In the world of business, the duel between purpose and profits has been a long-standing debate. It is often argued that purposeful businesses are often charities and non-profits that do not yield returns in the form of revenues that are enough to sustain and grow a business. On the other hand, there is also a misconception that businesses whose primary goal is to make profit cannot operate from a place of good.

As the recent years have unfolded, we have seen a change in consumer behaviour and as a result, we have also seen a rise in businesses that have taken up the responsibility to use their brand as a force of good.

Brands and businesses alike are now required to care about taking a stand and creating positive impact. We’d like to call these entities: conscious.

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‍Conscious Business vs Conscious Brand

A conscious business is an entity or activity that is operating from the start to the end of the value chain encompassing all areas such as sourcing, R&D, production, hiring, marketing, sales and customer service. It ensures that its existence does not create a negative impact but instead, constantly seeks ways on how they can be better and contribute more.

On the other hand, a conscious brand is highly aware of its stakeholders and of its impact to its stakeholders. A conscious brand is an entity who has the reputation or identity of using their voice, influence and platform to amplify, advocate for and champion things that they care about.

All conscious brands are essentially conscious businesses however, not all conscious businesses are conscious brands.

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5 reasons why businesses and brands need to be conscious:

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1 - Consumers now demand for brands to make a difference.

In the GWI Zeitgeist Report covering consumer behaviour pre-pandemic, it is said that:

• 51% of consumers want brands to put more focus on being eco-friendly
• 44% of consumers want brands to put more focus on treating staff fairly
• 41% of consumers want brands to put more focus on supporting social causes
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If these were the numbers before covid-19 changed our lives, imagine how much more conscious brands are required to be now that people are craving for more authenticity, real life connections and humanity.

According to the 2022 Edelman Trust Barometer, 58% will buy or advocate for brands based on their beliefs and values. The 4Ps (product, price, place, promotion) are no longer the only motivating factors toward driving a sale. Purpose has entered the chat and it’s one of the reasons why consumers will or will not buy from you.

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‍2 - By simply doing the right thing, you gain more trust.

The stronger the trust you gain for your community, the stronger your brand retention is, and the stronger the support you receive from them. This support can come in three different ways: more exposure (e.g. press, media, word of mouth), more engagement (online or offline), and more sales (repeated purchase). By being conscious, you attract more people who share the same values as you, and they become your brand advocates.

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3 - Being conscious makes you stand out.

‍If clearly articulated, talking about your conscious values can generate a deep, meaningful, and personal connection with your community making your brand top of their minds.

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4- Consciousness drives growth.

According to Deloitte Insights, Unilever's 28 sustainable living brands delivered 75% company growth and grew 69% faster on average than the rest of the business in 2018. Being purpose-driven is directly proportional to growth.

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5 - Amplifying your values attracts your tribe.

‍Even beyond your consumers, you will attract like-minded team members, suppliers, and investors. According to Porter Novelli's 2021 Purpose Perception Study, it is 78% more likely for a person to want to work for a company that leads with purpose.

The world is changing and people are becoming more conscious. The only way to move forward and stay relevant is adapt a conscious approach to your brand and your business.

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If you are a conscious brand that is ready to amplify your values and voice, the beige. social team is here to help you transform your social media, build your community and make your brand top of mind. Get in touch with us today.