Matti Ryan of Coral Digital explains why your brand needs to connect with your social value to stay relevant for the next generation.
Simply put, social value is an umbrella term given to the positive effect that your business has on the community. This is considered to be the economic, social and environmental effect of your actions, both big and small. Social value overlaps closely with other terms you might be familiar with, such as Corporate Social Responsibility (CSR). It’s the impact that your company pledge to have on the community around you as you grow your business.
While CSR may conjure images of corporate giants like Google pledging millions of dollars to renewable energy projects, CSR isn’t just for the big players. As we’ve defined above, social value is not just about the scale of the impact. Instead it should be measured in its quality and its relevance to your brand. If you can establish an authentic connection to a cause that underpins your core mission, then this will be recognised and respected by your consumers. Something as simple as planting a tree for every new client you win, or volunteering hours to mentor less advantaged people in your specialist area can help you spread social value and really support your brand’s ethics.
Taking consideration of your company’s social impact can generate a multitude of benefits that can be broken into two categories: the external and the internal. The points raised here are by no means exhaustive - there is an endless list of benefits, but here are some of the primary reasons you should be considering how it affects you and your organisation.
Increasingly, consumers care deeply about businesses that undertake corporate social responsibility and lead their brands with purpose. Last year, it was reported by Forbes that consumers are up to SIX times more likely to champion purpose-driven companies than competitors. In essence, this means more customers that are likely to purchase from, defend and celebrate your brand as a result of engaging with a core purpose.
We wouldn’t be surprised if this trend increases as the demographics of Millennials and Gen-Z matures in the coming years. In 2020, a study by Network of Executive Women & Deloitte found that ‘Gen-Z no longer forms opinions of a company solely based on the quality of their products/services but also now on their ethics, practices and social impact’.
The take away from this is that if you want to maximise your brand efficacy and continue to communicate with your audience poignantly, factoring in your responsibility as a corporate entity in the community is likely to be a good business decision. The fact of the matter is that it’s something that your customers are expecting of you and this expectation is only likely to grow.
The effect of this public consciousness is not limited to B2C relationships either. B2B operations need to factor in their company’s relationship to social value if they are to beat the competition in tender processes. It is now increasingly common that procurement teams will ask to see evidence of what you will pledge to deliver as additional social value should you win the contract, and is actually a prerequisite requirement to bid for Public Sector work. Not having the awareness of your company’s contribution to social value can lose you the crucial edge for valuable contracts.
As your business grows, staffing will scale in tandem. It’s no secret that many sectors across the UK have recently experienced a talent shortage. Companies must work harder than ever to attract and retain talent so as not to disrupt operations. Including social value within your brand strategy is yet another secret to improving this attraction. As outlined above, your future workforce pipeline is more likely to be looking at your business’s ethics, practices and social impact when deciding on whether to apply to join you.
Beyond getting new personnel onto your teams, rallying your work around the inclusion of social value is something that can greatly influence the direction of your company culture. This means an improved happiness in your staff and the highlights that come with that.
Another huge benefit is the sheer volume of content and talking points that your actions can produce. The content calendar of your social media streams and website blog is always hungry for more. Shouting about the difference your company is making through its work creates positive awareness around your brand, while opening additional entry-points for possible customers.
The simple answer is that it doesn’t have to cost anything other than the time of investing in a great strategy. Many organisations may already be contributing to social value inadvertently, but the missed opportunity is that they are lacking the experience on how to quantify and translate it to their audience.
Like all things, you get out what you put in. By working with a brand specialist who also has a well-rounded background in defining social value, you’ll be set-up with the reassurance that any money you spend is well directed and ties in cohesively with your sales and marketing strategies.
That’s where we come in. Understanding and defining your brand so that it speaks to your consumers is what we do best. Through a series of bespoke workshops, tailored to your specific requirements, we’ll collaborate with the relevant stakeholders of your business to refresh your brand. This can include infusing your mission with a meaningful connection to social value so that you’re capturing the additional opportunities this opens up for your organisation.
Words by Matti Ryan
Matti is an Equality Advocate and Digital Project Manager for Coral Digital. Coming from the charity sector, Matti has worked with some of the world’s largest companies on national non-profit campaigns, including Facebook, Apple and KPMG.
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