Why is this important for Brands?
It's now crunch time for business: step-up or be left behind.
Could brands, with streamlined production processes & the power to put change into action at a global scale, step into the breach, committing to radical transparency and taking responsibility & ownership of society's issues?
What's driving all of this?
Who and what can we believe in anymore? Many feel that the institutions we once believed in can't be trusted, & moreover, that they're actively failing us.
The rise of the internet has yet to help, fuelling decision-making by emotion, not fact. Our current post-truth world has been a long time in the making. The traditional gatekeepers of trusted information have become polarised, & now, many Americans trust social media rather than legacy news organisations for their news. Accusations of 'fake news' are applied regularly to legacy media & social media alike – so who can we trust?
Data shows that this is happening right now:
Statistics show the rising numbers of consumers demanding change, & the initiatives beginning to help:
Nearly 2/3 consumers trust business more than any other institution
According to the Edelman Trust Barometer 2023, business remains the only trusted institution at 62 percent. Following a three-year period that saw business response to pressing issues, such as the social and economic consequences of COVID-19 and Russia’s attack on Ukraine, resulting in a rise in its ethics score.
Only 20% of Americans say they trust the government in Washington
Public trust in government remains low; according to the Pew Research Center, only two-in-ten Americans say they trust the government in Washington to do what is right "just about always" (20%) or "most of the time" (19%).
Companies with better ESG profiles outperform those without, even during lockdown
Better for the world is also better for profits 81% of a globally representative selection of purpose-driven companies with better ESG profiles – Environmental, Social & Governance - outperformed their counterparts in 2020 – all this despite a market downturn.