Social issues, a Company’s role and Transparency
An article titled ‘Consumers Believe Brands Can Help Solve Societal Ills’ stated that a ‘study, which polled 8,000 people in eight countries, including the U.S., found that a company’s position on a social issue can drive purchase intent just as much as the features of a product.’
Having regard to how much a company often invests into product development and the marketing of its product, taking some time to identify its position on social issues and then to be transparent as to that position, can provide the Company, in addition to potential benefits to society, enormous financial returns on a relatively small investment.
Choosing the ‘correct’ position is clearly important. A company should continually engage with its stakeholders to understand their views and expectations as this will assist the organisation to mitigate some of the risks around taking a position on a social issue.