Consumers changing the trajectory of companies

Consumers have the power to bring about success or failure to companies. They are more than buyers – they are active stakeholders and want to feel a sense of shared purpose. These findings should be a powerful wake-up call for all brands to become purpose-led organisations

Organisations that want to build stronger consumer connections and sustain their competitiveness by becoming purpose-led can do so by:

1. Defining what their business stands for: Companies need to determine the larger role they want to play in their customers’ lives and put a stake in the ground. Leaders can do that by understanding what their customers feel passionately about, why their employees choose to work for them and why other businesses partner with them. They’ll find what makes the company special and can use it to make a difference.
2. Being clear and authentic: Consumers can see through inauthenticity. If a company is truly committed to its purpose, its principles guide every business decision. This purpose will bind consumers, employees and shareholders alike. It requires bold leadership where actions speak louder than words.
3. Engaging consumers on a deeper level: With consumers actively aligning themselves to specific companies and having a stake in their success, businesses can capitalise on this energy by getting customers involved in co-creating new products and services, designing initiatives or partnerships, and investing in the company’s growth in exchange for personalised rewards. Including customers in their innovation ecosystem will help companies maintain their relevance, identify new growth opportunities and markets, and keep them on track with delivering on their promises.

Then ask yourself this…if consumers are investing their time, money and attention in brands that have a genuine commitment to important principles that they care about, where do you stand?

Contact The Bureau of Business for a free consultation. For details, Click here