Business has changed radically since Milton Freidman wrote in Capitalism and Freedom (1962) that there is “one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits”
The changes in our digital environment - increased globalisation, new technologies, and radical socio-political shifts - mean the world of business looks nothing like it did back in the 1960s. And now the Corona Virus epidemic will undoubtedly further impact the forces that drive business.
These shifts cement the trend away from pure profit-focused business towards purpose-led organisations.
Stakeholders at all levels in businesses want to set a purpose beyond the balance sheet – one that contributes a positive impact in the wider world.
Businesses today are finding that doing good can also mean doing well. Apparently, companies with an established sense of purpose – one that’s measured in terms of social impact, such as community growth, rather than by reference to a bottom-line figure – outperformed the S&P 500 index by 10 times between 1996 and 2011.”
90% of executives recognize the importance of having “an aspirational reason for existing which inspires and provides a call to action for an organization as well as benefiting society.
What is your purpose? It’s an essential element of your brand to identify. It’s not easy and requires time to think through.
Once you’ve determined your purpose it’s important to make it drive every aspect of your business. It mustn’t just be a laudable statement that’s bandied around.
The future when we emerge from this world crisis will be fast moving. Think about how you will create the right culture, and how you will instil that culture into a remote team now so that you have the basic tools in place to train your people as you recruit new team members in future once we fully emerge from this lock down and the economy is booming.
The world’s top brands are created in an inter-disciplinary way. The silo approach which currently prevails in branding, that treats IP and brand as separate subjects does not serve business well. It often adds to costs and does not include IP thinking at the right time.
Once you have nailed your strategy, and your visual identity designed promote the business externally and internally. Do so to convey your brand promise and purpose and to recruit and equip like-minded team members to make ‘on brand’ decisions.
We are all collectively still in shock as a result of the changes brought about to our lives since mid-March. Depending on the business you are in, you may have to identify whether there are innovations available to you. You may need to adapt and adjust your business model just to keep it afloat.
It may be that your business, like mine, was already adapted to be digital and lends itself to remote delivery. The work you need to do is to better understand your customers’ needs right now during this crisis and beyond. What adjustments could you make to your products and services, or what new offerings could you introduce to serve some of your customers?
I will be working with you to disrupt the traditional silo approach to branding, so you don’t miss opportunities to create ownable, distinctive IP. Among other things, I will help you to:
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