While browsing through my weekly readings, I happened upon an article titled What if Doing Good Was Good For Profits?, by Nicolas Bordas. In it, he describes that CSR (Corporate Social Responsibility) initiatives are experiencing a large boom, as brands attempt to show their customers that they have a set of ideals they hold themselves accountable to.
In the article, Bordas mentions Procter & Gamble’s advertisements that were shown during the 2012 Summer Olympics, which chose not to focus on promoting their various brands of products, but instead focus on the ideal of family and particularly moms. It was a step away from the norm, and P&G was lauded for its efforts.
The main crux of the article is that companies that focus on their core values and the people they sell to, rather than only the product they are selling, tend to do better and thrive. In fact, a study of 50 megabrands over a 10 year period showed that those which “created meaningful relationships with people” were performing higher than the brands on the S&P 500.
So what does this mean? I take it simply as an example of “Do good business, and your business will do better”. If you want to bring in new customers, show the ones you’ve got that you care about them, and that they are appreciated for their support. In my opinion, it’s a good way to look at life