The Social Innovation Tie-up with Success

With rapid changes in the business market company leaders need to find original ways of earning profits, ways that will not only augment their economic growth but also contribute to their public image.

Turning towards a well thought out business strategy that also complements social change can benefit both customer and the company. In the global landscape of unprecedented crises which today dominate environmental, social, political and economic domains, adopting a social innovation approach to doing business is not just an indulgence but a necessity.

Here’s why social innovation is the business strategy for tomorrow:

1.     Large companies invest billions in the public relation sector. Their relationship with their customers is played out through a well-thought out strategy that may or may not have their interest at heart. It is infinitely better to choose social innovation as a market booster which can lift corporate image as well as sustain assured returns by encouraging consumers to buy their goods and services.

Building a trustworthy corporate image takes hard work and substantial time investment but if done properly it can overcome the shortcomings of a unidirectional public relation strategy by providing a solution that mutually benefits both the company and the customer.

2.     To establish a long running business accurate anticipation and prediction of factors that affect the gross revenue is one of the most significant tasks. In a world of everyday new, leaders need to make socially responsible advances to address the provocations of a socially transforming demographic in which environment, politics and society play a leading part.

Companies need to integrate socially targeted action plans in the development of their products, the structuring of their organizations as well as in their overall vision for the future of their enterprise.

3.     With the global climate changing with every twinkling of the eye companies have had to find alternatives for their traditional heavy operations in a sustainability driven approach. Sustainability is the true banner head of the future; it is a criterion that needs to be incorporated in all aspects of your business without delay.

Desiring not to get on the sustainability bandwagon is not a sensible move. With governments passing new laws and regulations to encourage more environmentally responsible business choices, there’s no option but to adapt to the rapidly changing situations we live in.

4.     Overcoming competition with other businesses in your industry is a necessary part of the corporate world. All major companies already have their hands on low- cost, optimised production; if you’re to overtake your competitors you need something extra. Integrating social innovation in your business model will give you an edge over other competitors in the market.

Incorporating socially responsible components in your product development is bound to catch the eye of the customers. If you care about their welfare and are eager to assimilate innovative features in the production of reliable goods and services, it won’t be long before customers flock to buy your product gaining you a competitive advantage over your peers.

5.     Before you work with customers you have to work with your own employees. Involving social innovation in the day to day running of your business brings employees closer to the company. The feeling of doing something socially worthwhile contributes to their dedication in the workplace. Collaborating on social innovation projects also gets people of different temperaments to work together towards one goal.

Recognition of employees’ need for innovation and encouraging their creative inputs helps them engage actively with the company and happier employees mean more productive outputs which will further improve your employer branding, attracting a more talented workforce.

Delving into social innovation to give a boost to economic growth will not only help your business but also return something to the community. It is high time that we move past solely selfish interests and think of the ways in which businesses and communities can join hands to serve each other better. While morals hold a high position when it comes to selflessly taking on social responsibility, driving change through mutual gains may be an even better impetus for turning towards social innovation models.