Advertising Age has an interesting article on Good is the New Black. It showcases some of the findings from the recent 2007 Cone Cause Evolution Survey.
The key findings include:
92% of US customers value socially-responsible companies.
87% say they would switch from one brand to another if the brand supported a good cause.
83% say companies should be socially-responsible.
67% consider a company’s business practices when considering what to buy.
The story is similar for employees:
72% say they would push for social-responsibility to be part of companies’ business plans.
Social responsibility is difficult territory for most companies, particularly US ones brought up on a diet of Milton Friedman, “the business of business is business” and shareholder value. But as the survey shows, the issue is not going to go away.
As corporate social responsibility (CSR) becomes more important to business, they will have to formulate a coherent response that meets the needs of a number of other stakeholders in addition to shareholders.
Recent articles in the Economist, the McKinsey Quarterly and myCustomer.com have discussed CSR in detail. Perhaps it is time your company thought about it too. Before customers switch to your more socially responsible competitors. Or worse still, politicians enact ill-thought-through legislation in the rush to be seen to be doing something.
What do you think?
Is the business of business ‘just’ (socially responsible) business? Or is the business of business just business?
Post a comment and get the conversation going.
Graham Hill
Independent CRM Consultant
Interim CRM Manager
