that a business’ ethics come before price, quality and overall reputation in the consumer’s eyes.
A recent example is Ikea. Their innovative processes are driven by sustainability commitments – 76% of the cotton that it uses comes from sustainable sources, more than 700,000 solar panels have been installed on Ikea buildings worldwide and the group is committed to owning and operating 224 wind turbines.
It’s an example of how a company’s values are as equally important as great products and services. Consumers want to choose products that they’d like to be associated with. Many businesses have great taglines in fancy fonts on walls and in email signatures – but, as we know, saying and doing are very different things.
It’s a marriage between commercial results, which consumers are often cynical about, and social outcomes.
Lots of these social responsible companies have utilised some of the world’s greatest technological innovations to really push the boundaries of not only their own products and services but their responsibility to the communities the company serves.
Lots of these businesses want to change the world – and in most cases it’s entirely possible – but ethics are always behind their innovations enhancing brand value and attracting conscientious consumers and do-gooders.