How to Differentiate Your Brand for Success
By Peter Hlavats
As a business owner you may be wondering how to build your brand for success. Differentiating your brand is one of the biggest marketing challenges. One key principle which you should not overlook is giving back. Believe it or not, businesses that don't pay attention to giving back do not prosper and will eventually disappear. The business world recognized this principle at least two decades ago when the idea of the "triple bottom line" emerged. This idea suggested that businesses needed to pay attention not only to their profitability but also to their social and environmental impacts. In other words, find ways to give back to society.
Promote Social Entrepreneurship
This principle is called corporate social responsibility, corporate sustainability, or social entrepreneurship. Currently, 95 percent of the Fortune Global 250 multinational companies offer extensive public information on their sustainability policies and performance. Businesses that are serious about this principle have developed internal mechanisms and auditing processes to report regularly to their shareholders. But you don't have to be a Fortune 500 or a global multinational company. Businesses of any size can find many opportunities for leveraging social entrepreneurship initiatives and using them to build their brand for success.
Take active responsibility for the environment and society
To apply this principle to a particular business, start by taking a look at how your enterprise affects others. Taking active responsibility for the environment and how a business impacts society is a worthwhile investment of your resources. To adopt this principle as a way of doing business, you don't have to invent new ways; just take a look at what your business is already doing and make some adjustments. Starting small, then gaining momentum is the way to go. Evaluate your results along the way regularly to check your performance and note any positive outcomes. You might notice changes in the way your customers view your business, or see attitude changes in your employees.
Some quick wins include managing the environmental footprint of an enterprise by reducing waste, recycling and reusing. Other examples include ethical manufacturing and supply processes (for example avoiding sources which use child labor), fair trade policies, producing environmentally friendly products and packaging. You might adopt a policy of preferentially using local production to reduce carbon emissions. Community involvement through volunteering and sponsorships are other ways to give back through a business. Volunteer initiatives not only help the community and promote your business, but could also help your employees develop valuable new skills, which they use productively on the job.
Invest in sustainability for increased profits
When corporate social responsibility or sustainability initiatives are properly integrated into your enterprise, the business can get a significant strategic advantage. Sustainability initiatives can also lead to new product and business opportunities, as well as greater community support and goodwill. According to recognized sustainability expert John Friedman, "Brand reputation or 'goodwill' is arguably the most valuable asset a company has over the long-term. A company that has a positive reputation has a competitive advantage."
Sustainability has also a positive impact on employee engagement. Studies have shown significant increases in productivity, creativity, operating margins and profitability as a result of employee engagement. Other benefits included higher employee satisfaction, commitment and collegiality, retention of the best talent and happier customers. Robert Lawless, president and CEO, McCormick & Co. Inc. explains that "being socially responsible allows you to attract talent, because good people will align with the company that really cares about employees and communities. We link social responsibility to talent retention."
A 2013 Gallup study found that 70% of American workers were "not engaged", or "actively disengaged" resulting in an estimated $450- 500 billion each year in lost productivity (U.S.). The study also showed that the 30 million engaged employees in the U.S. come up with most of the innovative ideas, create most of a company's new customers, and have the most entrepreneurial energy.
So look for ways to start giving back in your businesses. The returns on your investment might just exceed your wildest expectations.
Today's entrepreneurs need to think outside the box to remain competitive. Fresh insights and smart solutions can help your business succeed and become more profitable. At the same time don't forget about the most important person in your business, you. To maintain your creativity and motivation, get inspired with new and empowering ideas for personal growth.
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