Loyalty360 Executive Perspectives: Corporate Social Responsibility

In recent years, consumers have shown more concern for social justice causes. They are worried about
climate change and sustainability. They are interested in more diverse workplaces, communities, and
political representation. They want their communities to thrive, their children to succeed, and their
neighbors to prosper. Because of these concerns, people have begun to expect the companies to
which they give their business to support such issues as well. In fact, in a 2017 Cone Communications
survey, 87 percent of respondents said that they are more likely to purchase a product if a company
has advocated for an issue they care about. Additionally, millennials are more likely than other age
groups to care about corporate social responsibility.

This expectation presents a major challenge for brands trying to increase revenue, maximize profits,
and grow. In a competitive environment, brands can become obsolete very quickly. They might be
disrupted by an emerging technology, fail to take advantage of an evolving market, or implement
necessary strategies too late. They also have to expand into other sectors constantly, which can be
a great hardship. How do brands do all of these things while also meeting public demand for social
responsibility?

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