Consumers are seeing the financial services industry reflect a past of greed and lack of governance to the point of public money bail outs, thousands of people losing their homes and jobs and a global credit crisis. Link this to the growth of the internet and explosive growth in people's access to 'knowledge' and you have a backdrop of change in how organisations are integrating social value propositions into their brand values.
The link goes even further. The public is also more aware of the environment and going green. Green products or services, although considered with a touch of cynicism by consumers, do not take away the fact that people want to do something to help our neglected planet.
Social brand capital is not a new idea, in fact companies like clothing firm Patagonia and Body Shop embraced CSR in their products and communication 20 years ago, with most companies today focused on issues that effect our social and cultural well being. Corporations are much more aware of their carbon footprint and the need to use responsible ingredients and packaging. In fact, many companies in their annual reports and websites identify their activity on social brand responsibility.
This phenomena of social consciousness is now expanding as customers seek out products and services that make them feel they are "doing their bit" for the environment and being socially good citizens. The change is fuelling a new greener approach in brand marketing and the developing a greener feel and look for a brand purchase beyond price.
Source : MyCustomer.com
