What Truly Differentiates a Conscious Business?
Despite the growing trend towards conscious capitalism across the globe, recent disruptions in our world have caused us to re-evaluate the way we do business.
While many would agree change was inevitable, there is a significant amount of data that indicates we are moving to a better way of doing business.
In fact, a 2019 survey by Fortune found that 64% of respondents believe a company’s primary purpose should include “making the world better.”
So, What Really Makes a Business Conscious?
According to Conscious Capitalism, “Conscious businesses have trusting, authentic, innovative and caring cultures that make working there a source of both personal growth and professional fulfillment. They endeavor to create financial, intellectual, social, cultural, emotional, spiritual, physical and ecological wealth for all their stakeholders.”
In short, conscious companies are focused on making a positive impact on the world while reaping the financial benefits of sustainable business growth.
For many larger companies, this concept often stems from the conscious leaders, executives and board members of a company.
We often find that conscious leaders are purpose driven and intentionally nurture the relationships they have with their customers and their employees. Additionally, they focus on the impact their business will have on their industry, employees, communities and stakeholders.
Business Perspective Is Impactful
When consumers reflect on the concept of a conscious business, they often recall brands that giveback (such as TOMS shoes or Patagonia), or non-profit organizations who donate significantly in some way.
Although these organizations would indeed be categorized as conscious, a brand does not necessarily have to have a non-profit or social impact mission in order to be a conscious brand. It is more about perspective and intention, and less about being outwardly altruistic.
For example, a conscious brand might ask themselves; how can my product or service best serve my customers? Whereas a traditional brand is thinking about how can I make money from this product or service?
Another example would be when building their teams, conscious brands consider, how can I grow a team that builds my company? Whereas a traditional brand may think about who can I hire to grow my company?
How Do I Know If We Are a Conscious Business?
Aside from a company’s values, recent external factors, such as a pandemic and social movements, have demonstrated that conscious business models create flexibility simply due to the nature of the business.
The company’s motivation stems from the inner heart and soul of employees, and the way the brand serves its customers. Conversely, many brands have struggled because they were stuck on the idea of losing money and the lost opportunity for economical gain.
For conscious brands, the well-being of both customers AND employees, are at the forefront of almost everything that they do. Again, many conscious brands were able to adapt quickly because they truly understood their customers. On the other hand, traditional companies struggled with customer retention when recent pandemic changes disrupted customary marketing efforts.
You may also find that conscious brands invest more in their employees providing work life balance, a strong culture and a deeper connection to each employee. Management teams take the time to get to know each employee in their department and you are not just another warm body.
Have you ever had an experience where you felt like the employee of that business was truly passionate about their job, the work that they did, and the customers that they serve?
Compare that with another experience you had where you thought to yourself, “This employee really does not want to be here right now.”
It was energetic, but at that moment, you were most likely experiencing the difference between a conscious and non-conscious brand.
Truly conscious businesses don’t need to post their values on the wall. They live those values day in and day out. And those values originate, not from some corporate planning retreat, but from the passion of the leaders, employees and the culture throughout the company.
As a conscious company ourselves, Promote On Purpose is always looking for other conscious businesses to partner with.
If you are a conscious company looking to expand your marketing efforts through authentic storytelling, contact us today!