Trademarks – Brands with a social purpose and the triple impact
Nowadays, the corporate business conception is understood as a much broader vision that differs from the traditional one, including certain aspects that are turning out vital. Consumers’ priorities have shipped their course, and so did companies’ priorities. The high valuation showed by consumers for brands that seek to cause an impact has moved the needle, forcing companies to seek more than just economic profit.
We are immersed in a high-demand market that asks for social actions that can be translated into positive change. Thus, in the field of branding, the concept of brands with a social purpose has arisen. This is the name given to those brands that represent companies with environmentally friendly behaviors, that promote sustainable actions, and have clear social responsibility policies.
Young companies, entrepreneurs, and start-ups believe in a new way of doing things. They are born with the triple impact gene.
But what do we mean by the triple impact? It is a different kind of corporate success. The focus of the strategy is no longer based on profitability, replaced by three main aspects: economic value, social focus, and environmental impact.
Brands with social purposes and clear ideals are increasingly growing. More and more of them are pursuing a positive impact on society and/or the planet. Their ultimate goal is to be agents of change. Above all purely commercial purpose. The new generations that are leading the way, questioning ways of doing, communicating, and working, have become drivers of the triple impact business. These are based on the construction of social responsibility, committing to both the society and the planet. And today’s most beloved brands among consumers have implemented the purpose shift to position themselves as such. In fact, according to studies that have resulted in the 10 most loved brands in Latin America and the 50 most loved brands in the world, one of their main common factors is their corporate social responsibility purpose.
Consumers now want to buy environmentally friendly products. Moreover, young people between the ages of 18 and 24 find that purpose is the most important element when choosing a brand. And that’s why brands with a social purpose grow faster than those without one. A study among 200 corporate executives and 1,000 consumers has shown that 55% choose purpose-driven brands. 45% say that they choose products from companies with a clear purpose whenever possible, and 10% always do so. Regarding price, up to 59% of respondents would pay more for brands or products that have a clear purpose.
And this boom also impacts companies related to their workers. It has been found that 74% of executive managers would agree to work for less money if the company had a corporate purpose that they truly believed in.
It is clear that new generations are highly demanding brands with a social purpose, and that the era of social consciousness brands and corporate purposes has come to firmly stay. In today’s economy, having a positive impact purpose, lined with the United Nations Sustainable Development Goals described in the 2030 Agenda (the SDGs) makes a difference. These 17 goals reflect a comprehensive and indivisible view of international collaboration that builds up a vision of the future.
Having a clear corporate purpose and putting it into action also allows companies to create alliances with other brands that also work on related SDGs. Currently, working on the SDGs has a double impact. On the one hand seen from the products and services offered to society, and on the other, from the awareness and action of its employees and collaborators.
From our role as professionals, it is highly enriching to work with these types of brands. Being part of their processes of strategy, creation, and protection, and increasing the value of their intangible assets, is very rewarding. Working hand in hand as a team with brands with a social purpose that seeks to leave a mark in this world also implies being able to contribute as agents of change from our place and allows us to act towards the triple impact.
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